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Crypto Exchange CoinDCX Hits Unicorn Status in India First: Report
Funding will be used to double the exchange's staff to 400 employees.
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Indian crypto exchange CoinDCX has raised 6.70 billion rupees (US$90 million) from investors in a funding round that values the exchange above $1 billion.
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- The unicorn status is a crypto industry first in the country with a population of 1.33 billion, Bloomberg reported Monday.
- Led by Facebook co-founder Eduardo Saverin’s B Capital Group, the funding round came in $10 million to $20 million less than initial targets, as reported by CoinDesk in July.
- Other investors included Coinbase, Polychain Capital, Block.one and Jump Capital.
- Funding will go toward doubling the exchange's staff in the next six months to about 400 employees.
- The move marks a major achievement in the face of regulatory uncertainty relating to Indian officials' stance toward cryptocurrencies.
- CoinDCX said it hopes to bolster its user numbers from 3 million to 50 million over the next few years, according to the report.
Read more: India’s Central Bank Considering Pilot Programs for CBDC: Report
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