Main Indian cryptocurrency trade CoinSwitch Kuber is becoming a member of the unicorn membership by elevating $260 million in a Collection C funding spherical.
In accordance with an official announcement on Oct. 6, the brand new funding has propelled CoinSwitch Kuber to the “very prime” of Indian unicorns because the agency turned “India’s most valued crypto firm” at $1.91 billion.
The funding spherical was led by Coinbase’s enterprise capital arm Coinbase Ventures and Andreessen Horowitz. Earlier traders like Sequoia, Paradigm, Ribbit and Tiger International have additionally participated within the spherical.
Utilizing the brand new funds, CoinSwitch Kuber plans to onboard 50 million Indians on the platform and introduce new companies like lending and staking. The trade additionally expects to launch an institutional-grade product in addition to assist extra numerous funding choices. Different deliberate initiatives embrace an innovation fund a crypto training hub for crypto.
“Each evolution takes a leap of religion, we’re taking a large one immediately with CoinSwitch Kuber turning right into a unicorn and changing into the biggest crypto firm within the nation,” CoinSwitch Kuber co-founder and CEO Ashish Singhal said.
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CoinSwitch Kuber is among the largest crypto exchanges in India alongside platforms like WazirX and CoinDCX. Since its launch in 2020, CoinSwitch Kuber has managed to amass 10 tens of millions customers as of September 2021. The trade beforehand raised $25 million from traders together with Tiger International in a Collection B spherical in April, following a $15 million Collection A spherical in January.