Sunday, February 5, 2023

CoinDCX Becomes India’s First Crypto Unicorn Company

During the Series C funding round, the Indian crypto exchange CoinDCX raised $90 million from the investors and became the first crypto trading platform in the country to reach over $1 billion, in valuation. 

CoinDCX has now joined the crypto unicorn league along with Binance, Bitpanda, BlockFi, Chainalysis, Ripple and Robinhood. 

As per the report, the recent funding round of CoinDCX was led by Facebook co-founder Eduardo Saverin. Other than him, there were several other participants, including Coinbase Ventures, Polychain Capital, and Jump Capital, that invested in the Indian crypto exchange.

It is to be noted that the recent development comes amid regulatory uncertainty in the country over the status of cryptocurrencies. On one hand, the Reserve bank of India is not able to make any decision over private cryptos, while on the other hand, the Indian Government, who planned to bring in law during this monsoon session, is reportedly softening its stance on the issue.

“I am pretty sure the industry will be regulated at the right time,” said the co-founder and chief executive (CEO), Sumit Gupta. “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.”

Future Plans Of CoinDCX

CoinDCX has been planning to spend the money to double its manpower over the next six months. Presently, the workforce of the company is around 200 and it is aiming to reach 400 by December 2021.

The company also plans to release new products for wealthy individuals, in the near future.

This India-based crypto trading platform has been registered in Singapore as Primestack Pte. 

Presently, the company has a user base of 3.5 million but it is hoping that in coming years it reaches around 50 million. 

Gupta, who is also a graduate from the Indian Institute of Technology (IIT), Bombay, has further said, “We [India] have a very tech-savvy population, good mobile penetration, a big base of engineers and developers who can leverage blockchain technology.”

Regulatory FUD Around Crypto In India

Till date, India has not addressed the fear, uncertainty and doubt (FUD) regarding crypto regulation. 

Earlier this year, the government planned to present a crypto bill- Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019- in Parliament. But, due to the rapid onset of COVID-19’s second wave, it couldn’t do so.

It was being expected that during this Monsoon Session the government would table the bill, but that also did not happen. Instead, the government decided to present 17 other bills in Parliament.

While talking about the crypto bill, Nirmala Sitharaman, the Finance Minister of India, said that it just needed a green light from the cabinet. 

Rameesh Kailasam, the CEO of IndiaTech, believes that the government would be taking a softer stance on the crypto industry therefore, it is now, planning to form a new committee to reframe the crypto law

He recently said, “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.”

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