Facebook co-founder Eduardo Saverin is in talks to invest in CoinDXC that will seal the Indian crypto exchange's unicorn status, report says

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Facebook co-founder Eduardo Saverin is in talks to invest in CoinDXC that will seal the Indian crypto exchange's unicorn status, report says
Eduardo Saverin, co-founder at B Capital Group. Edgar Su/Reuters
  • Facebook's first investor Eduardo Saverin is in talks to close a funding round for CoinDCX.
  • The company could become India's first crypto unicorn after its latest financing.
  • Polychain Capital and Coinbase Ventures are other existing investors.

Facebook co-founder Eduardo Saverin's B Capital is in discussions to close an investment round for Indian crypto exchange CoinDCX that could value the company at more than $1 billion, the Economic Times reported on Wednesday.

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."

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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.

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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 cryptocurrencies has kept some local investors away from crypto-focused firms, but the industry has managed to secure investments from international funds and entrepreneurs like Mark Cuban.

Indian crypto firm Polygon received an undisclosed investment from Cuban in May this year.

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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.

Read More: Denmark's most popular eToro trader breaks down how his time as an elite chess player helped shape the strategy that made him 400% returns on bitcoin this year and led 20,000 people to copy his portfolio

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