Collaborate not compete, that's key to promote Web3 in India: Neeraj Khandelwal, CoinDCX
In an exclusive interaction with Business Today, CoinDCX co-founder sheds light on what it takes to build the most valuable crypto company of India.
- Apr 19, 2022,
- Updated Apr 19, 2022 7:37 PM IST
Crypto exchange CoinDCX co-founder Neeraj Khandelwal thinks that “collaboration not competition” among crypto exchanges in India is the key to promote crypto and Web3 in the country.
In an exclusive interaction with Business Today on the occasion of the exchange's Series D funding round after which the company's valuation zoomed to $2.15 billion, Khandelwal shed light on CoinDCX's future plans and what it takes to build the most valuable crypto company in India.
Earlier today, the company announced that they have closed an oversubscribed round of Series D funding raising over $135 million, making them the most valuable crypto company in India.
When asked what the exchange plans on doing with the latest influx of $135 million, the co founder said education, innovation, and compliance are the top priorities of the exchange. “Educating investors to invest in crypto and educating professionals to build for Web3 is what we are looking forward to,” he said.
He also said that to promote innovation, CoinDCX needs to expand their team. “By the end of the year, we plan on expanding our team. Currently, we have 400 professionals working with us. And by the end of the year, we plan on expanding our team to a thousand engineers.”
Khandelwal also said that persistence has been key to building the biggest crypto company in India.
“When we started CoinDCX four years ago, there were over 100 companies working in the same space. But then the lack of regulatory clarity and RBI’s policies led many to shut their shops. But we remained persistent because we were always in for the long term,” he pointed out.
The Series D round of funding was led by Pantera Capital and Steadview Capital. Moreover, existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza increased their investments in the cryptocurrency exchange.
Interestingly, Coinbase, a cryptocurrency exchange based out in the US, announced full-scale operations in India earlier this month. When asked what strategy would CoinDCX employ with Coinbase, the co founder said: “Collaboration not competition among crypto exchanges, not just Coinbase, in India is the key to promoting crypto and Web3 in the country because the sector is very nascent at this point in time.”
Also Read: Maharashtra's Gadchiroli to issue caste certificates via blockchain platform Polygon
Also Read: Crypto crime: Pune police recovers over Rs 84 cr worth of Bitcoins
Crypto exchange CoinDCX co-founder Neeraj Khandelwal thinks that “collaboration not competition” among crypto exchanges in India is the key to promote crypto and Web3 in the country.
In an exclusive interaction with Business Today on the occasion of the exchange's Series D funding round after which the company's valuation zoomed to $2.15 billion, Khandelwal shed light on CoinDCX's future plans and what it takes to build the most valuable crypto company in India.
Earlier today, the company announced that they have closed an oversubscribed round of Series D funding raising over $135 million, making them the most valuable crypto company in India.
When asked what the exchange plans on doing with the latest influx of $135 million, the co founder said education, innovation, and compliance are the top priorities of the exchange. “Educating investors to invest in crypto and educating professionals to build for Web3 is what we are looking forward to,” he said.
He also said that to promote innovation, CoinDCX needs to expand their team. “By the end of the year, we plan on expanding our team. Currently, we have 400 professionals working with us. And by the end of the year, we plan on expanding our team to a thousand engineers.”
Khandelwal also said that persistence has been key to building the biggest crypto company in India.
“When we started CoinDCX four years ago, there were over 100 companies working in the same space. But then the lack of regulatory clarity and RBI’s policies led many to shut their shops. But we remained persistent because we were always in for the long term,” he pointed out.
The Series D round of funding was led by Pantera Capital and Steadview Capital. Moreover, existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza increased their investments in the cryptocurrency exchange.
Interestingly, Coinbase, a cryptocurrency exchange based out in the US, announced full-scale operations in India earlier this month. When asked what strategy would CoinDCX employ with Coinbase, the co founder said: “Collaboration not competition among crypto exchanges, not just Coinbase, in India is the key to promoting crypto and Web3 in the country because the sector is very nascent at this point in time.”
Also Read: Maharashtra's Gadchiroli to issue caste certificates via blockchain platform Polygon
Also Read: Crypto crime: Pune police recovers over Rs 84 cr worth of Bitcoins