CoinDCX becomes the most Valued Cryptocurrency Exchange in India

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CoinDCX becomes the most Valued Cryptocurrency Exchange in India
19 Apr 2022
6 min read

News Synopsis

Popular Cryptocurrency trading platform CoinDCX has once again emerged as the leader in crypto trading exchanges in terms of valuation. On Tuesday, CoinDCX informed that its valuation now stands at $2.15 billion. The crypto trading platform achieved this feat after raising $135 million (about ₹1,000) crore in its latest fundraising round. Pantera Capital and Steadview Capital led the funding round. These two firms have infused nearly 50% of the funds raised in this round. The rest was invested by prominent investors such as Kingsway Capital, DraperDragon, Republic, and Kindred Ventures. The fundraising round also witnessed the participation of B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management.

CoinDCX was the first Indian cryptocurrency startup to be valued at over one billion dollars. In the month of August 2021, CoinDCX raised $90 Mn (INR 670 Cr). This capital was raised at a valuation of $1.1 billion. However, its rival Coinswitch Kuber raised $260 million in October 2021 at a valuation of $1.9 billion and overtook CoinDCX. CoinDCX was founded in the year 2018 by Sumit Gupta and Neeraj Khandelwal. The crypto trading platform currently has 12 million registered users. According to business intelligence platform Crunchbase, CoinDCX has raised close to $250 million to date.

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