CoinDCX has become the first Indian Cryptocurrency exchange to grab the title Of ‘unicorn’ with valuation to $1.1 billion (Rs 8,150 crore). The exchange achieved This status after a $90-million (Rs 668 Crore) series-C funding round, led by Facebook co-founder Eduardo Saverin’s B Capital.
• It should be noted that Unicorns aree Startups with a valuation of $1 billion Or more.
Utilization of Funds
i.The funds will be used for marketing,
strengthening, and on new business
initiatives to expand crypto investor base and to make crypto a popular investment in India.
2.The exchange has earmarked Rs 10
crore for its educational initiatives across
3.It is also looking forward to entering
into partnerships with key fintech players to set up a research & development (R&D) facility, strengthening the policy Conversations through public discourse, Working with the government to introduce Favourable regulations, education, and Ramping up the hiring initiatives.
Points to be noted:
i.Other startups that attained an unicorn
status in August 2021 are Bharatpe,
Mind Tickle, and Upgrad.
•Now, India has 22 startups that
Became Unicorns in 2021 tally taking
The total to 63 (as per Inc42).
2.The company, co-founded in 2018 by its
Chief Executive Officer (CEO) Sumit Gupta
And Neeraj Khandelwal and is registered
As Primestack Pte. In Singapore.Its
Headquarter is Mumbai, Maharashtra.
•It helps people buy and sell crypto
Tokens along with crypto-based
Financial products such as lending.