CoinDCX Secures $135 Million, Valuation Doubles To $2.15 Billion
The funding comes in the backdrop of crypto exchanges facing newly introduced taxation rules in India
Crypto trading exchange CoinDCX has raised $135.9 million (about Rs 1,000 crore) from investors led by Pantera Capital and Steadview Capital, doubling its valuation to $2.15 billion in less than a year to become the most valued crypto trading platform in India.
The funding comes in the backdrop of crypto exchanges facing newly introduced taxation rules in India. CoinDCX and its peers, like WazirX and Coinswitch Kuber, have seen their volumes plummet to new lows this month due to restricted access to modes of depositing money for users.
Also Read: Volumes on crypto trading platforms decline as new tax norms come into effect
According to the company, Pantera Capital and Steadview Capital infused about half of the funds in the latest round, which also saw participation from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures.
The round also saw existing investors B Capital, Coinbase ventures, Polychain Capital, and Cadenza Capital Management increase their investments in the crypto exchange.
