CoinDCX became India’s first cryptocurrency to join the premium list of Unicorns after the exchange raised 6.70 billion rupees that is nearly USD 90 million from investors led by Facebook Inc. co-founder Eduardo Saverin’s B Capital Group.
Chief Executive Officer and co-founder Sumit Gupta said in an interview on Tuesday that the latest funding round values the firm at USD 1.1 billion. Existing investors which includes Coinbase Ventures, Polychain Capital, Block.one, and Jump Capital participated in series C funding round.
CEO Sumit Gupta had planned to use a part of the funds to double his team in the next six months to about 400 people in India.
Gupta says, “I am pretty sure the industry will be regulated at the right time," adding to that he said “We have chosen to put at stake our money and career as we feel this is going to be a very good wealth generation opportunity for people."
The 30 year old engineer from the elite Indian Institute of Technology(IIT) has spent several hours daily reading about blockchain and cryptocurrencies before setting up CoinDCX in 2018.
The crypto got registered as Primestack Pte. in Singapore, and also aims to enlarge its user base to 50 million from 3.5 million user in the next few years and will also focus on educating users on cryptocurrencies and blockchain.
Investments breached when the Supreme Court last year overrule a ban on banks facilitating crypto trades.
Gupta said that they have a very tech experienced population, good mobile penetration, big base of engineers and developers which can strengthen the blockchain technology.
Gupta also believes that the country will produce over hundred crypto unicorn start-ups in the next few years once its regulation is crystallized.