India’s first cryptocurrency unicorn, CoinDCX, intends to pursue an initial public offering, as soon as the government allows.
For CoinDCX co-founder Neeraj Khandelwal, the public listing would play a similar role to the US listing of Coinbase Global Inc. earlier this year in legitimizing the country’s digital asset industry.
“As soon as government or situations permit, we will attempt an IPO,” Khandelwal said in an interview with Bloomberg. “An IPO gives legitimacy to the industry, just like the Coinbase IPO has given a lot of confidence in the crypto markets. Likewise, we want to instill a similar level of confidence with an IPO. of CoinDCX. ”
Earlier this year, CoinDCX raised 6.70 billion rupees ($ 90 million) from investors led by Facebook Inc. co-founder Eduardo Saverin, B Capital Group. This led to its valuation at over $ 1.1 billion, making it the first crypto unicorn in India. Khandelwal said his IPO push would ultimately depend on incoming government regulations.
India’s crypto-ban plans
CoinDCX’s expansion plans come amid ambivalence in the form of crypto regulations proposed after several high-level government meetings. Earlier this month, Indian Prime Minister Narendra Modi led a review meeting on digital currency, ultimately deciding to continue to proactively engage with the industry.
This was followed by the first meeting between representatives of the Indian cryptocurrency industry and an authority of the Indian government, namely the Indian Parliamentary Finance Committee. While several panel members shared the view that crypto should be accepted but regulated, others expressed concern about the potential for misuse. Anticipated by crypto advocates for some time, the first such meeting with government officials has been described as “welcoming” and “gradual.”
However, the plan announced by the government has likely dashed those hopes, as it discourages cryptocurrency trading with large capital gains and other taxes. While banning most private cryptocurrencies in favor of central bank digital currency (CBDC), some will be allowed to promote blockchain technology.
Entering the Coinstore market
Meanwhile, another virtual bureau de change decided to try their luck in an increasingly fragile market. Coinstore, a Singapore-based virtual bureau de change, recently launched its web and app platform in India. It also expects branches in Bangalore, New Delhi and Mumbai to serve as the basis for future expansion in the country, where it plans to recruit around 100 employees and spend $ 20 million on marketing and business development. workforce and services.
According to Charles Tan, chief marketing officer at Coinstore, the exchange had no choice but to enter the country’s market, despite the impending ban, due to its user base. “With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market,” Tan said, adding that he was “optimistic that the Indian government is providing a healthy framework for crypto-currencies “.
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