Crypto exchange in India CoinDCX is India's first cryptocurrency exchange with a market capitalization of more than $1 billion. Eduardo Saverin, co-founder of Facebook, led a $90 million Series C round of fundraising for the company.
In the realm of cryptocurrencies, the company's valuation is astronomical - to put it another way, it's out of this world.
CoinDCX has joined the ranks of Binance, which backs India's WazirX crypto exchange, as well as Bitpanda, BlockFi, Chainalysis, Ripple — the company behind the fiercely discussed XRP cryptocurrency — and the controversial Robinhood.
Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital were among the previous investors in the round, in addition to Saverin.
The news comes as India grapples with regulatory uncertainty about the status of cryptocurrencies. While India's central bank, the Reserve Bank of India (RBI), remains undecided on private cryptocurrencies, the Indian government is apparently changing its attitude on the topic.
Sumit Gupta, co-founder and CEO, told Bloomberg, "I am quite convinced the industry will be controlled at the correct moment." “We have chosen to risk our money and our careers because we believe this will be a fantastic opportunity for individuals to build wealth.”
What will CoinDCX do with this fresh influx of capital?
The funds will be used to double the company's workforce during the following six months. It presently employs roughly 200 people, with the objective of increasing to 400 by December.
CoinDCX also intends to launch new products aimed at wealthy individuals in the coming months.
Primestack Pte. is the name of the Singapore-based company, which was formed by an Indian entrepreneur and caters to Indian investors. Over the next several years, it intends to grow its existing user base from 3.5 million to 50 million, with the overarching goal of educating users about crypto and blockchain.
“We [India] have a very tech-savvy population, good smartphone penetration, and a large network of engineers and developers that can utilise blockchain technology,” said Gupta, a 30-year-old engineer who graduated from IIT Bombay.
India’s regulatory FUD
The fear, uncertainty, and doubt (FUD) surrounding cryptocurrency regulation in India has yet to be resolved. The country's crypto bill, the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, was supposed to be tabled for government approval in February.
The bill was never introduced in Parliament due to the early advent of COVID-19's second wave.
The crypto bill was merely waiting for Cabinet approval, according to Finance Minister Nirmala Sitharaman. However, contrary to expectations, it has not been brought up for debate during the Parliament's current Monsoon Session.
The Indian government is most likely aiming to organise a new committee to redefine the law, according to IndiaTech CEO Rameesh Kailasam, as it attempts to adopt a softer position on the crypto industry.
"Given that the Supreme Court had lifted the ban on cryptocurrencies, the RBI and the Indian government were now responsible for enacting the required rules. As a result, a ban may not be the best option "During a previous interview, he stated.
The extra funding will be used to establish a research and development facility, deepen policy conversations through public discourse, and enact favourable legislation, among other things.
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