India-based cryptocurrency exchange CoinDCX secured $135m in series D funding today from investors including Coinbase Ventures, a subsidiary of digital currency exchange Coinbase, almost doubling its valuation to $2.15bn.
The round was co-led by Steadview Capital Management and Pantera Capital with additional backing from Kingsway Capital, Kindred Ventures, DraperDragon, Republic, B Capital Group, Polychain Capital and Cadenza Capital Management.
CoinDCX operates a cryptocurrency trading platform and the funding will support plans to launch several products for the Indian market and strengthen its compliance and financial crimes prevention capabilities as it looks to triple its workforce to more than 1,000 by the end of this year.
Coinbase Ventures also took part in CoinDCX’s $90m series C round in August 2021 alongside blockchain software developer Block.one, B Capital Group, Polychain Capital and Jump Capital at a $1.1bn valuation.
Block.one had led the company’s $13.9m series B round in December 2020, investing together with Coinbase Ventures, internet company Digital Garage, Polychain, Jump Capital, Uncorrelated Ventures, Mehta Ventures and Alex Pack.
Seven months earlier, Coinbase Ventures had co-led a $2.5m round for CoinDCX with Polychain after HDR Group, the owner of crypto exchange BitMe,x had co-led its $3m series A round with Bain Capital Ventures the previous year, participating alongside Polychain.
CoinDCX’s chief executive, Sumit Gupta, said: “With a shared vision of a digital-first economy, we see this round as a strong endorsement of the amazing work that CoinDCX has done for the ecosystem over the years and our plans for the future.
“With a wide array of products built for India, and the commitment to building compliant, simple and safe solutions, we are uniquely positioned to help forge greater understanding and trust between regulators, industry and our users, ultimately helping accelerate the growth of crypto adoption in India and further the march of Web3.”
Image courtesy of CoinDCX.
