Indian cryptocurrency exchange CoinSwitch Kuber raises US$260 million

CoinSwitch Kuber, India’s major cryptocurrency exchange, raised $260 million in Series C financing and joined the Unicorn Club.

According to an official announcement On October 6, the new funding promoted CoinSwitch Kuber to become the “top” of the Indian unicorn, because the company became the “Most Valuable Crypto Company in India” for US$1.91 billion.

This round of financing was led by Coinbase Ventures and Andreessen Horowitz, the venture capital arm of Coinbase. Previous investors such as Sequoia Capital, Paradigm, Ribbit and Tiger Global also participated in this round of financing.

Using the new funds, CoinSwitch Kuber plans to attract 50 million Indians on the platform and launch new services such as loans and mortgages. The exchange also hopes to launch institutional-grade products and support more diversified investment options. Other planned initiatives include an innovation fund and an encryption education center.

Ashish Singhal, Co-founder and CEO of CoinSwitch Kuber, said: “Every evolution requires a leap of faith. As CoinSwitch Kuber becomes a unicorn and becomes the largest crypto company in the country, we are taking a huge step today. ” Said.

related: U.S. cryptocurrency exchange CrossTower expands to India

CoinSwitch Kuber is one of the largest cryptocurrency exchanges in India, as well as platforms such as WazirX and CoinDCX.Because of its emission By 2020, as of September 2021, CoinSwitch Kuber has successfully accumulated 10 million users. improve In April, investors including Tiger Global received US$25 million in Series B financing. 15 million USD A round of financing in January.