Crypto Exchange CoinDCX Hits Unicorn Status in India First: Report

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.