India’s first-ever crypto unicorn, CoinDCX, has decided to go public soon, as and when allowed by proposed regulations in the country. The statement was issued by the company’s co-founder, Neeraj Khandelwal.
Khandelwal believes that an IPO would provide immense visibility and legitimacy for crypto markets in India – just like it did with the Coinbase IPO. The founders seek to build up the confidence for the crypto industry by means of an IPO and are eagerly waiting for government authorities to provide their final say in the matter.
Back in August, CoinDCX raised a whopping $90 million in a funding round, which was led by B Capital, an investment firm co-founded and partnered by Eduardo Saverin, who was also Facebook’s co-founder. With investments from other big names like Jump Capital, Coinbase Venture, and Polychain Capital, CoinDCX’s value shot up to $1.1 billion. The global trading platform also currently has 3.5 million users, which further showcases its popularity.
The Winter Session of Parliament will determine if a Cryptocurrency and Regulation of Official Digital Currency Bill 2021 will be put into action. This will provide more clarity on the legality of cryptocurrencies in India, which is a booming market in the country. Although the bill would ban a majority of private cryptocurrencies in the country, it seeks to make way for underlying technologies to come to the forefront, and also enable RBI’s official digital currency.
The future of CoinDCX’s IPO and the Indian cryptocurrency market will definitely be influenced in the next few weeks.