Sumit Gupta, CEO of CoinDCX, stated that the cryptocurrency exchange will use the funds in order to support crypto adoption and Web3 projects within India.
According to details shared by Sumit Gupta, CEO of CoinDCX, the largest cryptocurrency exchange, CoinDCX has raised $135 million in Series D funding.
“Excited to announce that CoinDCX raised more than USD 135million in its latest Series D funding round. Gupta tweeted Tuesday, “Another step closer to our dream to make crypto accessible to all Indians.”
Pantera Capital led the funding round. Steadview Capital also participated. Kingsway, Draper Dragon and Kindred were also part of the round.
The series D financing of CoinDCX attracted additional investment from existing investors B Capital Group and Coinbase as well as Polychain Capital, Cadenza, and Polychain Capital.
The valuation of the India-based cryptocurrency exchange soared to $2.15 Billion with this investment round. When it raised its Series C funding in August, the company was valued at $1.1 million. This made it India’s first cryptocurrency unicorn. It has raised more than $245 million.
India’s Web3 growth
Just a few weeks after India’s tax regulations took effect, the crypto startup’s funding round was announced. It also plans to adopt crypto and Web3 within the next few weeks. The 30% capital gains tax went into effect on April 1, with several aspects of the taxation being criticized as potentially causing problems for the industry.
CoinDCX supports growth in the Web3 and crypto sectors.
“We are on the mission to increase trust and understanding between regulators, industry and users. He noted that this latest round of funding will allow us to accelerate the growth in Crypto adoption in India, and further the march towards Web3.0.
CoinDCX plans to help Indian investors make a greater impact by educating them about blockchain and creating awareness.
As it seeks to provide its users with a safe platform for transacting, the exchange will also make use of the funds to manage risk.
