Andreessen Horowitz (a16z) is in talks with CoinSwitch Kuber to back the Indian crypto platform as part of its multi-strategy investment plan, TechCrunch has learned, citing sources close to the deal. While the amount of investments remains unclear, the Bangalore-based firm is valued at $1.9 billion. Coinbase's venture arm is reportedly also planning to join the funding round.
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CoinSwitch Kuber's latest investment round — which brought the firm $25 million from Tiger Global — valued it at over $500 million. In the meantime, CoinSwitch Kuber is in advanced talks with other investors to bring its total valuation up to $2 billion, according to reports.
CoinSwitch Kuber was founded in June 2020. The platform is aimed at the Indian retail market only and supports over 100+ cryptocurrencies. Earlier in June this year, a16z raised $2.2 billion for its third crypto fund — Crypto Fund III. The firm said the fund allows it to find the "next generation of visionary crypto founders," and invest in the most exciting areas of crypto.
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