Due to the high demand for cryptocurrencies, another Indian cryptocurrency exchange has gained unicorn status. Bengaluru-based CoinSwitch Kuber announced on Wednesday the closing of its Series C funding round, raising more than $260 million.
Coinbase Ventures and Andreessen Horowitz (a16z) co-led the funding round that raised the valuation of the cryptocurrency exchange to $1.91 billion. Other notable venture capital firms, including Sequoia, Paradigm, Ript and Tiger Global, also participated in the new funding round.
Simplify Cryptocurrency Investing
CoinSwitch was founded in 2017 as a global cryptocurrency exchange aggregator. It launched its mobile cryptocurrency trading platform in June 2020, with a focus on simplifying the process of investing in cryptocurrency.
The exchange said it will use the new revenue to expand its user base, which is targeting 50 million Indian residents on the platform. The platform currently has 10 million users.
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It will expand its staff across teams and is considering launching products such as crypto lending and staking.
“I think, simplifying crypto investments for the benefit of Indians,” said Ashish Singhal, founder and CEO of CoinSwitch. “We wanted to remove all the complexities in cryptocurrency trading, educate consumers and give them a simplified experience of buying and selling cryptocurrency in one click.”
The exchange has become the second well-known crypto trading platform in the country worth over $1 billion. Earlier in August, rival CoinDCX received a valuation of $1.1 billion. Binance-owned WazirX also operates in India as one of the largest exchanges, but its valuation is not known to the public.
“We are incredibly excited about the opportunities for the cryptocurrency market in India, and with its phenomenal growth, CoinSwitch has emerged as the leading retail platform in the country,” said David George, general partner at Andreessen Horowitz.