CoinDCX Raises $135.9 Million In Series D Funding
The fund will be utilised to employ more people and hire across functions such as engineering, product and compliance
Crypto trading exchange, CoinDCX, has raised $135.9 million in Series D funding led by Pantera Capital and Steadview Capital, along with Kingsway Capital, Draper Dragon, Republic and Kindred Ventures, doubling its valuation to $2.15 billion. The funding comes in the backdrop of looming uncertainty in the crypto industry as new tax rules introduced in India.
"The investors have been pretty much deep into the crypto space and they have seen it grow in other geographies," said Sumit Gupta, CEO, CoinDCX, in a statement.
CoinDCX recently partnered with crypto-native trade surveillance and market integrity companies such as Labs and Coinfirm to strengthen its anti-money laundering protection and to provide holistic detection into suspicious activities, the company claimed in the statement.
Over the last two weeks, Indian payment service providers have stopped processing crypto transactions via UPI. "The kind of confidence such investors have shown in the company in spite of these challenges is very promising," said Gupta.
Founded by Sumit Gupta and Neeraj Khandelwal, in 2018, CoinDCX helps people to buy and sell crypto tokens. It also offers other crypto-based financial products such as lending.
According to a report, the global crypto market jumped to $1.87 trillion mark, more than 2 per cent, in the last 24 hours.