CoinDCX Crypto Exchange Bags Rs. 1,000 Crore in Funding Round Led by Pantera, Steadview

Other prominent investors in CoinDCX include Kingsway, DraperDragon, Republic, and Kindred.

By Radhika Parashar | Updated: 19 April 2022 15:31 IST

CoinDCX Crypto Exchange Bags Rs. 1,000 Crore in Funding Round Led by Pantera, Steadview

Photo Credit: Facebook/ CoinDCX

CoinDCX was established back in 2018 by Sumit Gupta and Neeraj Khandelwal

Highlights

CoinDCX received funding in a Series D round
CoinDCX has previously bagged over $100 million (roughly Rs. 760 crore)
CoinDCX aims to tune India’s crypto ecosystem

CoinDCX has roped in a massive investment of $135 million (roughly Rs. 1,030 crore) in Series D funding. The raised amount will be used to stir crypto-centric education and innovation in India. The funding round was led by US-based investment firm Pantera Capital and Hong Kong based hedge fund Steadview Capital. Other prominent investors include Kingsway, DraperDragon, Republic, and Kindred. In an official statement, CoinDCX has said that this hefty investment testifies to the global investor sentiment that backs the crypto industry.

The development comes after CoinDCX recently struck partnerships with crypto-native trade surveillance and market integrity leaders such as Solidus Labs and Coinfirm.

It aims to strengthen its anti-money laundering protection and provide precise detection and reporting of suspicious activities.

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“The latest round by some of the largest institutional investors only reinforces the belief in India's immense potential in the crypto ecosystem,” Sumit Gupta, Co-Founder and CEO of CoinDCX said in a statement.

The crypto exchange plans to work with regulators and industry players to help accelerate crypto adoption in India.

“We believe that we are in the early innings of Web3 use cases exploding in the country to potentially making India one of the global leaders in the Web3 space,” said Paul Veradittakit of Pantera commenting on the development.

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Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX has previously raised over $100 million (roughly Rs. 760 crore) to date with Coinbase Ventures and Facebook co-founder Eduardo Saverin-led B Capital as its investors.

The exchange is also expanding its crypto-related services for Indian consumers.

Back in March, CoinDCX announced the launch of its Crypto Investment Plan (CIP), which is aimed at helping investors invest a fixed amount in crypto at regular intervals.

The company did find itself in legal troubles after Directorate General of GST Intelligence named it on the list of tax evading companies earlier in January.

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Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More