Indian crypto exchange CoinDCX raises funding at $1.25B valuation

India-based cryptocurrency exchange CoinDCX raises $135M in a series D funding round, valuing the company at $2.15B, according to a statement Tuesday. The financing round, which was led by Pantera Capital and Steadview Capital, makes CoinDCX the highest valued digital asset firm in India, Co-Founder and CEO Sumit Gupta highlighted. Coinbase (COIN) Ventures-backed CoinDCX will use the funding proceeds to more than double its workforce to 1K people in 2022, in addition to adding more products, Gupta said. Meanwhile, trading volumes are slowing as Indian payment service providers have stopped processing crypto transactions. But “the kind of confidence such high-quality funds have shown in the company in spite of these challenges is actually very promising,” said Gupta, referring to the recent issues on processing payments via the UPI platform. After accounting for the latest funding round, Gupta and Co-Founder Neeraj Khandelwal's stakes in the company diluted 6%, now holding 30% of