CoinDCX exchange has received unicorn status in India
Indian crypto exchange CoinDCX has raised 6.70 billion rupees ($90 million) from investors in a funding round worth more than $1 billion.
According to Bloomberg, the unicorn status is a first for the crypto industry, in a country of 1.33 billion people.
CoinDCX exchange has received unicorn status in India
According to CoinDesk in July, the funding round, led by Facebook co-founder Eduardo Saverin of B Capital Group, was $10 million to $20 million less than original plans.
Other investors included Coinbase, Polychain Capital, Block.one and Jump Capital.
The funding will be used to double the exchange's staff over the next six months to about 400 people.
The funding will be used to double the exchange's staff over the next six months to about 400 people.
The move marks a major achievement amid regulatory uncertainty surrounding Indian officials' stance on cryptocurrencies.
According to the report, CoinDCX said it hopes to increase the number of users from 3 million to 50 million over the next few years.
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