Leading Indian cryptocurrency exchange CoinDCX is in talks to raise $100 million to $120 million in a funding round led by Facebook co-founder Eduardo Saverin’s B Capital Group, Economic Times (ET) reported Thursday, citing three people with knowledge of the matter.
- The round would value CoinDCX at more than $1 billion, according it so-called unicorn status.
- Polychain Capital and Coinbase Ventures are also set to participate. Both invested in the firm last year as part of a $2.5 million funding round.
- CoinDCX had 1.5 million users as of last month having seen its user base grow by 700% since March 2020. It plans to expand by acquiring smaller exchanges in other markets, a spokesperson told ET.
- As many as 15 million Indians are now trading crypto, according to a report last month by blockchain analytics firm Chainalysis. The report also said that investment in crypto in India has surged over 600% in the past year from $923 million to $6.6 billion.