CoinDCX raises $135 mn, will triple workforce

Post this funding, the cryptocurrency trading exchange is valued at $2.15 bn

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CoinDCX, the Indian cryptocurrency startup, has managed to raise funds to the tune of $135 million. It plans to use the funding to build a scalable web 3.0 product ecosystem. It plans to expand its existing team to three times its size. That means, by the end of this year, it will have at least 1,000 employees.

The cryptocurrency trading exchange, which was launched just four years ago, has become part of the unicorn club and remains amongst the most valued companies in the cryptocurrency space today.

The Mumbai-based company plans to focus on and accelerate local hiring, for which it has rolled out various research initiatives, outreach programmes and strategic investments.

People will be hired in the engineering, product and compliance verticals. The Company has a 400-strong workforce, which will it expects to grow to about 1,000 by end of 2022.

Presently the startup has a user base of 12 million registered users, which is four times more than the 3.5 million users registered till August 2021.

The recent funding round was led by Pantera and Steadview, joined by Kingsway, Republic, Kindred and DraperDragon. Among the existing investors, Coinbase, Polychain, B Capital Group and Cadenza also put in more money.

Established by Sumit Gupta and Neeraj Khandelwal in 2018, CoinDCX facilitates the purchase and sale of crypto tokens, and also supports lending and offers other crypto-enabled financial services.

Earlier this month, Coinbase had also revealed its plans to hire more than a 1,000 people in 2022 itself. Clearly, investors are hopeful of growth in the crypto space.

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