CoinDCX is India’s first crypto unicorn as country debates virtual assets

August 10, 2022
CoinDCX grew to become India’s first cryptocurrency unicorn after the alternate raised 6.70 billion rupees ($90 million) from traders led by Facebook Inc. co-founder Eduardo Saverin’s B Capital Group, at the same time as native authorities push again in opposition to crypto companies, according to Business Standard.
The most recent funding round values the agency at $1.1 billion, Chief Executive Officer and co-founder Sumit Gupta stated in an interview Tuesday. Other investors include existing partners Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital. Mr Gupta is reportedly planning to use part of the funds to double his team in India to about 400 people in India in the following six months, the investments in crypto grew to nearly $6.6 billion in May from some $923 million in April 2020, according to Chainalysis.
“I’m fairly positive the business will likely be regulated at the proper time,” Gupta stated. “We now have chosen to place at stake our cash and profession as we really feel that is going to be an excellent wealth technology alternative for individuals.”
He also added that, “We have a very tech savvy population, good mobile penetration, a big base of engineers and developers who can leverage blockchain technology”. He believes India will produce more than 100 crypto unicorn start-ups in the next few years once regulation is firmed up.
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