CoinDCX has roped in a massive investment of $135 million (roughly Rs. 1,030 crore) in Series D funding. The raised amount will be used to stir crypto-centric education and innovation in India. The funding round was led by US-based investment firm Pantera Capital and Hong Kong based hedge fund Steadview Capital. Other prominent investors include Kingsway, DraperDragon, Republic, and Kindred. In an official statement, CoinDCX has said that this hefty investment testifies to the global investor sentiment that backs the crypto industry.
The development comes after CoinDCX recently struck partnerships with crypto-native trade surveillance and market integrity leaders such as Solidus Labs and Coinfirm.
It aims to strengthen its anti-money laundering protection and provide precise detection and reporting of suspicious activities.
“The latest round by some of the largest institutional investors only reinforces the belief in India’s immense potential in the crypto ecosystem,” Sumit Gupta, Co-Founder and CEO of CoinDCX said in a statement.
The crypto exchange plans to work with regulators and industry players to help accelerate crypto adoption in India.
“We believe that we are in the early innings of Web3 use cases exploding in the country to potentially making India one of the global leaders in the Web3 space,” said Paul Veradittakit of Pantera commenting on the development.
Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX has previously raised over $100 million (roughly Rs. 760 crore) to date with Coinbase Ventures and Facebook co-founder Eduardo Saverin-led B Capital as its investors.
The exchange is also expanding its crypto-related services for Indian consumers.
Back in March, CoinDCX announced the launch of its Crypto Investment Plan (CIP), which is aimed at helping investors invest a fixed amount in crypto at regular intervals.
The company did find itself in legal troubles after Directorate General of GST Intelligence named it on the list of tax evading companies earlier in January.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.