Investors are not witnessing regulatory issues for first time, says CoinDCX cofounder

• ByStartupStory     |    April 20, 2022

India’s first crypto unicorn and the most valued crypto platform in the country, CoinDCX, has raised 136 million USD in a Series D round at a valuation of $2.15 billion, almost double the valuation of 1.1 billion USD in its last funding round of $90 million. In an interview, CoinDCX co-founder and CEO Sumit Gupta explained why Indian investors are still bullish on the crypto ecosystem despite regulatory uncertainties.

When asked about the company’s plans when it comes to deploying funds, he replied,” We plan to come up with one-of-its-kind offerings deeper into crypto and not just those that are limited to buying and selling.”

Despite commenting on how banks are still keen on partnering with crypto companies, the CoinDCX founder, however, commented that there existed still some confusion or chaos that got created in the last few weeks that led to banks being hesitant to offer a seamless UPI system.

While acknowledging a talent supply problem in the crypto market, Sumit Gupta mentioned CoinDCX’s plans to triple its team from the existing strength of around 400 people by the year-end. He added that hiring would be across functions, including product, compliance, growth, and marketing, but mainly in engineering.

Sumit also talked about how the Indian government needs to see how Indian investors can be protected from volatility in crypto assets to standardize the know-your-customer guidelines across all the platforms that have different tokens listed.

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