Funding will go toward hiring efforts including doubling the exchange business's team in the next six months to around 400 people.

Prominent Indian crypto exchange CoinDCX has raised 6.70 billion rupees (US$90 million) from investors in a funding round that achieved a valuation above $1 billion.

  • The unicorn status is a crypto industry first for the country with a population of 1.33 billion, Bloomberg reported Monday.
  • Led by Facebook co-founder Eduardo Saverin’s B Capital Group, the funding round came in $10-$20 million less than initial targets, as reported by CoinDesk in July.
  • Other investors included Coinbase, Polychain, Block.one, and Jump Capital.
  • Funding will go toward hiring efforts including doubling the exchange business's team in the next six months to around 400 people.
  • The move marks a major achievement in the face of regulatory uncertainty relating to Indian officials' stance toward cryptocurrencies.
  • CoinDCX said it hopes to bolster its user numbers from 3 million to 50 million over the next few years, according to the report.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Here’s the list of crypto exchanges that will support Terra’s LUNA hard fork

Cryptocurrency exchanges are on board Terra’s LUNA hard fork and Do Kwon’s plan for the Terraform Labs token’s rebirth. Do Kwon has garnered support from leading cryptocurrency exchanges for the new Terra chain. 

More Terra News

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Breaking: Ethereum breaks below $1,900 as selling pressure accelerates

Ethereum dipped below the $1,900 support level over the past few hours. A decisive close below such a vital demand zone will put ETH at risk of a 38% correction toward $1,200. 

More Ethereum News

A big price move is coming for Binance Coin; here’s what to look out for

A big price move is coming for Binance Coin; here’s what to look out for

A brief technical and on-chain analysis on Binance Coin price. Here, FXStreet's analysts evaluate where BNB could be heading next. 

More Binance Coin News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Cryptos Ready - set - RALLY!

Bitcoin price, Ethereum and other cryptocurrencies are stabilising after the cryptocurrency space got slaughtered last week and two weeks ago.

More Bitcoin News

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP