Cryptocurrency exchange CoinDCX on August 10 said that it has raised $90 million led by Facebook co-founder Eduardo Saverin’s fund B Capital, valuing it at $1.1 billion. The deal makes it India’s first crypto unicorn private startups valued at over a billion dollars even as the sector faces regulatory uncertainty and a cooled-down market after an investing frenzy in the first five months of 2021.
Existing investors such as Coinbase Ventures, Polychain Capital, Block.one, Jump Capital and others also invested. CoinDCX says it has 3.5 million users currently, and will use the money raised for customer awareness campaigns and increasing its reach. “We will be joining hands or enter into partnerships with key fintech players to expand crypto investor base, set up a Research & Development (R&D) facility, strengthen policy conversations through public discourse, work with the government to introduce favourable regulations, education, and amp up hiring initiatives,” Sumit Gupta, co-founder and CEO, said. Besides its main exchange catering to retail investors, CoinDCX also provides trading and lending services for enterprise customers, traders, has a global trading platform and blockchain academy for education.
Crypto exchanges generally run profitable business models, making it attractive for investors, but CoinDCX did not disclose its revenue or profit numbers.
News Source : Money Control
