CoinDCX hopes to expand its crypto offerings and talent base. It reportedly looks to double down on fulfillment in the second-largest internet marketplace on the planet. The first Indian crypto exchange has multiplied its valuation to $2.15 billion in 243 days after a new $135 million financial support.
The new funding had numerous contributors at the back. DraperDragon, Steadview, Republic Capital, Pantera, Kingsway, and Kindred Ventures are a few names to have participated in the Mumbai-based setup’s new subsidy. CoinDCX has succeeded in raising more than $245 million to now.
The CoinDCX crypto firm aimed to accomplish the unicorn status in 2021. It has collected more than ten million users so far. Besides letting users invest in numerous digital tokens as low as $1.3, the crypto exchange offers margin trading and stake digital assets.
According to the Chief Executive and Co-founder of CoinDCX, Sumit Gupta, the most significant part of this round is the quality investors who want to come with the unshakable confidence in the crypto market. It will give a positive boost to the entire crypto industry.
CoinDCX received its new funding several weeks after the Indian government established a crypto taxation rule, about 30 percent of the revenue. The new crypto taxation rule includes a 1% TDS on the source of every trading. It has significantly crashed the trading volume in all crypto exchanges in the country.
The Chief Executive said that the recent move has also hit CoinDCX, indicating that the 1 percent tax deduction has caused it to become less practical for high-frequency traders to carry out their business. It is primarily because these crypto traders work with a large portion of the trading volumes.
He confirmed that the company continues to welcome new crypto users coming to the platform, though the strength is not as high as it would have been a few months ago. CoinDCX plans to multiply its fulfillment efforts and aims to do whatever it requires to provide the regulators with more comfort.
The Indian Cryptocurrency exchange also looks to B Capital among its supporters. It ramps up calming the retail investors to boost contribution towards the growth of the local ecosystem. Gupta said the new company startup would use educational content and small-sized videos to populate its eponymous app.
CoinDCX also spoke of its fresh product offerings. The crypto exchange announced a new plan, allowing individuals to continue investing frequently. The new product aims to support people to comprehend and make long-standing and disciplined investments. Gupta said, CoinCDX has offered its product offerings to more than 100,000 people in March, and it will keep on adding more.
Some crypto offerings that users can rule out observing on the Indian crypto exchange include mutual funds and stocks, which can serve as wealth management opportunities. Gupta said CoinDCX’s singular focus on cryptocurrency and the company focuses on a future category. It will keep doubling down on cryptocurrency and not pay attention to exploring already solved areas. The crypto exchange currently has 400 employees and plans to significantly ramp up its workforce by having 1,000 people by 2022.
Sumit Gupta confirmed that the company is frequently experiencing lacking talent. There is a limited number of individuals with experience working in the cryptocurrency industry.
Unlike Binance, CoinDCX does not look to introduce its native token. The co-founder said the company does not want to produce a crypto token, which usually helps get the network effects quicker. The company believes it is doing well, though it is cautious about new offerings or features the company introduces as it’s a permanent thing.