KEY POINTS

  • The firm is looking to make an impact similar to Coinbase
  • The exchange is waiting for updates from the government on the cryptocurrency bill
  • The timing of the announcement is crucial as India is discussing a proposed bill to regulate cryptocurrencies in the country

CoinDCX is ready for an IPO listing and is awaiting more information on the bill to regulate cryptocurrency in India, Bloomberg reported Monday. The cryptocurrency exchange, backed by Facebook co-founder Eduardo Saverin’s B Capital, is looking to instill confidence in the crypto industry with its listing.

CoinDCX was valued at $1 billion following a $90 million funding round in August. This funding round was led by B Capital while Coinbase, Block.one, Polychain Capital and Jump Capital also took part.

“As soon as the government or the situation allows us, we will try for an IPO,” Neeraj Khandelwal CEO, CoinDCX told Bloomberg.

The timing of the announcement is crucial as India is discussing a proposed bill to regulate cryptocurrencies in the country and introduce a central bank-backed official digital currency. There is also a taxation clause in the crypto bill that will be discussed in the ongoing winter session of parliament.

India has the highest number of cryptocurrency investors, crossing the 100 million mark, according to broker discovery and comparison platform BrokerChooser.

The crypto exchange is looking to make a historical move in the industry similar to what Coinbase did after listing on NASDAQ in April. The CEO believes that this will add legitimacy to the crypto industry, promoting mainstream adoption.

The arrival of the first cryptocurrency exchange on the Nasdaq, Coinbase, is a sign of the frenzy over bitcoin and other virtual currencies
The arrival of the first cryptocurrency exchange on the Nasdaq, Coinbase, is a sign of the frenzy over bitcoin and other virtual currencies AFP / KAREN BLEIER
RELATED STORIES