CoinDCX, one of the most prominent Indian cryptocurrency exchanges, has reached a total valuation of $2.15bn.
The news follows the company’s latest funding round, which fetched it $135m in fresh capital.
The milestone comes after months of successful negotiating with investors and despite mounting uncertainty that India’s central government and the Reserve Bank of India may choose to ban cryptocurrencies on a whim.
CoinDCX is also the first Indian cryptocurrency firm that has been distinguished as a unicorn in 2021, referring to a company in the technology sector that shows a strong promise for creating and developing ground-breaking technologies in its respective sector.
CoinDCX already has 10 million users and they are able to purchase from numerous cryptocurrency tokens for as little as 100 Indian rupees or roughly $1.3.
CoinDCX co-founder and chief executive Sumit Gupta said: “What is interesting about this round is the quality of investors who’re coming in and the kind of strong confidence they have shown on the market.”
The executive confirmed that the cryptocurrency exchange was looking to create more products for its consumers and ensure that consumers of any socio-economical background may join and participate.
CoinDCX may still venture into other parts of the experiences. For one, CoinDCX does not have its own dedicated token just yet. Binance runs the BNB token and TFX has the FTT token.
Meanwhile, Gupta argued that creating a token is an immediate plan for the company as it wants to focus on other features.
Gupta acknowledged that a token can be very useful and helpful but he compared CoinDCX more to Kraken and Coinbase, two highly-successful exchanges that do not have a token.
Earlier this month, Coinbase launched a feature which enabled FIAT-to-crypto payments. The feature was stopped almost immediately due to miscommunication with the regulator.
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