CoinDCX Most-valued Exchange In India After Raising $135 Million

CoinDCX became India’s first crypto company to complete a series D funding round after raising $135 million. This money was raised with the purpose of supporting a variety of Wed3 and crypto initiatives in India.

The success of this latest funding round means that CoinDCX now has a valuation of $2.15 billion. Pantera and Steadview led the funding round, but prominent names like Kingsway, DraperDragon and Republic were also involved.

Various existing investors also took part in the funding round. This includes B Capital Group, Coinbase, Polychain and Cadenza.

Sumit Gupta, CEO of CoinDCX stated in a Tweet that he is “Excited to share that CoinDCX has raised over USD 135 million, in our latest Series D funding round. Another step closer to our dream of making crypto accessible to every Indian.”

The announcement also stated that “education, innovation and compliance” are the main points that CoinDCX is currently focusing on.CoinDCX is also making it a priority to invest in risk management and compliance frameworks.

Gupta also revealed some of the exchange’s plans which include expanding their investor base as well as establishing a research and development facility.

CoinDCXs’ new valuation of over $2 billion means that it is now the most-valued crypto company in India. Their closest competitor, CoinSwitch Kuder, holds a valuation of only around half of that of CoinDCX.

Coinbase also revealed plans to invest $1 million in India for Web3 and crypto developments. Coinbase also plans to host a pitch day where entrepreneurs will attend to get funding for new Web3 and crypto initiatives.