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Indian crypto exchange CoinDCX seeks to support Web3 initiatives

Indian crypto exchange CoinDCX seeks to support Web3 initiatives 2

CoinDCX exchange became the highest valued crypto exchange in India with its latest D fundraising round. 

CoinDCX is an Indian crypto exchange platform, which was co-founded by Sumit Gupta and Neeraj Khandelwal in 2018. With the Series C funding round, CoinDCX became India’s First ever crypto unicorn company in August 2021. In India, Exchange is popularly known to promote its services through TV advertisements and social media platforms

Recently CoinDCX completed its Series D funding round and collected a total of $135 million, which will be used by the exchange to support the web3 and other crypto-related development works.

This funding round was led by Pantera and Steadview. Prominent investors included in this funding round were Kingsway, DraperDragon, and Republic. Even in this funding round, old B series fund investors also contributed and increased their investment in this exchange. Old investors were venture capitalist firms from Facebook co-founder Eduardo Saverin — Coinbase, Polychain, and Cadenza. With all this funding, CoinDCX touched $2.15 Billion worth. 

On 19 April, Sumit Gupta, founder of CoinDCX exchange, shared his happiness on this milestone of exchange and wrote that they are now closer to making the crypto easily available & accessible for the Indian citizens.

The exchange will use this funding in education, innovation, and compliance” key areas of focus for CoinDCX so that people can easily interact with crypto assets. So overall the whole funding will be used in multiple ways to push the adoption of the crypto & blockchain industry in India.

At present, India has no crypto regulatory framework but still has a 30% tax system on crypto income. However, this is controversial but still many big crypto Companies are looking at the Indian population as an opportunity to establish big crypto businesses.

In recent months, the Coinbase exchange showed a huge inclination toward the Indian crypto market, which can be seen through a tweet published by the Coinbase exchange in the last week of last month.

Read also: US Secret Service found crypto “a better tool to trace” criminals

Indian crypto exchange CoinDCX seeks to support Web3 initiatives


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