Indian Crypto Unicorn CoinDCX Plans to IPO Once Regulations Permit: Report

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CoinDCX, India’s first crypto unicorn, plans to go for a list, as soon as laws allow it achieve this, co-founder Neeraj Khandelwal mentioned in an interview with Bloomberg Television on Monday.

  • India’s crypto trade is dealing with critical regulatory uncertainty, thanks to a proposed invoice that plans to ban most types of personal cryptocurrencies.
  • The proposed invoice dampened expectations that the federal government’s legislative proposal would assist a extra pleasant stance in direction of crypto, in mild of rising adoption within the nation.
  • However, CoinDCX stays hopeful about its preliminary public providing (IPO) plans and thinks such a transfer would grant legitimacy to the trade. “As soon as the government or the situations allow us, we will try for an IPO,” Khandelwal mentioned.
  • The alternate needs to instill confidence within the trade by way of its IPO, the identical manner Coinbase did with its itemizing, Khandelwal added.
  • The timeline of the IPO might be decided primarily based on incoming authorities regulation, the co-founder mentioned. CoinDCX didn’t reply to a request for remark.
  • The crypto alternate grew to become a unicorn , a privately held firm with over $1 billion valuation, after a $90 million funding spherical in August this yr. The firm acquired funding from Facebook co-founder Eduardo Saverin’s B Capital Group, Coinbase, Polychain Capital, Block.one and Jump Capital.

Read extra: Indian Government Submits Bill to Ban Most Cryptocurrencies, Dashing Hopes for Friendlier Measure