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Cryptocurrency platform CoinSwitch Kuber raises $260 million, valued at $1.9 billion

The Times of India logo The Times of India 06-10-2021 Shilpa Phadnis and Avik Das
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BENGALURU: Crypto asset platform CoinSwitch Kuber has raised $260 million in Series C funding round from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global. With this investment, CoinSwitch Kuber turns a unicorn valued at $1.9 billion.

CoinSwitch Kuber will deploy the funds to onboard 50 million Indians on the CoinSwitch Kuber platform and introduction of new crypto products.

It also plans to hire the best talent including leaders and experts across engineering, product, data, growth, etc to define the crypto industry in India.

The company plans to design ways of simplifying the investment journey of Indians, and in the process offer multiple avenues of investment for them through different products and asset classes.

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There is a growing interest amongst institutions to enter the crypto market and CoinSwitch Kuber intends to tap into this opportunity.

It will facilitate institutional investments by offering them a unique product that serves their end-to-end requirements.

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India has a huge talent pool that can build world class products/ protocols in crypto.

CoinSwitch Kuber will be setting up an ecosystem fund to identify and enable the budding talent in the country.

The firm will utilise these funds to create a knowledge-driven crypto ecosystem in India and provide holistic crypto education to investors, both current and prospective, thus, helping them navigate the market and understand multiple facets of this new asset class.

Ashish Singhal, co-founder, and CEO, CoinSwitch Kuber, said, “CoinSwitch Kuber is on a mission to build wealth for Indians by making crypto more accessible. I believe, simplifying crypto investments for the Indian youth has helped us to stand out. We wanted to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell in crypto. Coinbase Ventures’ investment is also testimony to the confidence they have in CoinSwitch Kuber’s business model and the tremendous potential India’s crypto space has to offer.”

READ ALSO: India’s crypto market grew 641% over past year, Chainalysis says

“We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, CoinSwitch has emerged as the leading retail platform in the country,” said David George, general partner at Andreessen Horowitz.

“Ashish and the team have demonstrated strong execution abilities and the ambition to deliver an investment platform for the masses in India.”

Started in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar, CoinSwitch was launched as a global aggregator of crypto exchanges. The company launched its India operations in June 2020.

CoinSwitch Kuber’s previous investors include Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global along with notable angel investors like Kunal Shah.

CoinSwitch Kuber has over 10 million users in India with a monthly active user base of over seven million.

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