Popular Indian cryptocurrency exchange, CoinDCX, is looking to close a new financing round of $100-$120 million from investors. This round will reportedly be led by Facebook co-founder Eduardo Saverin’s B Capital Group.
According to reports, its existing investors, Polychain Capital and Coinbase Ventures, will also be participating in the round. This will push its valuation above $1 billion. Also, it will lead the way for CoinDCX to join India’s unicorn club.
This will be a milestone, not only for the exchange, but also for the country’s nascent crypto-industry.
Making the best out of regulatory opaqueness?
Over the past few months, cryptocurrency exchanges in India have been rallying to attain a degree of regulatory clarity. However, the indecisiveness of the government has not yet yielded any positive news yet. Meanwhile, regulators have been cracking down on exchanges and other crypto-businesses. They have also informally asked banks to steer clear of them. This attitude towards cryptocurrencies by payment gateways has led to businesses being impacted gravely.
However, India’s exchanges have learned to forge their own paths by now. When banks were posing problems in processing payments, the exchanges moved to find other permanent payment solutions.
CoinDCX, for instance, despite these obstacles, has been noting steady growth and making its presence felt. Last month, it reported 1.5 million registered users as its user base jumped by 700% since March 2020. In fact, it is also running aggressive advertising campaigns on social media and…