Despite regulatory uncertainty, the Indian crypto ecosystem is flying high, as evidenced by the number of crypto companies achieving unicorn status in the last two years.
CoinDCX, one of India’s most popular crypto exchanges and the country’s first crypto unicorn, has announced plans to go public through an initial public offering (IPO). The crypto exchange’s co-founder, Neeraj Khandelwal, disclosed that the company is eagerly waiting for clarification over the government’s crypto law.
The cryptocurrency industry is eyeing the Indian market, which is scheduled to present its cryptocurrency bill in parliament today. The law will be presented before for discussion and vote during the ongoing winter session, and every crypto platform is hoping for a favorable outcome.
CoinDCX awaiting government’s approval
“As soon as the government or the situation allows us, we will try for an IPO. An IPO gives legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets. Similarly, we want to instill a similar level of confidence with an IPO of CoinDCX.”The co-founder further added
After a $90 million Series C investment in August, CoinDCX, with a $1.1 billion valuation, became India’s first crypto exchange Unicorn. Major venture capital firms have made significant investments in the Indian crypto ecosystem, with plans to continue doing so in light of the market’s immense potential.
Where is India in the Web 3.0 Crypto Race?
The Indian crypto market is known to be highly enthusiastic, and the country has the largest number of crypto investors in the world.
Positive rules and regulations would pave the way for India to become a global force to be reckoned with in a decentralized environment, and it may be a significant player in the Web 3.0 race.
Khandelwal said that the bill coming out at this point signifies development and acknowledgment from the government side to solidify the crypto investment base.
India is already the world’s biggest cryptocurrency market with more than 100 million investors but the regulatory clearance is still missing from the nation. As the government aims at banning “private cryptocurrencies,” a clarity is missing.