Indian Crypto Unicorn Wants To Follow In Coinbase's Footsteps And Go Public If Regulations Turn Favorable

CoinDCX, India's first cryptocurrency unicorn, says it is interested in pursuing an initial public offering but the decision will only be made once the necessary regulatory approvals are in place.

What Happened: In an interview with Bloomberg TV, CoinDCX co-founder Neeraj Khandelwal said he is interested in following Coinbase Global Inc's COIN footsteps by publically listing his company, adding that the decision rests on the outcome of the Indian government's upcoming bill aimed at regulating the cryptocurrency market. 

"As soon as the government or the situations allow us, we will try for an IPO," Khandelwal stated. 

"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."

Why It Matters: India's stance on cryptocurrencies has been uncertain. India essentially banned financial institutions from facilitating the transactions of cryptocurrencies in 2018 though the country's apex court reversed this decision last year. The Reserve Bank of India, India's central bank, has been reported to be in favor of creating its own official currency though nothing concrete has yet materialized. 

Despite this, Khandelwal views the upcoming legislation as a positive. 

"The bill coming up at this juncture signals progress and really acknowledgment from the government side of the growing investor base for crypto," Khandelwal said.

Founded in April 2018, CoinDCX is currently valued at $1.1 billion. The company recently raised $90 million with Facebook Inc, co-founder Eduardo Saverin’s B Capital Group leading the way.