FalconX, CoinDCX Hit Unicorn Status Amid Uncertain Regulatory Environment

Two crypto exchange platforms achieve unicorn status as contradictory regulatory remarks on digital assets continues.

article-image

BLOCKWORKS EXCLUSIVE ART BY AXEL RANGEL

share

key takeaways

  • CoinDCX scored $90 million funding, bringing its valuation to $1.1 billion
  • FalconX raised $210 million in a Series C round, quintupling its valuation in less than six months.

Despite the cloud of regulation hanging above digital assets markets in India and some parts of Asia, investment continues to pour into crypto infrastructure around the continent. 

Cryptocurrency exchange platform CoinDCX, scored $90 million in Series C funding, benchmarking it as India’s first crypto-related unicorn, while FalconX raised $210 million in Series C funding to expand into Asia according to recent announcements.

Facebook co-founder Eduardo Saverin’s venture capital firm, B Capital Group, led the equity round that brought CoinDCX’s valuation to $1.1 billion. 

Prior to achieving unicorn status, CoinDCX, has faced a slew of regulatory scrutiny from the country’s government and other financial authorities over the past year.

A Timeline of India’s Contradictory Regulations

  • Back in March, Blockworks reported India’s government would “propose a law banning cryptocurrencies, fining anyone trading in the country or even holding such digital assets.” However, India’s Minister of Finance later backtracked on his remarks, saying that the government would leave “a window” open for bitcoin.
  • In July, the Dehli High Court of India issued a plea to the country’s Securities and Exchange Board which called for “standardized disclaimers” on cryptocurrency-related advertising, according to a report from The New Indian Express. 
  • “Having a disclaimer on screen after the end of the advertisement with voice over in English and Hindi… may instil wisdom of researching and reading up on the risk profiles surrounding crypto-assets prior to investing [their] hard-earned money in digital assets not understood by [them],” part of the plea stated.

On Tuesday, India’s government said they would further crackdown on crypto use, according to The Economic Times.

Minister of State for Finance Pankaj Chaudhary said he would try to eliminate the use of “crypto-assets” as funding “illegitimate activities or as part of the payment system”.

“The government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system,” Chaudhary said.

Tiger Global leads FalconX’s funding round while eyeing Asian markets

FalconX raised $210 million in Series C funding, the cryptocurrency trading platform announced Tuesday. The latest raise quintupled FalconX’s valuation to $3.75 billion in the round led (in part) by Tiger Global, Chief Executive Officer Raghu Yarlagadda said in an interview with Bloomberg.

The California-based platform is targeting Asian markets with leaders of the funding found including Tiger Global Management.

According to Bloomberg, Tiger Global holds over $8 billion in US ADRs on Chinese companies, as of March. 

“As institutional investors continue entering the cryptocurrency market, FalconX has significantly scaled its business and product lines to meet their needs. We’re excited to double down on the leading one-stop shop for institutional trading, credit, and clearing,” said Tiger Global partner Scott Shleifer.

The series was also led by Altimeter Capital, B Capital Group, Sapphire Ventures. Other notable participants include Mirae Asset and Amex Ventures.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Silk Road founder Ulbricht made a triumphant return to the Bitcoin Conference, 10 years on from sentencing

article-image

A Blockworks Research report looked at who could take up some of the marketshare in the launchpad space

article-image

Business-to-business stablecoin payments are on the rise, per a report from Artemis, Dragonfly and Castle Island

article-image

Crypto continues to do its thing: incentivizing behavior

article-image

Kraken will soon offer Backed ‘xStocks’ as Solana tokens

article-image

In a unanimous decision, the US Court of International Trade has ruled that Trump’s IEEPA tariffs are unlawful