Crypto exchange CoinDCX has received an investment of $135 million (about Rs 1,030 crore) in Series D funding. It will be used to increase knowledge and innovation related to crypto. Kingsway and Kindred are also involved in the funding round, led by US investment firm Pantera Capital and Hong Kong-based hedge fund Steadview Capital.
CoinDCX said in a statement that the investment is an indication of the growing interest of global investors in the crypto industry. CoinDCX recently partnered with trade surveillance firms such as Solidus Labs and Coinfirm. It aims to enhance anti-money laundering protection and provide reports of suspicious activities. Sumit Gupta, the co-founder of CoinDCX, said, “This funding from some of the largest institutional investors is reinforcing confidence in the country’s crypto ecosystem.” CoinDCX plans to work with regulators and industry players to increase the use of crypto in the country.
Paul Veradittakit of Pantera Capital said, “We believe this is the early stage of Web3 and has the potential to become a major force in the segment in the country.” The use of cryptocurrencies is continuously increasing. Most of these are in demand for bitcoin. There is also an increasing number of firms accepting cryptocurrencies as a payment option. Coffee chain Starbucks is also accepting payments in the form of bitcoin. Payment is accepted through the platform of Bakkt, which is the company’s digital assets custodian and exchange. It is made in partnership by Starbucks and Microsoft.
Another large company, Home Depot, has been accepting bitcoin with Flexa for almost three years. American e-commerce company Etsy offers integration to its merchants. This makes it easier for online merchants to accept bitcoin payments in their stores. Amazon-linked Whole Foods is also accepting cryptocurrency for grocery shopping. This payment is taken with the help of exchange platform Gemini. Global information technology company Microsoft also offers the option of bitcoin to pay for Microsoft games and Windows apps, including its Xbox Live.