CoinDCXCrypto Exchange Bags Rs. 1,000 Crore in Funding Round Led by Pantera, Steadview
CoinDCX has actually roped in a huge financial investment of$135 million (approximately Rs. 1,030 crore) in Series D financing. The raised quantity will be used to stir crypto-centric education and development in India. The financing round was led by US-based investment company Pantera Capital and Hong Kong based hedge fund Steadview Capital. Other popular investors include Kingsway, DraperDragon, Republic, and Kindred. In an official statement, CoinDCX has said that this hefty investment testifies to the global financier sentiment that backs the crypto industry.The advancement follows CoinDCX recently struck partnerships with crypto-native trade security and market stability leaders such as Solidus Labs and Coinfirm.It aims to strengthen its anti-money laundering protection and provide precise detection and reporting
of suspicious activities.”The latest round by some of the biggest institutional financiers just reinforces the belief in India’s enormous potential in the crypto environment,”Sumit Gupta, Co-Founder and CEO of CoinDCX
stated in a statement.The crypto exchange strategies to work with regulators and industry gamers to help speed up crypto adoption in India.”We think that we remain in the early innings of Web3 use cases exploding in the country to possibly making India one of the worldwide leaders in the Web3 area,” said Paul Veradittakit of Pantera commenting on the development.Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX has formerly raised over$100 million(roughly Rs. 760 crore )to date with Coinbase Ventures and Facebook co-founder Eduardo Saverin-led B Capital as its investors.The exchange is also expanding its crypto-related services for Indian consumers.Back in March, CoinDCX revealed the launch of its Crypto Investment Strategy (CIP), which is intended at helping financiers invest a set amount in crypto at routine intervals.The business did find itself in legal troubles after Directorate General of GST
Intelligence named it on the list of tax evading business earlier in January.Cryptocurrency is an uncontrolled digital currency, not a legal tender and subject to market dangers. The details offered in the short article is not planned to be and does not constitute financial advice, trading recommendations or any other advice or suggestion of any sort used or backed by NDTV. NDTV shall not be accountable for
any loss occurring from any financial investment based upon any viewed recommendation, forecast or any other info included in the post. Released at Tue, 19 Apr 2022 10:01:55 +0000