The largest cryptocurrency exchange in India, CoinSwitch Kuber, has achieved unicorn status as a result of a sponsorship cycle led by Andreessen Horowitz and Coinbase Ventures, in which investors bet on rising demand as the industry faces regulatory uncertainty.
CoinSwitch Kuber has raised $ 260 million, which is worth $ 1.9 billion, according to a statement released on Wednesday.
Existing sponsors Sequoia Capital, Tiger Global Management, and Ribbit Capital all participated in the round, which represents Andreessen Horowitz’s first investment in the Indian effort.
Starting with Bangalore, it has grown to become India’s largest and most important platform, with over 10 million customers acquired in just fourteen months of operation.
CoinSwitch plans to use the capital to increase its user base to 50 million people, launch additional bitcoin products including lending to retail investors, and enhance its technical team.
It also intends to approach institutional clients and establish an environmental fund.
According to Chainalysis, India’s rising demand is helping to propel the region from central and southern Asia to Oceania as one of the world’s fastest-growing crypto markets.
According to a researcher who published a report this week, the Indian market has grown 641 percent in the last year.
CoinDCX became the country’s first crypto unicorn in August.
In a statement, David George, an Andreessen Horowitz common partner, said, “We are tremendously enthused about the crypto market possibilities in India.”
The purpose of CoinSwitch’s expansion has been to lower the cost of cryptos for the common investor. “We intended to simplify crypto trading by removing all of the complexity, educating users, and providing them with a simple purchasing and selling experience with a single click,” said Ashish Singhal, the company’s founder, and CEO.
In 2017, he and his co-founders Govind Soni and Vimal Sagar launched CoinSwitch as a global crypto exchange. The launch, which will begin operations in India in the summer of 2020, offers a single trade for more than 80 coins.