CoinDCX, an Indian cryptocurrency exchange, has now reached a new milestone after over $135 million in new funding, according to a TechCrunch report. The company is now valued at $2 billion and now aims to aggressively expand into the Indian market where nearly 41% of the population has internet access.
CoinDCX doubles its valuation
CoinDCX doubled its valuation to $2.15 billion after the new funding round co-led by leading investment manager Steadview and Pantera. The Series D funding also included funding from Coinbase Ventures, Kingsway, DraperDragon, Republic, and Kindred and to date the cryptocurrency has raised over $235 million through various funding rounds.
CoinDCX was the first Indian crypto company to achieve unicorn status last year and already has over 10 million users. The platform is known for providing access to cryptocurrencies for as little as 100 Indian rupees ($1.3) and also allows margin trading and options trading.
“What’s interesting about this cycle is the quality of investors coming in and the kind of confidence they’ve shown in the market,” CoinDCX co-founder and managing director Sumit Gupta said in an interview. with TechCrunch. . “It gives a good boost to the whole industry.”
Trading volume has plummeted
Indian authorities have welcomed the Crypto Tax Act of April 1, 2022, which included 1% TDS and 30% tax on crypto winnings According to the authorities, the TDS signals a political commitment to retracing the monetary trail in a sector that was previously excluded from regulatory oversight. On the other hand, the coming into force of the law caused a decline in trading volume for the crypto exchange and even CoinDCX experienced the same. “We continue to see new users coming to the platform, but the growth is not as high as it was, say, two months ago,” the crypto exchange CEO said.