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Indian crypto exchange CoinDCX could become the next crypto unicorn as reports suggest the crypto exchange is in talks to close a $100-$120 million funding round. The crypto exchange had closed a $13.9 million Series B funding round in December last year. The exchange raised a total of $19.4 million throughout 2020. The completion of the latest funding round by CoinDCX would make it the second Indian crypto exchange to gain unicorn status. WazirX, now a Binance owned exchange became the first crypto unicorn to come out of India.
The report from Economic Times suggests the upcoming funding round could be lead by Facebook co-founder Eduardo Saverin’s B Capital Group and see participation from existing investors such as Coinbase Ventures and Polygon Capital.
The crypto exchange would reportedly use the funds for expanding its infrastructure and work towards achieving its goal of reaching 50 million customers. CoinDCX is among the top-4 Indian crypto exchanges at present along with ZebPay, CoinSwitch, and WazirX.
Indian Crypto Exchanges Flourish Despite Regulatory Uncertainty
Indian crypto exchanges have seen great success this bull season recording phenomenal growth in terms of trading volume and number of registered users.
The growth, however, has been hampered by continued uncertainty around regulations. Indian banks have refused to offer their service to crypto exchanges despite March 2020 ruling by Supreme Court, dismissing RBI’s “banking ban” circular. The banks were even found to be using the quashed circular to deny processing crypto-related transactions.
The hopes of seeing a crypto bill during the ongoing parliamentary session were also cut short as the bill wasn’t added to the list of discussions. The Indian Finance Minister Mrs. Nirmala Sitharaman had indicated earlier that the government might regulate crypto positively. However, that could only happen once the crypto bill makes it to the parliament. The Indian government is also working toward the launch of a CBDC.
India is increasing its global crypto footprint as several Indian crypto projects doing are doing exceptionally well. However, the future of the Indian crypto ecosystem depends on how the government regulates the crypto market.
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