On 10th August 2021, Coin DCX declared that it has successfully raised $90 Million in a Series C funding round with a valuation of $1.1 Billion, and has become the first cryptocurrency unicorn of India. The funding was led by B capital group, which was founded by Facebook co-founder, Eduardo Saverin.
Before establishing Coin DCX in 2018, the 30-year-old IIT graduate, Sumit Gupta, spent hours reading and collecting information about cryptocurrency. He plans on expanding his team shortly as he sees huge potential in the country. He has plans for bringing in more Indians and making Crypto a popular investment asset. With the help of both digital and traditional assets, Gupta plans on putting more effort to create new products, improve the existing ones, and strengthen security, exchange process, and product team.
Coin DCX already has a magnificent user base of 3.5 million users. Introducing Cryptocurrency in India, where many are still skeptical, is a challenge, and this is proof that it has been very skillfully undertaken and that the risk was worth it. Last year, when the Supreme Court quashed the ban on banks which were promoting crypto trading, there was a huge surge in investments. Crypto is still making people feel skeptical because of its volatile nature, but it’s a huge improvement that people saw its potential and invested in it.
Also Read Climate Changes Lead To Strange Weather Forecasts In India
Coin DCX: The Dream, The Struggle, The Success, The Example, And The Future
They say necessity is the mother of invention, and deprivation is the mother of innovation. In 2014, when Bitcoin was the talk of the Town, IIT graduate Sumit Gupta got introduced to the distributed ledger technology. He then called his friend Neeraj Khandelwal, who is also an IIT graduate, and partnered with him to spread awareness about this and have more people invest in it.
They realized that Blockchain traders were facing many problems as they had to keep up with numerous crypto trades, and didn’t have a single platform to trade from. They studied the market and set up Coin DCX in 2018 to make it easier to trade-in. 3 years later, they have become the first crypto unicorn of India. This explains how important but unavailable this opportunity was in India and how there was already a user base, a market, but no platform.
Use Of The Funding: Goals Of The Coin DCX Team
Coin DCX said that they are going to invest the profit back into the business to create a stronger and more creative team. They are going to strengthen the security to assure their user base. Coin DCX aims at marketing campaigns in the future to spread awareness and expand its reach.
While this huge success is expected to draw in a lot more users, ”the more, the merrier” is still their motto. Coin DCX also aims to set up a major research and development facility by partnering with skilled Fin-tech players.
Also Read Nifty Futures And Options Trading – Do’s And Don’ts
Crypto Inclined Future: Can We Expect It?
As we move to a more crypto-inclined future of India, we can expect Coin DCX to set the bar for other competitors as it addresses the needs of its user base. Considering the rate at which the masses are more invested in trading, it might be declared as an asset class by the government. The volatile nature of the asset is less likely to stop Indians from investing and taking risks as they become more aware and skilled at this.
The dramatic increase in the crypto trade is a sign of hope that people will become more aware, skilled, and interested in cryptocurrency in the future. Coin DCX has proved that India is not lagging behind in this race.
For more informative articles, visit finance.
