Indian Cryptocurrency Exchange CoinSwitch Kuber Raises $260 Mln.

Indian Cryptocurrency Exchange CoinSwitch Kuber Raises $260 Mln.

2021-10-06 | Mike Hallen

Indian Cryptocurrency Exchange CoinSwitch Kuber Raises $260 Mln.

CoinSwitch Kuber, valued at $1.9 billion, has become India's largest crypto business, according to CEO Ashish Singhal. After earning $260 million in a Series C funding round, CoinSwitch Kuber, a prominent Indian cryptocurrency exchange, has joined the unicorn club. The fresh financing has catapulted CoinSwitch Kuber to the “very top” of Indian unicorns, according to an official release on Wednesday, with the firm becoming “India's highest valuable crypto company” at $1.91 billion. Coinbase Ventures, Coinbase's venture capital arm, and Andreessen Horowitz led the investment round. Sequoia, Paradigm, Ribbit, and Tiger Global were among the previous investors in the round. CoinSwitch Kuber wants to use the new cash to bring 50 million Indians into the platform and provide new services such as lending and staking. The exchange also plans to introduce an institutional-grade product and expand its investing alternatives. Other projects in the works include an innovation fund and a crypto education center. Each and Every evolution requires a leap of faith, and we are taking a huge one today with CoinSwitch Kuber becoming a unicorn and the country's largest crypto company. Despite an unclear legal climate, venture capital companies continue to spend millions of dollars on India's crypto business. In India, cryptocurrency is neither legal nor prohibited. The administration of the nation is preparing to introduce a bill whose contents are unknown, although there have been rumors of a crypto prohibition. The stakes of venture capital companies appear to indicate that they are optimistic that Indian regulators would warm up to the industry. CoinSwitch Kuber, along with WazirX and CoinDCX, is one of India's major cryptocurrency exchanges. As of September 2021, CoinSwitch Kuber had accumulated 10 million users since its inception in 2020. Following a $15-million Series A round in January, the exchange secured $25 million in a Series B round in April from investors including Tiger Global.

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