Indian cryptocurrency exchange Quan-DCXb (CoinDCX) was launched in 2018. At present it has 35 lakh users. So far 22 Indian companies and startups have joined the Unicorn Club in the year 2021.
Cryptocurrency exchange CoinDCX has become the first Indian crypto-exchange to join the Unicorn Club. It started in 2018 and at this time the number of its users has increased to 35 lakhs. The company had raised $90 million in the Series-C funding round. This brought the company's valuation to $1.1 billion and amidst all the uncertainty surrounding the future of cryptocurrency in India, Quorain-DCX became the first unicorn cryptocurrency exchange in the country. Let us tell you that companies or startups whose valuation reaches 1 billion dollars are called unicorns.
Where will the funds raised be used?
The Series-C funding was led by Facebook's co-founder Eduardo Saverin's B Capital Group. Existing investors Coinbase Ventures, Polychain Capital, Block.one and Jump Capital also participated in this round of funding. QuaCoin-DCXum said that a large part of this fund will be used to increase awareness among people about cryptocurrency in India.
Which products will the company launch?
Sumit Gupta, Co-Founder and Chief Executive Officer (CEO) of the exchange said, “We are planning to partner with financial technology startups to increase the number of crypto investors and research and development facilities. He added that the company will launch the CoinDCX Prime Initiative in the coming months for high-net-worth individual investors (HNI Individuals) and institutions. Apart from this, the company is also preparing to launch Cosmex as a global trading product.
Increasing demand for cryptocurrency
So far 22 Indian companies and startups have joined the Unicorn Club in the year 2021. Sumit Gupta said that we are working closely with the government to provide favorable regulations, offer education and accelerate hiring initiatives. Also said that the demand for cryptocurrency and digital assets is increasing rapidly in the country. In lieu of this, very few platforms are able to give people the capacity, security according to their expectations. He said that the funds raised would be allocated for Vistakar to attract more and more Indians to CryptoEye. Coin-DCX is among the top 4 cryptocurrencies in India. The first three are Wazir-Xd, CoinSwitch Kuber and ZebPay.
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