CoinDCX in Talks With Facebook Co-Founder to Raise as Much as $120M

CoinDCX, a leading Indian cryptocurrency exchange, 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).

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.

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