The Economic Times (ET) reported Thursday that leading Indian cryptocurrency exchange CoinDCX is in talks to raise $100 million to $120 million in a funding round backed by Facebook co-founder Eduardo Saverin's B Capital Group, citing three people with knowledge of the matter.
- CoinDCX would be valued at more than $1 billion after the deal, giving it unicorn status.
- Polychain Capital and Coinbase Ventures have also expressed interest. Last year, as part of a $2.5 million investment round, they both invested in the company.
- CoinDCX had 1.5 million users as of last month, with a 700 percent increase in users since March 2020. A representative for the company told ET that it aims to expand by acquiring smaller exchanges in other areas.
- As many as 15 million Indians are now trading cryptocurrency, according to a report released last month by blockchain analytics firm Chainalysis. The report also said that, crypto investment in India has increased by 600% in the last year, from $923 million to $6.6 billion.