Money & Banking

CoinDCX raises $90-m funding led by Facebook co-founder’s B Capital

Debangana Ghosh Mumbai | Updated on August 11, 2021

Sumit Gupta, Co-founder and CEO, CoinDCX

Becomes the first cryptocurrency unicorn in India

CoinDCX, on Tuesday, announced it has raised $90 million (₹670 crore) in a Series C round led by Facebook co-founder Eduardo Saverin’s B Capital Group. The latest round surged the cryptocurrency exchange’s valuation to $1.1 billion, making it the first Indian cryptocurrency start-up to attain the unicorn status. Returning investors Coinbase Ventures, Polychain Capital, Block.one, Jump Capital among others also participated in the round.

Hiring new talent

The fresh capital raised will be utilised to spread awareness on cryptocurrency across the country and hiring new talent to expand and strengthen its team.

“We are actively hiring for various roles that include developers, customer success professionals, security analysts, and marketing, sales & growth professionals to support the growing business. Currently, we are 185 employees in strength and will soon be reaching the 200-mark. Our aim is to increase our employee strength to 300 by this year-end,” Sumit Gupta, Co-founder and CEO, CoinDCX, told BusinessLine.

“Apart from this, we will be joining hands with key fintech players to expand crypto investor-base, set up a research & development facility, strengthening the policy conversations through public discourse, working with the government to introduce favourable regulations, education, and ramping up the hiring initiatives. But those discussions are at early stages currently,” he added.

Additionally, CoinDCX will be building next generation products with cutting edge innovation, by improving its existing product array while strengthening its product team. In the coming months, CoinDCX will also be launching the CoinDCX Prime initiative, its latest offering in the HNI & Enterprise space, providing legally vetted and safe investments, as well as Cosmex, CoinDCX’s global trading product. Founded in 2018, CoinDCX, at present, has over 3.5 million users.

Published on August 10, 2021

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