Coinbase Backs Indian Crypto Exchange’s $135M Funding Round

CoinDCX, one of India’s largest trading platforms for cryptocurrencies like Bitcoin BTC/USDEthereum ETH/USD and Dogecoin DOGE/USD is now valued at $2.15 billion after raising $135 million in an oversubscribed round of its Series D funding.

The company said on Tuesday Pantera Capital and Steadview Capital led the latest funding round with strong participation from prominent investors such as Kingsway, DraperDragon, Republic and Kindred.

The round also saw existing investors such as B Capital GroupCoinbase Global, Inc COINPolychain, and Cadenza increase their investments in CoinDCX.

Big Aims: Amid an uncertain and hostile environment for cryptocurrency platforms in India, CoinDCX said it aims to almost triple its workforce by the end of this year.

“To support its vision of building India’s crypto/web3 ecosystem, the organization also aims to triple its talent pool to over 1000 employees by the end of 2022,” it said in a statement.

The company added that since India’s top court quashed the central bank’s blanket ban on crypto, “there has been an upsurge in crypto literacy amongst Indians.”

The four-year-old startup has 12 million registered users, a nearly four-fold increase from August 2021.

Exchanges in India are increasingly relying on enabling peer-to-peer transactions for cryptocurrencies amid the country’s central bank disassociating itself with exchanges using the UPI payment method. Coinbase was forced to suspend the option to buy cryptocurrencies with UPI in the country a day into its launch.

Price Action: According to data from Benzinga Pro, Bitcoin was trading at $40,721, gaining 4.58% in the last 24 hours. Dogecoin and Shiba Inu were up 3.51% and 3.72%, respectively.’

Photo courtesy: CoinDCX

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