- Crypto exchange CoinDCX is now India’s first crypto unicorn, valued at $1.1 billion.
- Coinbase Ventures, Block.one, and Polychain Capital joined the funding round.
- CoinDXC will use the funds to expand and enhance its communication channels.
Indian cryptocurrency exchange CoinDCX has now become the first crypto-based unicorn in the country. Specifically, the exchange is now valued at least $1.1 billion.
The recent milestone is due to a successful series-C funding round led by B Capital Group, an investment firm co-founded by Eduardo Saverin, who also happens to be the Co-Founder of Facebook.
Other notable entities also joined the funding round, including Coinbase Ventures, Block.one, and Polychain Capital.
According to Sumit Gupta, CoinDCX CEO and Co-Founder, the exchange has a well outlined plan for the funds. Specifically ,CoinDCX will partner with fintech companies, launch a research and development facility, and improve communication with the government and the public.
“The funds raised will be allocated to expand and strengthen our workforce that will cater to our growth story. We will hire talent across multiple functions, and focus on new business initiatives.”
In other news, the crypto market has halted its supposed bull run, with traders now calling in a bull trap.
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