India's First Crypto Unicorn CoinDCX Intends to Go Public "as soon as" Govt Permits
Similar to Coinbase Global Inc.'s U.S. IPO earlier this year, the share offering would be a crucial vote of confidence for India's digital asset market, according to Khandelwal.
He said, “as soon as the government or the situations allow us, we will try for an IPO. An IPO gives a 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 firm will decide on a “precise timeline” depending on incoming government regulations, Khandelwal said. “We certainly will look at that in order to grow the industry further,” added he.
CoinDCX's expansion plans come at a key juncture for the industry's future in India, as Prime Minister Narendra Modi's administration develops legislation to regulate cryptocurrencies. The central bank has made it plain that all private cryptocurrencies will be outlawed while an official digital currency is developed. The government, on the other hand, is willing to make exceptions in order to promote blockchain technology.
Indian officials have vacillated in their approach to the booming business. In 2018, the country virtually prohibited crypto transactions, but the Supreme Court overturned the ban last year.
According to a recent opinion poll in India, more than half of those polled oppose the legalization of cryptocurrencies, preferring instead to tax them as a digital asset owned in a foreign country.
According to Khandelwal, the new regulation will have a good impact because it will provide certainty for investors and firms like CoinDCX.
Khandelwal underlined, “the bill coming up at this juncture signals progress and really acknowledgment from the government side of the growing investor base for crypto”.
This year, CoinDCX raised INR 6.70 billion ($90 million) from investors led by Eduardo Saverin, co-founder of Facebook Inc.'s B Capital Group. Sumit Gupta, the company's CEO and co-founder, indicated at the time that the fundraising round valued the company at $1.1 billion.