CoinDCX seeks funding from Facebook co-founder company

Crypto exchange platform CoinDCX is discussing the possibility of completing a new funding round of $ 100-120 million. A new round of funding would boost the valuation by more than $ 1 billion, making it a unicorn. 

Recognized Funds For Customer Acquisition
The team of investors involved in the funding round is led by Eduardo Saverin, Facebook co-founder of B Capital Group. Existing investors Polychain Capital and Coinbase Ventures will also raise funds in the December 100-123 million range. With a $ 1 billion valuation of the company, CoinDCX will be the first crypto exchange to join the Unicorn group in India. As the company continues its aggressive advertising strategy with television and social media campaigns, the increased funding will primarily be aimed at boosting its customer acquisition efforts.

CoinDCX is also considering making small acquisitions to boost its customer base, according to one of the anonymous sources confirmed by the news. 

”The company can also expect inorganic growth by buying small exchanges in other Sundays, even if the rules of such exchanges in India remain fuzzy.” 

Previous Funding Rounds For Coindcx
CoinDCX has raised three rounds of donations, including $ 19.4 million (144 crore rupees) in 2020 alone. In its last round of funding in December 2020, the company raised about $ 15 million (100 crore rupees) from investors such as, DG, Jump Capital, unrelated businesses, Coinbase Ventures, Polychain Capital, Mehta Ventures and Alex Pack. 

CoinDCX, founded in 2018 by Sumit Gupta and Niraj Handelwal, helps people buy and sell crypto tokens. It also offers other cryptocurrency-based financial products such as loans. June March 2020 saw the number of users at the company increase by 700%, with 1.5 million users registered in June. 

Investors Interested In Crypto Exchanges
Investing in crypto exchanges seems to have become a very profitable enterprise. Even in an uncertain regulatory environment like Ind

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