CoinDCX will have an IPO only at the appropriate stage.
On Monday, the internet was flooded with the news that Indian crypto exchange CoinDCX is planning to go for its Initial Public Offering (IPO).
Everyone was quoting a Bloomberg report, which mentions the comments of CoinDCX co-founder Neeraj Khandelwal that the exchange will have an IPO as soon as the Government regulates the industry.
However, it is not the case.
Coin Crunch India learned from internal communication within the CoinDCX team that the company is not going for an IPO as of now. It was just a general statement made by Khandelwal.
He meant that the crypto exchange wishes to have an IPO in future as the company matures and is at the right stage.
His comment was misconstrued and was rephrased by the different media reports.
Earlier this year, CoinDCX turned unicorn with a valuation of over $1 billion. There’s still a considerable amount of time before it turns to public investors.
Regulation of the industry would legitimize the crypto exchanges and help in attracting investments both from institutional and retail investors.
The United States based crypto exchange, Coinbase is already a publicly listed company, even before a formal regulation of the industry. This has provided a sense of safety to both the investors and users.
The same day Government of India reiterated its stance against crypto as a currency. Crypto regulation in India could be decided in the ongoing Winter Session of the Parliament. Even if crypto gets regulated, Government would likely be cautious and formulate a framework at a slow-and-steady pace.
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