CoinDCX has secured a huge $135 million (approximately Rs. 1,030 crore) in Series D financing. The funds received will be utilised in India to promote crypto-centric education and innovation.
Pantera Capital, a New York-based investment business, and Steadview Capital, a Hong Kong-based hedge fund, led the fundraising round. Kingsway, DraperDragon, Republic, and Kindred are among the other notable investors.
CoinDCX stated in an official statement that this significant investment demonstrates worldwide investor support for the crypto sector.
CoinDCX has announced agreements with industry leaders in crypto-native trade surveillance and market integrity, including Solidus Labs and Coinfirm.
It wants to improve its anti-money laundering protection by detecting and reporting suspicious activity more precisely.
In a statement, Sumit Gupta, Co-Founder and CEO of CoinDCX, said, “The new round by some of the top institutional investors only reaffirms our trust in India’s great potential in the crypto ecosystem.”
To assist speed crypto acceptance in India, the crypto exchange wants to collaborate with authorities and industry participants.
“We feel we are in the early innings of Web3 use cases erupting in India, with the potential to make India one of the world leaders in the Web3 sector,” Pantera’s Paul Veradittakit stated in response to the news.
CoinDCX was founded in 2018 by Sumit Gupta and Neeraj Khandelwal and has previously funded over $100 million (approximately Rs. 760 crore) from Coinbase Ventures and B Capital, led by Facebook co-founder Eduardo Saverin.
For Indian customers, the exchange is also increasing its crypto-related offerings.
CoinDCX announced the start of its Crypto Investment Plan (CIP) in March, with the goal of assisting investors in investing a certain amount in cryptocurrency at regular intervals.
After being named on a list of tax cheating enterprises by the Directorate General of GST Intelligence earlier in January, the company found itself in legal difficulties.
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