CoinDCX raises $135 million, plans to triple its workforce

CoinDCX, an Indian cryptocurrency firm, has managed to raise $135 million in funding. The money will be used to create a scalable web 3.0 product ecosystem. It intends to triple the size of its current workforce. That means it will have at least 1,000 employees by the end of the year.

The cryptocurrency trading exchange, which only started four years ago, has joined the unicorn club and is now one of the most valuable companies in the cryptocurrency space. The Mumbai-based firm intends to focus on and expedite local hiring, and has launched a number of research efforts, outreach programmes, and strategic investments in this regard.

Engineers, product developers, and compliance specialists will be hired. The company currently employs 400 people, with plans to expand to roughly 1,000 by the end of 2022. The startup currently has 12 million registered users, which is four times the 3.5 million people who signed up till August 2021.

Pantera and Steadview led the recent funding round, which was also joined by Kingsway, Republic, Kindred, and DraperDragon. Coinbase, Polychain, B Capital Group, and Cadenza are among the existing investors who have increased their investments.

CoinDCX, founded in 2018 by Sumit Gupta and Neeraj Khandelwal, facilitates the buying and selling of crypto tokens, as well as lending and other crypto-enabled financial services. Coinbase announced earlier this month that company wants to hire more than 1,000 individuals by 2022. Clearly, investors are optimistic about the future of cryptocurrency.