Crypto exchange CoinDCX secures $135 million for Web3 expansion

CoinDCX CEO Sumit Gupta said the crypto exchange will use the funds to help support crypto adoption and Web3 projects in India.

CoinDCX, one of the largest cryptocurrency exchanges, has announced a $135 million Series D funding round, according to details shared by the firm’s CEO Sumit Gupta.

“Excited to share that CoinDCX has raised over USD 135 million, in our latest Series D funding round. Another step closer to our dream of making crypto accessible to every Indian,” Gupta tweeted on Tuesday.

The funding round was led by Pantera Capital and Steadview Capital. Others to participate in the round were Kingsway, Draper Dragon, Kindred and Republic. 

CoinDCX’s series D financing also attracted further investment from existing investors B Capital Group, Coinbase, Polychain Capital and Cadenza.

The investment round pushed the India-based crypto exchange’s valuation to $2.15 billion. The company became India’s first crypto unicorn when it was valued at $1.1 billion during its Series C funding last August. The exchange has now raised over $245 million.

Web3 growth in India

The crypto startup’s funding round and plans around crypto adoption and Web3 comes just a couple of weeks after India’s tax regulation took effect. The 30% capital gains tax took effect on 1 April, with various aspects of the taxation criticized as potential setbacks to the industry.

CoinDCX wants to support growth within the crypto sector as well as Web3.

“We are on a mission to build a greater understanding and trust between regulators, industry, and our users. This latest round of funding will help us accelerate the growth of Crypto adoption in India and further the march of Web3.0,” he noted.

To help achieve these goals, CoinDCX has plans to make an even bigger impact via blockchain awareness and education programs for Indian investors.

The exchange will also use the funds for risk management as it seeks to offer its users a safe platform to transact.