CoinDCX clarifies that it has no ‘immediate’ plans to launch an IPO
Indian crypto exchangeCoinDCX told Business Insider that it has no ‘immediate’ plans to launch an initial public offering (IPO).
- According to the company’s spokesperson,
CoinDCXhas aspirations to one day go public — just like any other startup.
- “As an official clarification, we would like to reiterate that there is no immediate plan in the foreseeable future to announce an IPO,” said the company’s spokesperson.
Indian crypto exchange CoinDCX has no ‘immediate’ plans to launch an initial public offering (IPO). In a statement to Business Insider India, the team clarified that as a startup it has aspirations to one day go public but it’s unlikely to be anytime soon as reported by the Economic Times.
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“As an official clarification, we would like to reiterate that there is no immediate plan in the foreseeable future to announce an IPO,” the company’s spokesperson told Business Insider.
"There is no definitive route or clause as to when we would go ahead with this plan.”
The Indian government is scheduled to discuss regulating cryptocurrencies in the country during the ongoing Winter Session of Parliament. According to experts, it is unclear whether or not India will ban all ‘private’ cryptocurrencies or put rules and regulations in place to legitimise the ecosystem. The suspense will remain until there is an official draft of proposed laws in the public domain.
CoinDCX wants to launch an IPO like any other startup“The focus of the interview today morning was to discuss the regulatory framework in India about the crypto bill being tabled in the parliament.We would like to reiterate that as any growing company aspires to take an IPO route in due course, we at CoinDCX also have similar aspirations,” clarified the company.
CoinDCX was the first crypto exchange in India to gain ‘unicorn’ status in August. It raised $90 million during its Series C round of funding, led by Facebook’s co-founder Eduardo Saverin, giving it a valuation of over $1 billion.
According to CoinDCX’s co-founder Neeraj Khadelwal, an IPO from the company would add legitimacy to the industry. “Just like the Coinbase IPO gave a lot of confidence in the crypto market, similarly, we want to instill a similar level of confidence with an IPO of CoinDCX,” he told the Economic Times.
But, for now, there are no concrete plans. Once the regulations around the industry are finalised in India, will the company even consider going public.
According to the Finance Minister, Nirmala Sitharaman, India currently has no plans to recognise Bitcoin as currency. However, that does not rule out the possibility of it being treated as an asset akin to how other democratic nations have regulated the space.
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