Indian Crypto Exchange CoinDCX Wants To Support Web3 Initiatives

Last updated April 20, 2022

CoinDCX exchange became the highest-rated crypto exchange in India with its latest D round of fundraising.

CoinDCX is an Indian crypto exchange platform, which was co-founded in 2018 by Sumit Gupta and Neeraj Khandelwal. With the Series C funding round, CoinDCX became India’s first-ever crypto unicorn company in August 2021. its services through TV ads and social media platforms

CoinDCX recently completed its Series D funding round, raising a total of $135 million, which will be used by the exchange to support the web3 and other crypto-related development works.

This funding round was led by Pantera and Steadview. Prominent investors in this funding round were Kingsway, DraperDragon and Republic. Even in this round of funding, longtime B Series fund investors have also contributed and increased their investment in this exchange. Longtime investors have been Facebook founder Eduardo Saverin’s venture capitalist companies – Coinbase, Polychain and Cadenza. With all this funding, CoinDCX hit $2.15 billion in value.

On April 19, Sumit Gupta, founder of CoinDCX exchange, shared his happiness about this milestone of exchange, writing that they are now closer to making the crypto readily available and accessible to the Indian citizens.

The exchange will use this funding for education, innovation and compliance” key focus areas for CoinDCX so that people can easily interact with crypto assets. So overall, the whole funding will be used in multiple ways to drive adoption of the crypto and blockchain. industry in India.

At present, India does not have a regulatory framework for cryptocurrencies, but still has a 30% tax regime on crypto income. However, this is controversial, but still many major crypto companies see the Indian population as an opportunity to start large crypto companies.

In recent months, the Coinbase exchange has shown a huge leaning towards the Indian crypto market, as can be seen from a tweet published by the Coinbase exchange in the last week of last month.

Also Read: US Secret Service Found Crypto “A Better Tool for Tracking Criminals”

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