CoinDCX, India’s most valuable crypto trading platform, has secured $135.9 million (about Rs 1000 crore) from investors led by Pantera Capital and Steadview Capital, more than tripling its valuation to $2.15 billion in less than a year.
The funding comes as India’s cryptocurrency exchanges grapple with new taxation requirements. Due to limited access to depositing money for consumers, CoinDCX and its contemporaries, such as WazirX and CoinSwitch Kuber, have seen their volumes plunge to new lows this month.
According to the business, Pantera Capital and Steadview Capital invested nearly half of the cash in the newest round, including Kingsway Capital, DraperDragon, Republic, and Kindred Ventures.
Existing investors B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management increased their stakes in the crypto exchange as part of the round.
Sumit Gupta and Neeraj Khandelwal established CoinDCX in 2018 to allow individuals to purchase and sell crypto tokens. Other crypto-based financial solutions, such as lending, are also available.