india’s first cryptocurrency unicorn, CoinDCX, according to its co-founder, plans to pursue an initial public offering as soon as government regulations allow it. Neeraj Khandelwal,

The share sale, similar to Coinbase Global Inc’s US listing earlier this year, will be a significant vote of confidence for India’s digital asset industry, Khandelwal said in an interview with Bloomberg Television on Monday.

“We will try to bring the IPO as soon as the government or the situation allows us,” he said. “An IPO that gives industry legitimacy, like the Coinbase IPO, has given a lot of confidence to the crypto markets. Similarly we want to create a similar level of trust with CoinDCX’s IPO.”

Khandelwal said the firm will decide the “exact timeline” based on the upcoming government regulations. “We will definitely look into that to move the industry forward,” he said.

CoinDCX’s expansion plans come at a critical time for the future of the industry in India as Prime Minister Narendra Modi’s government prepares a bill to regulate cryptocurrencies. The central bank has been clear that it wants to ban all private cryptocurrencies while creating an official digital currency. However, the government is prepared for exceptions when it comes to promoting blockchain technology.

front and back

Indian regulators have gone back and forth on their approach to the fast-growing industry. The country effectively banned crypto transactions in 2018, but last year the Supreme Court lifted that ban.

According to an opinion poll published last week, more than half of those polled in India are against legalizing cryptocurrencies, preferring to tax them as digital assets held in a foreign country.

Khandelwal said the proposed legislation will have a positive impact as it provides clarity to investors and firms like CoinDCX.

Khandelwal said, “The bill coming at this point of time indicates progress and indeed acceptance by the government of the growing investor base for crypto.”

CoinDCX this year raised 6.70 billion rupees ($90 million) from investors led by Facebook Inc co-founder Eduardo Saverin’s B Capital Group. The funding round values ​​the firm at $1.1 billion, with CEO and co-founder Sumit Gupta said at that time.

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