Cryptocurrency exchange CoinSwitch Kuber has raised more than $260 million at a valuation of$1.9 billion, Reuters reports. While government policy regarding the cryptocurrency market remains unclear, the exchange raised the funds from Andreessen Horowitz, Paradigm, Ribbit Capital, Sequoia Capital India, Tiger Global, and Coinbase Ventures.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The company plans to use the capital to register 50 million Indians on its platform and launch new products. The Bengaluru-based cryptocurrency exchange today has 10+ million users in India with a monthly active user base of more than 7 million. Ashish Singhal, CoinSwitch Kuber Chief Executive, says the exchange grew from a 20 people team to over 250 people from March 2020.
Earlier in September, iHodl reported that Andreessen Horowitz was in talks with CoinSwitch Kuber to back the Indian crypto platform as part of its multi-strategy investment plan. CoinSwitch Kuber was founded in June 2020. The platform is aimed at the Indian retail market only and supports over 100+ cryptocurrencies.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.