CoinDCX is India’s largest cryptocurrency exchange. It recently announced that given the uncertainties in India’s regulatory environment around cryptocurrencies, it had no immediate plans to go public.
In an official statement released on Monday, CoinDCX said that it had as yet charted no plan to go for an Initial Public Offering(IPO). CoinDCX’s spokesperson added, that just like any company on the growth path, it too had aspirations to eventually go in for an IPO, but only not immediately or in the foreseeable future.
CoinDCX – IPO Plans
This recent announcement is consistent with CoinDCX’s co-founder’s earlier statement on a potential IPO. Neeraj Khandelwal, the co-founder had said that CoinDCX would go in for an IPO when the government or the regulatory situation allows it. It is only after clarity emerges on that front that CoinDCX would work out an exact timeline for the IPO.
CoinDCX’s spokesperson said that the current focus was to watch the regulatory framework since the crypto bill was being tabled in the Indian parliament.
CoitnDCX, in August raised a series-C funding of $90 million making it the largest Indian crypto company and a unicorn.
India’s Finance minister, Nirmala Sitharaman, in a recent announcement clarified that the Indian government had no immediate plans to recognize BTC as a currency. She also added that the Indian government did not gather data on BTC transactions.
India’s central bank had moved to ban crypto in 2018, and since then the industry has remained unregulated. The current announcement adds to the uncertainty with regard to crypto regulation on India. Some unconfirmed reports suggesting that the Indian government was considering another crypto ban stoked more fears in the Industry.