IITian-founded exchange CoinDCX becomes India’s first crypto unicorn

CoinDCX is now India’s first crypto unicorn after the exchange raised $90 million from investors led by Facebook Inc. co-founder Eduardo Saverin’s B Capital Group.

On Tuesday, in an interview, co-founder and CEO Sumit Gupta said that the latest funding round values at $1.1 billion. Other investors include existing partners Polychain Capital, Coinbase Ventures, Jump Capital and Block.one.

Sumit intends to use some of the funds to double his team in the next 6 months to about 400 people in the country.

He added that he is quite sure the industry will be regulated at the right time. They have chosen to risk their career and money as they feel this is going to be very excellent money generating opportunity for individuals.

Before initiating CoinDCX in 2018, the 30-year-old engineer from the top-notch IIT read about cryptos and blockchain for many hours daily. Registered in Singapore as Primestack Pte., it intends to enlarge its user base from 3.5 million to 50 million over the next few years. Further, it aims to educate users on blockchain and crypto.

Investments increased after the Supreme Court reversed a ban on banks supporting crypto dealings last year.

Continuing further, Sumit said that they have a big base of engineers, a tech-savvy population and developers who can support blockchain technology. He hoped that the country will give more than 100 crypto unicorn start-ups in the upcoming years once the regulation is passed.

Author: Diksha Khiatani

A writer by day and a reader at night. Emerging from an Engineering background, Diksha is a travel freak and anxious to explore different cultures and religions. Inclined towards the off-beat places, she wishes to uncover the secrets on her Scooty (if possible). She always grabs some time to take a quick nap, listen to music, skating and eat a brownie.

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