- 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.
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.