There is no more denying the possibilities and the pathbreaking innovations that crypto and Web3 is bringing in. If the internet changed the world as we knew it a couple of decades ago, the crypto/web3 ecosystem is the space that is just warming up to give us a whole new dimension like Metaverse and the decentralized platform to explore and accessorize. At CoinDCX, we are not only working towards a crypto ecosystem but are also on a journey to build the Indian crypto industry.
CoinDCX, India’s first crypto unicorn has been on the mission to make crypto accessible and lead the development of the crypto ecosystem in India. Since its inception, CoinDCX has always been at the forefront of crypto innovations. With Crypto Investment Plan for regular investing, India’s leading crypto exchange has always strived towards simplifying the crypto space for the crypto community. Innovation has been the key mainstay of the company. Not only does CoinDCX focus on educating the masses about the crypto basics and blockchain technology using their educational portal DCX Learn, but they have also onboarded industry-best security measures to help the investors and traders explore the crypto space safely.
Summary of CoinDCX’s Journey so far…
- The first crypto unicorn of India
- First to introduce Insta, Liquidity Aggregation in India
- CoinDCX was the first to introduce Staking
- CIP or Crypto Investment Plan for regular investing
- DCX Learn was the first crypto exchange-led learning platform in India
- First to introduce a dedicated app for Crypto Beginners with CoinDCX Go
- First to introduce Automated KYC with Onfido
- First to introduce Insurance through BitGo
- First to onboard AML Tool in crypto using Coinfirm
- Introducing the Price Alert feature for listed coins on the platform
- First to introduce the 7M Framework for shortlisting tokens
What does the Investment mean for CoinDCX?
Dedicated to making India a global leader in the crypto market, CoinDCX has closed an oversubscribed round, over USD 135 million, in their Series D funding. The round was led by Pantera and Steadview with strong participation from prominent investors like Kingsway, DraperDragon, Republic, and Kindred. The latest funding round also saw existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza increase their investments in CoinDCX, putting it in a strong position to support the growth of the crypto/web3 industry in India. With this round, CoinDCX becomes the highest valued crypto company in India.
The latest round has also helped CoinDCX in reaffirming the global investor sentiment on the potential for India in the industry.
Since 2020, after the Supreme Court squashed RBI’s banking ban on crypto, there has been an upsurge in crypto literacy amongst Indians. A sentiment that is very close to CoinDCX’s approach to helping mass adoption of the crypto space. To support its vision of building India’s crypto/web3 ecosystem, the organization also aims to triple its talent pool to over 1000 employees by the end of 2022. CoinDCX aims to nurture local talent through its various outreach programs, research initiatives, and strategic investments.
CoinDCX’s Way Forward
Innovation has been the main driver of the company. As CoinDCX continues to launch several first-of-its-kind products and features for the Indian Investors that encourage informed and responsible investing, it is also dedicated to making its platform the safest and most compliant. All crypto tokens listed on CoinDCX go through its in-house 7M principle evaluation framework. To strengthen its anti-money laundering protection, and to provide precise and holistic detection and reporting of suspicious activities, CoinDCX has recently partnered with crypto-native trade surveillance and market integrity leaders such as Solidus Labs and Coinfirm. These partnerships will also cater towards enhancing its compliance with the Financial Action Task Force’s (FATF) recommendations, reinforcing its existing position to counter money laundering and combat the financing of terrorism.
Sumit Gupta, Co-Founder, and CEO of CoinDCX 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 Web3.0.”
Kabir Narang, Founding General Partner of B Capital Group, said “We are thrilled to see CoinDCX scale to become one of the leading platforms in the country. They have added new retail and institutional products critical to the crypto infrastructure in India. In the process, CoinDCX has become the gateway to the Web3 space for new crypto users.”
Paul Veradittakit of Pantera said, “Pantera has been an early and active backer in India and believes that we are in the early innings of Web3 use cases exploding in the country to potentially make India one of the global leaders in the Web 3 space. We are excited about investing in CoinDCX and have been impressed with its clear strategy, persistence, and execution capabilities. We are confident that CoinDCX’s innovative and compliant suite of products will lead both consumers and institutions into digital assets and web3.”
Ravi Mehta, Managing Director, Steadview, said “We have long been impressed by CoinDCX’s vision to build a thriving Web3 ecosystem in India and it has been our pleasure to support the team’s execution in building the most customer-centric and feature-rich crypto exchange in India following our initial investment in 2021. We are excited to now deepen our investment to fuel the growth of one of the most loved Web3 companies in India.”
About CoinDCX
CoinDCX is India’s largest crypto and web3 company. Built with user experience and security in mind, CoinDCX offers its users innovative products and features backed by industry-leading security processes and insurance protection. The projects on the platform are listed only after appropriate due diligence through its 7 M principles – a stringent evaluation framework.
CoinDCX has been actively spreading awareness and educating Indian investors on Crypto and blockchain, so the company launched DCXLearn —a full-fledged learning platform with courses to continuously address misinformation and foster greater understanding and trust for this emerging asset class. Recognized and awarded for its contribution to the Indian emerging tech space, CoinDCX is backed by investors such as Polychain Capital, Temasek, Bain Capital Ventures, HDR Group, operator of BitMEX, Pantera, Steadview Capital, Kingsway, Draper Dragon, Republic, Kindred, B Capital Group, Coinbase, and Cadenza. CoinDCX is ISO Certified and completely KYC/AML Compliant.
For more information, visit https://coindcx.com/
