Crypto exchange platform CoinDCX has closed an oversubscribed round of Rs. 1,000 crore Series D funding from both new and existing investors. This further highlights that investors’ sentiments are highly bullish on the crypto sector, despite tight government scrutiny and other factors.
Pantera and Steadview led this round. In addition, prominent investors like Kingsway, DraperDragon, Republic, and Kindred have taken part in this mega-investment opportunity.
Moreover, the latest funding round also saw existing investors, such as B Capital Group, Coinbase, Polychain, and Cadenza, increase their investments in CoinDCX.
Sumit Gupta, co-founder, and CEO, of CoinDCX, says that the recent round by some of the largest institutional investors only reinforced the trust in India’s fantastic potential in the crypto ecosystem.
He added further that with a shared vision of a digital-first economy, we see this round as a strong endorsement of the fantastic work that CoinDCX has done for the ecosystem over the years and our plans for the future.
How is CoinDCX planning to utilize this fund?
CoinDCX is funding extensively to build a scalable web 3.0 product ecosystem and has mentioned its intention to triple its talent pool to over 1,000 employees by 2022.
CoinDCX will utilize these funds to further its goals in the crypto and web 3.0 arena and focus its strategy on education, innovation, and compliance in the sector.
Furthermore, CoinDCX also expects to double down on local hiring through its various outreach programs, research initiatives, and strategic investment.
The managing director of Steadview showed his acceptance and confidence in CoinDCX’s expansion viewpoint.