India’s first crypto unicorn CoinDCX set for IPO

Indian crypto unicorn CoinDCX has set its sights on a potential IPO as soon as regulations allow

CoinCDX crypto exchange                                 
India’s crypto sector is currently facing uncertainty amid reports of a proposed crypto ban – Photo: Shutterstock
                                

Indian crypto unicorn CoinDCX has set its sights on a potential IPO as soon as regulations within the nation allow it, according to its co-founder Neeraj Khandelwal.

Making the announcement via an interview with Bloomberg Television, Khandelwa said the move would give a vote of confidence to the nation’s digital asset industry, as well as boosting the crypto markets in the same way the Coinbase IPO did earlier this year.

“As soon as the government or the situation allows us, we will try for an IPO,” Khandelwal said.

National uncertainty

As it stands, India’s crypto sector is currently facing uncertainty amid reports that Prime Minister Narendra Modi aims to propose a bill that will ban all crypto transactions and activity surrounding private cryptocurrencies in the coming months.

While industry leaders remain optimistic that new regulations could still allow investors to continue trading with certain restrictions, India's central bank is clear that it wants to ban all cryptocurrency transactions in order to create an official digital currency.

“The bill coming up at this juncture signals progress and really acknowledgment, from the government side, of the growing investor base for crypto,” said Khandelwal.

CoinDCX is currently used by more than six million people to buy, sell and trade cryptocurrencies. The crypto exchange was founded three years ago in 2018, and earlier this year raised $90m in a Series C funding round at a $1.1bn valuation, making it the latest tech unicorn in India.

The investors in the Series C round included Facebook co-founder Eduardo Saverin’s B Capital Group, Coinbase Ventures, Polychain Capital and other notable investors.

“An IPO gives a legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets," added Khandelwa. "Similarly we want to instill a similar level of confidence with an IPO of CoinDCX.”

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