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An interesting crypto trading startup announced a funding of USD 135 million 

An interesting crypto trading startup announced a funding of USD 135 million 

A  crypto trading startup announced a round of funding. What a pleasant and exciting piece of news it is!

Let us talk about crypto trading. They generally have a platform that helps in the trading of cryptocurrencies for other assets, including digital and fiat currencies. Crypto trading platforms sort of act as an intermediary between a buyer and a seller and make money through commission and transaction fees. 

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Some of the famous crypto trading platforms available are-

Crypto.com, BitMart, Cash App, Bisq, Coinbase, and many others. 

Let us now talk about the funding of a crypto trading startup that has taken place recently. 

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Announcement of funding of a crypto trading startup 

The crypto trading startup, CoinDCX has raised funds worth USD 135 million, which is equivalent to around INR 1000 crore, as announced on April 19, 2022. This round of funding that has taken place was the Series D round of funding and was led by Pantera Capital and Steadview Capital. The other participants of this round of funding were Kingsway Capital, DraperDragon, and Kindred Ventures.

coindcx raises $135 million in series d funding led by pantera capital, others | the financial express

Pantera Capital and Steadview Capital have invested half of the total amount of funds and the remaining half has been infused by the other participants of the round of funding. Even some existing investors of the startup were a part of this round of funding. Such participants were B Capital, Coinbase Ventures, Polychain Capital, and Cadenza Capital Management. 

The crypto trading startup plans to use the funds raised in increasing its headcount from 400 to almost 1000 by the end of the next year. The startup also has plans to hire new personnel across various domains like engineering, product, and compliance. The value of the startup after this round of funding has come up to USD 2.15 billion and thus has become the most valued croup trading platform in the country. The startup July 2021 had raised some funds, post which it was able to enter the famous Unicorn Club. That round of funding was led by Coinbase Ventures and B Capital and the value of the startup came around to be USD 1.1 billion.

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About the crypto trading startup that has announced its funding 

Founded in the year 2018 by Sumit Gupta and Neeraj Khandelwal and having its headquarters in Mumbai, Maharashtra, CoinDCX has been committed to making cryptocurrency accessible to the Indian audience with simpler, secure, and compliant solutions. It claims itself to be the safest cryptocurrency exchange in the country and is also the first unicorn startup in India working in the domain of cryptocurrency. It has the aim to make crypto accessible.  

crypto exchange coindcx welcomes in amitabh bachchan as its brand ambassador

The crypto trading platform has solved numerous problems faced by the Indian crypto community with investing and trading solutions for crypto-based financial products for retail, HNI, and enterprise customers. It has various types of platforms available, they are as follows-
CoinDCX– India’s safest and simplest crypto investment application.
CoinDCX Pro– Advanced products for Crypto Traders.
Prime– Enterprise product for assisted investment in crypto baskets.
DCX Learn– Crytpo/Blockchain academy for free education.
COSMEX– Global trading platform giving access to 1/3rd of Global Liquidity. 

coindcx: making crypto accessible to indians sur twitter : "🥁 📢 presenting coindcx go app: india's simplest bitcoin app ⏱️buy #bitcoin and #crypto from inr instantly 👌smooth & simple interface! 🔐top security

The values of the crypto trading startup are as follows-
Simple– It takes pride in its ability to create user experiences that are simple no matter the complexity of the underlying technology.
Safe– The team of the crypto trading startup constantly audits and builds upon existing protocols to ensure that its security is up to date and of international standards.
Compliant– The culture of the crypto trading startup is compliance which has enabled it to be one of the pioneers in India to implement crypto AML monitoring via Onfido. 

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The crypto trading startup will be investing in education and building an innovation center to develop products in the web3space. The startup also has DCX Venture, which is its corporate venture arm, which is responsible for backing multiple startups in the web3space. The most recent one is Ethereum Push Notification Service. In August last year, the crypto trading platform had around 3.5 million registered users and now it has increased to 12 million. It has more than 80 vetted coins and has a trading volume worth more than USD 300 crore. 

The crypto trading startup recently has come into partnership with crypto-native trade surveillance and market integrity companies like Solidus Labs and Coinfirm in order to strengthen its anti-money laundering protection and also to provide precise and holistic detection and reporting of suspicious activities. 

coindcx eyes mass adoption among novel crypto investors; launches coindcx go | mint

Some of the achievements of the crypto trading startup are as follows-
Has been certified as a great place to work
Has won the Tech startup of the year
Has been in the elite list of unicorns in India 2021
Has the new hottest product 

About the founders of the crypto trading startup 

The crypto trading startup, CoinDCX was founded by Neeraj Khandelwal and Sumit Gupta. 

Neeraj Khandelwal is an alumnus of IIT Bombay and has been instrumental in building some of the most revolutionary products in cryptocurrency trading like Futures, Margin, Lend, Staking, and others that can be scaled into a profitable business. He aims to solve problems by enhancing financial systems with the help of blockchains and Crypto technology. 

coindcx funding: coindcx raises $135 million in funding as valuation doubles to $2.15 billion - the economic times

Sumit Gupta is an alumnus of IIT Bombay and is also the CEO of the startup, CoinDCX. When Bitcoin began gaining traction in 2014, Sumit saw the potential of leveraging blockchain technology to enable financial inclusion. He actualized his vision by founding CoinDCX, which is the safest cryptocurrency exchange in India. 

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About Pantera Capital 

Founded in the year 2003 by Dan Morehead, who was previously in Tiger Management, and having its headquarters in Menlo Park, California, United States, Pantera Capital is a hedge fund based in America with a specialization in cryptocurrencies. Pantera Capital is the largest crypto hedge fund in the world in terms of Asset Under Management. 

In the year 2013, Pantera Capital launched its first investment fund which had a focus on Bitcoins in the United States. As of Jan 2022, Pantera Capital had assets under management worth USD 5.6 billion. 

home | pantera

The portfolio of Pantera Capital consists of companies like Leap Wallet, Mina, Angelic, Swim, Cega Finance, Rarify, Space Runners, CoinDCX, and many others. 

About Steadview Capital 

Headed by Ravi Mehta and having its headquarters in London, Steadview Capital is a leading investment manager that makes concentrated, long-term investments in high-growth public and private technology companies. 

The portfolio of Steadview Capital consists of companies like Newton School, Polygon, Chargebee, FTX US, INDmoney, INDwealth, Exotel, CoinDCX, and many others. It has made its exit from organizations like Nykaa, Zomato, Flipkart, PolicyBazaar, JioSavaan, Route Mobile, RBL Bank, Freshworks, Urban Ladder, Dhani Stocks, and others. 

freshworks received $85 mn funding from steadview capital | chamber of startups

What has been said about the deal?

Sumit Gupta who is the co-founder and CEO of the startup, CoinDCX said that the investors who have taken part in this round of funding have seen deep pretty into the crypto space and they also have seen it grow into other geographies. 

steadview capital invests $25 m in delhivery through secondary route - the hindu businessline

The startup is working on something which has gained huge popularity. We wish the startup a stroke of good luck and hope it has a bright and prosperous future ahead! 

Gauri

Hey! Let's talk about startups and businesses.

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