The Indian cryptocurrency exchange CoinDCX plans to raise $ 120 million

Indian crypto exchange CoinDCX may change into the subsequent crypto unicorn, as experiences recommend that Indian crypto exchange CoinDCX is in talks to full a $ 100 million to $ 120 million financing spherical.

The Indian crypto exchange CoinDCX plans to raise $ 120 million

The crypto exchange closed a $ 13.9 million Series B funding spherical final December. The exchange raised a complete of $ 19.4 million over the course of 2020. WazirX, now an exchange owned by Binance, is India’s first crypto unicorn.

A report within the Economic Times suggests the upcoming spherical of funding from B Capital Group might be led by Facebook co-founder Eduardo Saverin and sees the involvement of current buyers like Coinbase Ventures and Polygon Capital.

According to experiences, the crypto exchange will use the funds to broaden its infrastructure and work in the direction of its aim of reaching 50 million clients. CoinDCX is at the moment one of many high 4 Indian crypto exchanges alongside ZebPay, CoinSwitch and WazirX.

Indian crypto exchanges are thriving regardless of regulatory uncertainty

Indian crypto exchanges have been very profitable this bull season, seeing phenomenal development in trading quantity and registered customers.

However, development has been hampered by ongoing regulatory uncertainty. Indian banks have refused to provide their companies to crypto exchanges, regardless of the March 2020 Supreme Court ruling rejecting RBI’s “banking ban” round. It has even been discovered that banks are utilizing the now-deleted round to refuse to course of crypto-related transactions.

Hopes for a cryptocurrency invoice in the course of the ongoing congressional session had been additionally dashed because the invoice was not added to the dialogue record. Indian Finance Minister Nirmala Sitharaman beforehand indicated that the federal government can positively regulate cryptocurrencies. However, this can not occur till the cryptocurrency regulation is introduced to parliament. The Indian authorities can also be engaged on the introduction of a CBDC.

India is increasing its world crypto footprint as some Indian crypto tasks are doing exceptionally nicely. However, the way forward for the Indian crypto ecosystem is determined by how the federal government regulates the crypto market.

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