The Indian cryptocurrency exchange CoinSwitch Kuber has raised $15 million in a Series A funding round led by venture capital firms Ribbit Capital and Paradigm.
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📢 Funding Alert! 🚀
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Our mission to become every Indian’s trusted investment partner just got a big boost. 🇮🇳😍
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Thank you @RibbitCapital @paradigm and @Sequoia_India for backing us in our Series A funding. Here’s to easier investment, happier customers & exponential growth! 🎊 pic.twitter.com/LjS9tUKzxF
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— CoinSwitch Kuber (@CoinSwitchKuber) January 13, 2021
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According to The Block, this is Ribbit Capital’s first cryptocurrency investment in India. Sequoia Capital India, an active investor, also participated in the round and the founder of the startup CRED, Kunal Shah.
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“India could become one of the world’s largest cryptocurrency markets,” said Paradigm.
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Launched in June 2020, CoinSwitch Kuber will use the funds to improve the product and bolster security.
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On December 29, the Indian regulator proposed to tax cryptocurrency trading at 18%.
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