CoinSwitch Kuber Becomes India’s Second Crypto Unicorn
CoinSwitch Kuber has acquired the status of Unicorn in the funding round by Coinbase Ventures and Andreesen Horowitz with a $9.1 Billion valuation.
India is still facing crypto regulatory uncertainties due to the bruited ban on cryptocurrencies. Amidst these uncertainties, CoinSwitch Kuber becomes India’s second crypto unicorn with the largest crypto exchange worth a whopping $1.9 billion valuation.
CoinSwitch Kuber has managed to raise $260 million at a $1.9 billion valuation. This funding round was Andreesen Horowitz’s first investment in an Indian firm. The existing investors who have backed up CoinSwitch Kuber are Tiger Global Management, Sequoia Capital, and Ribbit Capital.
CoinSwitch is a Bangalore-based startup, that has now acquired the title of India’s largest cryptocurrency platform with over 10M+ active users in a span of just 14 months. Investors are betting on further growth of this budding startup despite the regulatory instability in India.
What’s next for CoinSwitch Kuber?
The team plans to utilize the capital to expand its user base to 50 million. Apart from that, they also want to introduce a lending-borrowing platform for retail investors and amplify their technology. They are looking forward to hiring talents across fields like product and data functions, engineering alongside launching more asset classes to create crypto awareness among the budding crypto enthusiasts in India.
Co-founders Govind Soni (COO) and Ashish Singhal (CTO) are on a mission to make crypto more accessible to Indians and help build wealth for Indian investors. CoinSwitch Kuber has stood out in the crypto market by simplifying crypto exchanges and investments for the youth.
Despite the rumors about the complete ban on cryptocurrencies in India, the rising demand for crypto is impeccable. To talk numbers, the Indian crypto market has witnessed a growth of 641% over the last year. CoinDCX was the first crypto platform in India to bag the status of Unicorn in August. Following up on that, CoinSwitch Kuber became India’s Second Crypto Unicorn.
CoinSwitch is currently a little behind, when compared to other crypto exchanges like WazirX and CoinDCX.
