Crypto Exchange CoinDCX has closed an ‘oversubscribed’ D round, raising over $135 million (around Rs. 1,000 crore). Pantera and Steadview lead the round, with participation from Kingsway, DrapperDragon, Republic, and Kindred.
B capital Group, Coinbase, Polychain, and Cadenza also raised their investment in the CoinDCX platform during the round.
CoinDCX's valuation has more than quadrupled in this round. CoinDCX became the first crypto unicorn in August after raising $90 million in a series-C investment.
The cash will be used to build on the startup's strengths in "education, innovation, and compliance." CoinDCX intends to establish an innovation center in India to promote Web3 and Blockchain adoption.
It also intends to triple its workforce to over 1,000 people by the end of 2022.
"The current round by some of the world's top institutional investors just adds to the conviction in India's enormous potential in the crypto ecosystem." With a common goal of a digital-first economy, we consider this round as a strong support of the tremendous work that CoinDCX has done for the ecosystem over the years, as well as our future ambitions," said Sumit Gupta, CoinDCX's Co-Founder and CEO.
Pantera's Paul Veradittakit stated, "Pantera has been an early and active backer in India and feels that we are in the early innings of Web3 use cases bursting in the nation, possibly transforming India into a worldwide leader in the Web3 field."