CoinDCX, crypto trading exchange has raised $135.9 million in funding round led by Pantera Capital and Steadview capital doubling its valuation to $2.15 billion in one year to become the most valued crypto trading platform India.

The funding comes in the background of crypto exchanges facing newly introduced taxation rules in India. CoinDCX and its aristocracies, like WazirX and CoinSwitch Kuber, have seen their volumes plummet to new lows this month due to restricted access to modes of depositing money for users.

According to the company, Pantera Capital and Steadview Capital infused about half of the funds in the latest round, which also saw participation from Kingsway Capital, DraperDragon, Republic, and Kindred Ventures.

Existing investors B capital and coinbase ventures, Polychain Capital and Cadenza Capital Management increase their investments in the crypto exchange.

Last year, CoinDCX had raised funds from Coinbase Ventures and B Capital at a $1.1 billion valuation, which catapulted it into the unicorn club of privately held startups valued at $1 billion or more.

CoinDCX, founded in 2018 by Sumit Gupta and Neeraj Khandelwal, helps people buy and sell crypto tokens. It also offers other crypto-based financial products such as lending.

“These investors have been pretty much deep into the crypto space and they have seen it grow in other geographies,” says Gupta.

“High-quality investors don't think of volume to judge how fast the business is growing, they take a bet on who is building the industry in the right direction. Even though the volumes are at lower levels than in the past, in the long term, it doesn't really matter. What matters is how we are making crypto mainstream,” adds Gupta.