Mumbai-based mostly Cryptocurrency exchange CoinDCX has raised $90 million in a Series C funding round, turning into the 1st crypto organization in India to earn the unicorn title.
According to an announcement, the round was led by B Capital Group and noticed participation from returning traders which include Block.one particular, Coinbase Ventures, Polychain, and Jump Capital.
Following the investment round, CoinDCX reached a valuation of $one.one billion, putting the organization involving crypto giants like Binance and Ripple. CoinDCX CEO Sumit Gupta explained the organization will use the new money on organization initiatives and extra:
“We will join hands or partner with key fintech players to expand crypto investor base, establish Research & Development (R&D) base, strengthen policy exchanges through public speaking, work with the government to make regulations favorable, educate and strengthen recruitment initiatives. “
Since 2018, CoinDCX has managed participation for more than 3.5 million users, while the company intends to use the latest funding round to fast-track its rollout for up to 50 million users. all over the country.
Governments across the globe have begun experimenting with crypto and blockchain implementations to varying degrees.
The Indian government is still unclear on its stance on cryptocurrencies, and CoinDCX’s inclusion of CoinDCX on the unicorn list is not yet in the sights of regulators.
While India’s unpromising stance has local crypto businesses wary, an independent technology association, IndiaTech.org, has proposed a regulatory framework for dealing with assets and Cryptocurrency exchange.
The proposal recommended that Indian authorities “define cryptocurrencies as digital assets and not currencies and grant them recognition as digital assets such as gold, shares or securities that can be can be sold”. CoinDCX’s Gupta also expressed help for IndiaTech, stating:
“It helps bring a fresh perspective to the regulatory discussions that are taking place today. The recommendations, if accepted, will unlock huge potential for Indians to participate in this new global asset class.”
Indian Finance Minister Nirmala Sitharaman lately showed help for the crypto economic climate by saying that regulators want to make it possible for specified open rules for crypto use instances. death as a substitute of an outright ban.