The digital currency exchange of India, CoinDCX is the first Indian crypto unicorn. It has become the first digital currency exchange that has been valued at over $1 billion. This startup has successfully raised $90 million during the series C round of CoinDCX funding which was conducted by the co-founder of Facebook, Eduardo Saverin.
In the digital currency space, CoinDCX valuation is “going to the moon” which implies that it is off the chart.
With the latest tag of Billion dollars, that league of Binance has been joined by CoinDCX, which backs the digital currency exchange WazirX in India along with BlockFi, Bitpanda, Ripple, Chainalysis which is behind the hotly debated XRP digital currency and also the controversial Robinhood.
Along with Saverin, the already existing investors Polychain Capital, Coinbase Venture, Jump Capital, and Block.one also took part in that round.
The evolution arrives amid regulatory fluctuations in India over the condition of digital currency. While the apex bank of the nation, the RBI (Reserve Bank Of India) still does not seem sure about private digital currencies, the Government of India is constantly loosening its hold on this issue.
CoinCDX owner, Sumit Gupta said in an interview that,
“I am pretty sure the industry will be regulated at the right time. We have chosen to put at stake our money and career as we feel this is going to be a very good wealth generation opportunity for people.”
What Will The First Indian Crypto Unicorn Do With The Capital Influx?
The first Indian crypto unicorn has plans to use the money to increase its manpower over the upcoming 6 months. The present workforce of this company is around 200 and they aim to hit 400 by the end of December.
Along with that they also have plans to launch new products in the future that will target wealthy people.
This company that has been founded by an Indian Entrepreneur and aimed at Indian investors is registered as Primestack Pte in Singapore. It aims to extend its already existing user base that is of 3.5 million to 50 million over the upcoming years along with educating the users on blockchain and crypto. They are the first Indian crypto unicorn.
According to an engineer from IIT Bombay,
“We [India] have a very tech savvy population, good mobile penetration, a big base of engineers and developers who can leverage blockchain technology.”
India’s Regulatory Fear
Now we will be addressing the fear that is associated with the regulation laid on digital currencies. The crypto bill of the country which is Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019 was scheduled for the approval of the government in February 2021.
However, due to the rapid increase of the second wave of Covid, the bill was never presented in the parliament.
As per the Finance Minister, Nirmala Sitharaman, the digital currency bill was just waiting for the green light from the cabinet. But in contrast to the expectation, it was not presented for discussion in the parliament.
According to Ramesh Kailasham, the CEO of IndiaTech,
“Considering the Supreme Court had lifted the ban on cryptocurrencies and subsequently the onus was on RBI and the government of India to bring in necessary regulations. Therefore a ban route may not be ideally plausible.”
CoinCDX has become the first Indian crypto unicorn after successfully raising funds of $90 million. Many investors are looking forward to this venture. According to the CEO of 100X VC, Sanjay Mehta,
“I have seen CoinDCX’s growth right from being its seed investor, and helped raise their Series B with Block.one, also my portfolio company. It is great to see how network effects happen when an investor’s large portfolio can engage with each other and make the portfolio better.”