An Eduardo Saverin-backed exchange just became India’s first crypto unicorn amid surging interest

CoinDCX, an Indian crypto exchange backed by Facebook co-founder Eduardo Saverin, announced on Tuesday a fresh valuation of $1.1 billion as crypto has grown parabolically in the country, according to a Bloomberg report.

In an interview with Insider, co-founder and CTO Neeraj Khandelwal said that his company, founded in 2018 and already the biggest crypto firm in India, had global ambitions.

“We have customers from more than 65 countries, even though we have never marketed ourselves outside India,” said Khandelwal. “That is why we are investing as a company in launching a global platform.”

The company’s “liquidity aggregation” model pools orders from several exchanges via a single wallet on CoinDCX. Other exchanges have employed such a system, but CoinDCX is the first to do so for a broad retail audience alongside standard features like margin trading, Khandelwal said.

CoinDCX’s new valuation cements its status as India’s first crypto unicorn and comes as investment in the country’s digital-asset space has multiplied seven-fold in the past year, according to Chainalysis data cited by Bloomberg.

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Source: An Eduardo Saverin-backed exchange just became India’s first crypto unicorn amid surging interest