CoinDCX, a Mumbai-based crypto exchange, has emerged as the first exchange in India to make unicorn status after raising $90 million in a funding round. The amount raised has taken CoinDCX to a $1.1 billion valuation and has put the exchange in a league with crypto giants like Binance.
The exchange announced that returning investors like Coinbase Ventures and Block.one participated in the Series C funding round. It also explained that CoinDCX would use the funds from this funding to speed up its onboarding process to about 50 million users in the country. This is in addition to the 3.5 million users onboarded since 2018.
Because the Indian government’s position on crypto is unclear, local crypto businesses are treading very carefully. However, regulators are not yet aware of CoinDCX’s recent achievement.
IndiaTech.org, an independent technology association, proposed a regulatory framework for crypto exchanges and assets. The framework advised the government to label cryptocurrencies as digital assets, not currencies. The proposal announced:
“Define cryptocurrencies as digital assets and not currencies and grant them recognition as digital assets like gold, stocks, or marketable securities.”
Despite the government’s non-commitment, India’s finance minister, Nirmala Sitharaman, recently indicated that he supports the crypto movement. He explained that regulators would give room for a few crypto use cases instead of shutting off crypto activities.
Image Credits: Pixabay
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