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 listing, once regulations permit it do so, co-founder Neeraj Khandelwal said in an interview with Bloomberg Television on Monday.

  • India’s crypto industry is facing serious regulatory uncertainty, thanks to a proposed bill that plans to ban most forms of private cryptocurrencies.
  • The proposed bill dampened expectations that the government’s legislative proposal would support a more friendly stance towards crypto, in light of growing adoption in the country.
  • However, CoinDCX remains hopeful about its initial public offering (IPO) plans and thinks such a move would grant legitimacy to the industry. “As soon as the government or the situations allow us, we will try for an IPO,” Khandelwal said.
  • The exchange wants to instill confidence in the industry through its IPO, the same way Coinbase did with its listing, Khandelwal added.
  • The timeline of the IPO will be determined based on incoming government regulation, the co-founder said. CoinDCX did not respond to a request for comment.
  • The crypto exchange became a unicorn , a privately held company with over $1 billion valuation, after a $90 million funding round in August this year. The company received funding from Facebook co-founder Eduardo Saverin’s B Capital Group, Coinbase, Polychain Capital, and Jump Capital.

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

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