After a highly successful funding round, Indian crypto startup CoinDCX saw huge success, with contributors helping to raise of 6.7Billion Indian Rupees, worth $90 Million. The Unicorn is now valued at over a billion dollars.
As for the top contributors, it included Facebook’s co-founder Eduardo Saverin from Capital Group, Coinbase Ventures, Poly Chain Capital, Block.one and many others that helped bring up this massive amount of funding on the event.
CEO of CoinDCX, Sumit Gupta, was asked about the spending of this fund, where he clearly stated that some parts of the funds would be used to hire and support more employees into the company. CEO Gupta has planned to nearly double the number of employees working for the company in India. In regards to the data provided by sources, the investments from only in India has reached a record $6.6Billion recorded in May of this year, compared to the previous $923Million back in April of last year.
Expansion of CoinDCX
Gupta initially got the idea of getting into the cryptocurrency market, coming up with exchange CoinDCX back in 2018, after putting the time and effort to study how cryptocurrencies and blockchain networks work. CoinDCX currently deals with about 3.5 Millon users while also achieving registration as Primestack Pte in Singapore. CoinDCX is very optimistic about its performance in the coming years, claiming that the user base will surely expand to over 50Million, as their company continues to flourish in the market.
India’s Potential in Crypto
CoinDCX has also promised premium users many new products and rewards for their loyalty to the business in a few months. Gupta highlighted that CoinDCX would also act as a platform that would help out users in learning how the cryptocurrency industry and blockchain networks work out. Despite India’s strict policies against cryptocurrencies, CEO Gupta is hopeful that India will become one of the pioneers in cryptocurrencies and blockchain technology. CEO Gupta said that the young generation of engineers and scientists in India are very much interested in working with new technologies, such as blockchain and that if things keep ramping up like this, there will be several crypto Unicorns popping up from India.
This statement shows much confidence from the Indian financial sector, but the strict policies and prohibition limit how many crypto-based companies can function in this day.