Cryptocurrency exchange CoinDCX has raised $135 million at a valuation of more than $2 billion

Cryptocurrency exchange CoinDCX has raised $135 million in series D funding, led by Pantera and Steadview and with high-profile investors including Kingsway, DraperDragon, Republic, and Kindred. B Capital Group, Coinbase, Polychain, Cadenza and other existing investors also participated in the round.
However, the company did not disclose the valuation of the round. Sources estimate the company is valued at more than $2 billion. Last August, it raised $90 million in a Series C funding round at a valuation of $1.1 billion, becoming the first Indian company to receive the crypto "unicorn" label.
So far, the company has raised nearly $245 million.
CoinDCX has worked closely with universities on several educational programs and events through its DCXLearn platform. The company plans to launch an innovation hub to accelerate the adoption of Web3 and blockchain in India, and aims to nurture local talent through its various outreach initiatives and strategic investments.
According to the company, its talent pool will triple to more than 1,000 employees by the end of 2022.
Three-year-old CoinDCX is a cryptocurrency exchange and liquidity aggregator with operations around the world. The company has instant deposit and withdrawal facilities and a suite of cryptographic-based financial products and services.
Indian cryptocurrency exchange CoinDCX on Thursday launched a cryptocurrency revenue program called "Earn," where users can Earn interest on their crypto assets. The platform will use the "Earn" function to provide users with the opportunity to gain revenue, such as margin trading, loans, pledge, support BTC, ETH, USDT, USDC, NEAR, DAI and other 16 cryptocurrencies. The "Earn" feature is currently only available to wait-list users. (Livemint)
CoinDCX says its user base has grown to 12 million from 3.5 million last August, with WazirX, ZebPay and CoinSwitch Kuber among its direct competitors.
CoinDCX's new round of funding comes amid regulatory uncertainty over cryptocurrency platforms in India. While cryptocurrencies are taxed at 30% in India, the local government declined to comment on their legality.
Earlier this month, several cryptocurrency exchanges, including Coinbase, CoinSwitch Kuber, WazirX and CoinDCX, stopped offering UPI as a payment method for cryptocurrency transactions after the National Payments Corporation of India (NPCI) issued a statement He said he "didn't know" it had happened.
In March, 11 cryptocurrency exchanges were fined a total of more than Rs 81 crore by the Indian government for evading GST.