Hassan Maishera
CoinSwitch Kuber becomes a unicorn
Indian crypto exchange CoinSwitch Kuber has revealed earlier today that it has raised $260 million in the latest funding round. The funding round was led by leading ventures such as Coinbase Ventures and Andreessen Horowitz (a16z).
Other investors in the current funding round include Sequoia, Paradigm, Ribbit and Tiger Global. Following this fundraiser, CoinSwitch Kuber has hit a unicorn status and is now worth over $1.9 billion.
In a blog post earlier today, the crypto exchange said, “Thank you for believing in us! Fuelled by your support and the passion shown by our incredibly dedicated team, we’ve managed to raise a Series C Funding of $260 Million. This round was led by Coinbase Ventures and Andreessen Horowitz (a16z), with our previous investors Sequoia, Paradigm, Ribbit and Tiger Global also participating. This has now propelled us to the very top as India’s most valued Crypto company at $1.91 Billion!”
The crypto exchange said it would use the funds to onboard 50 Million Indians on CoinSwitch Kuber, launch crypto products and services like lending and staking to enable users to benefit from this decentralized technology and also hire the best talent across Tech, Product, Growth, and Support.
Furthermore, the cryptocurrency exchange will use the funds to add new asset classes to offer multiple investment options, launch products for institutional clients and provide other services that would attract more retail investors to the platform.
CoinSwitch Kuber co-founder and CEO Ashish Singhal stated that “Every evolution takes a leap of faith, we are taking a giant one today with CoinSwitch Kuber turning into a unicorn and becoming the largest crypto company in the country.”
India is one of the fastest-growing cryptocurrency countries in the world. The growth comes despite the unclear regulatory environment surrounding cryptocurrencies in India.
