Indian crypto unicorn-CoinDCX seeks government permit to aim for IPO

Indian crypto unicorn-CoinDCX seeks government permit to aim for IPO

CoinDCX, India’s first crypto-based unicorn backed by Saverin awaits government regulations to allow the cryptocurrency exchange to aim for an initial public offering (IPO), cited its Co-Founder Neeraj Khandelwal recently.

Speaking of the share sale, Mr. Khandelwal highlighted its significance in strengthening the Indian digital asset industry in an interview lately comparing it with Coinbase Global Inc.’s U.S. listing that was reported earlier this year.

He added that leveraging an IPO will secure legitimacy to the industry imitating the confidence brought into the crypto market by Coinbase IPO.

CoinDCX aims to propose similar level of confidence with its IPO pursuit.

Based on the forthcoming government regulations, the firm will draw a precise timeline focusing on the industry growth.

CoinDCX has proposed expansion plans at a controversial time wherein the Indian government, under the administration of Prime Minister Narendra Modi, is drafting a bill to regulate cryptocurrencies.

The conundrum over the crypto industry persists as the central bank stays firm on barring all private cryptocurrencies and introducing official digital currency whereas the government remains open to exceptions for promoting blockchain technology.

Apparently, Indian regulators have not been decisive over the booming industry.

Back in 2018, India effectively banned crypto-based transactions, however, the restriction was lifted by the Supreme Court last year.

According to a survey published last week, more than 50% of Indians are anti-crypto rather favoring tax impositions applied to digital assets in the form of foreign currency.

Mr. Khandelwal believes that the new legislation will offer firms such as CoinDCX with more clarity stating that it will boost the progress and showcase government’s acknowledgement of the expanding investor base for crypto.

Backed by major investors such as Eduardo Saverin’s B Capital Group, CoinDCX generated $90 billion this year.

Leveraging the funding round, CoinDCX reached valuation of $1.1 billion, announced Sumit Gupta, Executive Officer and Co-founder at the time.

Source Credits: https://www.bloombergquint.com/business/saverin-backed-indian-crypto-unicorn-plans-ipo-when-permitted