Apr 19, 2022 - Economy

Indian crypto exchange valued at over $2 billion

Illustration of a person holding coins.

Illustration: Gabriella Turrisi/Axios

CoinDCX, an Indian cryptocurrency exchange, raised $135 million in Series D funding at a $2.15 billion post-money valuation co-led by Steadview and Pantera.

Why it matters: This comes just weeks after the implementation of India's new crypto tax rules, including a 30% capital gains tax rate and a 1% at-source tax on transactions above a certain size. Those regs have cut deep into trading volumes, particularly slowing down high-frequency plays.

  • Other investors include Coinbase Ventures, Kingsway, DraperDragon, Republic and Kindred Ventures.

The bottom line: Venture capitalists are betting that TAM > taxes.

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