CoinDX Crypto Exchange Bags Rs. 1 000 crore in new funding

CoinDCX has made a massive $ 135 million (approximately Rs. 1,030 crore) investment in Series D funding. The amount raised will be used to stimulate crypto-centric education and innovation in India. The funding round was led by US-based investment firm Pantera Capital and Hong Kong-based hedge fund Steadview Capital. Other prominent investors include Kingsway, DraperDragon, Republic and Kindred. In an official statement, CoinDCX said that this solid investment testifies to the global investor sentiment that supports the crypto industry.

The development comes after CoinDCX recently entered into partnerships with crypto-indigenous trade oversight and market integrity leaders such as Solidus Labs and Coinfirm.

It aims to strengthen its protection against money laundering and provide accurate detection and reporting of suspicious activity.

“The latest round by some of the largest institutional investors only reinforces the belief in India’s tremendous potential in the crypto-ecosystem,” Sumit Gupta, co-founder and CEO of CoinDCX, said in a statement.

The crypto exchange plans to work with regulators and role players in the industry to help accelerate crypto adoption in India.

“We believe we are in the early turn of Web3 use cases exploding in the country to make India possibly one of the world leaders in the Web3 space,” said Paul Veradittakit of Pantera about the development.

CoinDCX, founded in 2018 by Sumit Gupta and Neeraj Khandelwal, has previously raised more than $ 100 million (approximately Rs. 760 crore) with Coinbase Ventures and Facebook co-founder Eduardo Saverin-led B Capital as its investors.

The exchange also expands its crypto-related services to Indian consumers.

Back in March, CoinDCX announced the launch of its Crypto Investment Plan (CIP), which aims to help investors invest a fixed amount in crypto at regular intervals.

The company did find itself in legal trouble after the Directorate-General of GST Intelligence named it on the list of tax evading companies earlier in January.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by techlives. techlives will not be liable for any loss arising out of any investment based on any observed recommendation, forecast or any other information contained in the article.

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