India’s crypto unicorn CoinDCX has no immediate plans for IPO

India’s crypto unicorn CoinDCX has no immediate plans for IPO

CoinDCX, India’s largest cryptocurrency exchange has no plans to go public as the regulatory environment is still uncertain.

CoinDCX does not have a definitive route or clause regarding when an initial public offering (IPO) can be made, the firm stated to Cointelegraph in a Nov. 29 statement.

“Every growing company aspires in the future to go public. CoinDCX shares similar goals. A spokesperson stated that the company has no plans to announce an IPO in the near future.

This latest announcement confirms the claims made earlier by Neeraj Khandelwal, CoinDCX founder. He claimed earlier that CoinDCX would seek an IPO as soon as the government and the circumstances allow it to. Khandelwal stated in a Bloomberg interview, that CoinDCX would determine a “precise timeline” based on the upcoming regulations.

CoinDCX spokesperson stressed that CoinDCX’s interview with Bloomberg was about “discussing the regulatory framework in India regarding the crypto bill being presented in the parliament.”

CoinDCX is India’s largest cryptocurrency company. CoinDCX was the first Indian crypto company to achieve unicorn status in August when it raised $90 million through a Series C round.

Local reports claim that Nirmala Sitharaman, India’s finance Minister, stated on Nov. 29th that the government does not plan to recognize Bitcoin (BTC), as a currency. She also stated that the government doesn’t collect any data about Bitcoin transactions.

Related: Experts are divided over how far India’s ban on ‘private cryptography’ will go

This latest news comes after years of uncertainty surrounding cryptocurrency regulation in India. The industry is still unregulated following an attempt by the central bank to ban crypto in 2018. The latest news comes after years of uncertainty around cryptocurrency regulation in India. In 2018, the central bank tried to ban crypto.

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