Indian Crypto Unicorn CoinDCX Plans IPO As Soon As Regulations Allow: Report

CoinDCX, India’s first cryptocurrency “unicorn,” plans to go public as soon as regulations allow, co-founder Neeraj Khandelwal said in an interview with Bloomberg Television on Monday.

• The Indian cryptocurrency industry is facing major regulatory uncertainty thanks to a proposed law that plans to ban most forms of private cryptocurrencies.

• The proposed bill has cooled expectations that the government’s bill would foster a more favorable approach to cryptocurrencies, given the growing adoption of these cryptocurrencies in the country.

• However, CoinDCX remains hopeful about its plans for an initial public offering (IPO) and believes that such a move would provide legitimacy to the industry. “As soon as the government or the situation allows, we will try to do an IPO,” Khandelwal said.

• The exchange wants to instill confidence in the industry with its initial public offering, in the same way Coinbase did with its listing, Khandelwal added.

• The timeline for the initial public offering will be determined based on upcoming government regulations, the co-founder said.

• CoinDCX said in a statement that like many other emerging companies, it has IPO aspirations but no specific timeline for doing so. “We would like to reiterate that there is no plan to announce an IPO in the near future,” CoinDCX added in an email to CoinDesk.

• The cryptocurrency exchange became a unicorn, a private company with a valuation of over $1 billion, following a $90 million funding round in August this year. The company received financing from Facebook co-founder Eduardo Saverin’s Capital Group B, Coinbase, Polychain Capital, Block.one and Jump Capital.

Read more: The Indian government is presenting a bill banning most cryptocurrencies, giving up hope for a friendlier solution

UPDATE (November 29, 11:00 UTC): Adds CoinDCX statement in seventh paragraph.