Facebook co-founder Eduardo Saverin is in talks to invest in CoinDXC that will seal the Indian crypto exchange's unicorn status, report says
- Facebook's first investor
Eduardo Saverinis in talks to close a funding round for CoinDCX.
- The company could become India's first
cryptounicorn after its latest financing. Polychain Capitaland CoinbaseVentures are other existing investors.
Facebook co-founder Eduardo Saverin's
San Francisco-based digital asset investment fund Polychain Capital and crypto exchange Coinbase's venture capital arm are other participants in the round that could raise between $100 to $120 million, the report said, citing three sources familiar with the matter.
For startups to attain a $1 billion valuation was once an uncommon feat, hence why they share a name with a rare mystical animal - "unicorn."
B Capital, Polychain Capital, and CoinDCX didn't immediately respond to Insider's request for comment, while Coinbase declined to comment.
CoinDCX, launched in 2018, counts over 100,000 active monthly users and sees more than $40 million in daily trading volume, according to figures on its website. The company's user base has surged 700% since March 2020, and its registered users reportedly stood at 1.5 million as of June.
Co-founders Sumit Gupta and Neeraj Khandelwal raised about $20 million through three rounds of funding in 2020, according to the ET.
CoinDCX's billion-dollar status would make it the country's first crypto unicorn, the report said.
The absence of clear regulations and a previous threat of a blanket ban on
Indian crypto firm Polygon received an undisclosed investment from Cuban in May this year.
Cryptocurrency investments in India grew from about $200 million to nearly $40 billion in the 12 months to June, according to data firm Chainalysis. The country ranks as high as 11 out of 154 nations in terms of cryptocurrency adoption, data shows.
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