India is currently at the center of the crypto world’s attention as the country is set to discuss its cryptocurrency bill in parliament. The bill will be tabled during the ongoing winter session starting today and major crypto platforms hope for a positive outcome. Indian crypto ecosystem has thrived despite the unclarity around regulations which is evident from the number of crypto companies that have attained unicorn status over the past year.
CoinDCX, one of the leading crypto exchanges in the country and also the first crypto exchange in India to become a unicorn has now revealed its plans to go public via an IPO. Neeraj Khandelwal. the co-founder of the crypto exchange revealed that the company is eagerly waiting for the government regulations to allow for crypto platforms to go public.
“As soon as the government or the situations allow us, we will try for an IPO,” he said. “An IPO gives a legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly we want to instill a similar level of confidence with an IPO of CoinDCX.”
CoinDCX became India’s first crypto exchange Unicron in August this year after their $90 million Series C fundraise, giving it a $1.1 billion valuation. Major venture capital firms have invested heavily in the Indian crypto ecosystem and plans to pour more money looking at the mammoth potential that the market holds.
Can India Lead the Crypto Race to Web 3.0?
Indian crypto ecosystem has become a multi-billion dollar industry despite the uncertainty from the government. The likes of CoinDCX, CoinSwitch Kuber, and Polygon (MATIC) are testimony to India’s potential in the crypto world.
Positive regulations would pave the path for India to become a reckoning force in a decentralized world and it could play a key role in the Web 3.0 race.
“The bill coming up at this juncture signals progress and really acknowledgment from the government side of the growing investor base for crypto,” Khandelwal said.
Update: After widespread reports of CoinDCX revealing IPO aspirations, the crypto exchange has come out to deny all such claims. CoinDCX clarified that the statement was made in terms of the regulatory framework and they have no immediate IPO plans. One of the spokespeople from the form said,
“As an official clarification, we would like to reiterate that there is no immediate plan in a foreseeable future to announce an IPO,”
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