CoinDCX raises $135 million in funding

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Indian Crypto exchange platform CoinDCX has raised $135.9 million from investors led by Pantera Capital and Steadview Capital.

The funding comes against the backdrop of crypto exchanges facing new taxation rules in India.

The exchange will use the funds to increase its headcount to over 1,000 by the end of next year from 400 now. It plans to hire across functions including engineering, product and compliance, the report added.

“What is interesting about this round is the quality of investors who’re coming in and the kind of strong confidence they have shown on the market,” said Sumit Gupta, co-founder and chief executive of CoinDCX.

It is the first Indian crypto start-up to attain unicorn status last year and has reportedly amassed over 10 million users. In addition to allowing users to buy various tokens for as low as 100 Indian rupees ($1.3), the exchange provides margin trading and the option to stake digital assets.