India’s cryptocurrency exchange CoinSwitch Kuber has attracted $25 million from the U.S. investment firm Tiger Global Management in a Series B funding round.
We have seen a growth of 350% since Jan’2021, here are some of our milestones
👉 a team of 20 has grown to a 120+ team
👉we’ve made the app more secure
👉 upgraded our tech to handle 2.5X the loadWe thank you for supporting us: https://t.co/I3VXcXGTlL
— CoinSwitch Kuber (@CoinSwitchKuber) April 22, 2021
According to the statement, the round valued the company at $500 million.
According to CoinSwitch, since its launch in 2020, the exchange’s team has grown from 20 to more than 120 people, and the number of users has reached 4.5 million.
Among its near-term tasks, the company outlined:
- invest in technologies to increase the security and performance of the trading platform;
- step up efforts to build the brand;
- hire new staff in technology, marketing, operations, product and compliance to spur further growth;
- increase the number of users to 10 million by year-end.
In January CoinSwitch attracted $15 million in a Series A funding round led by venture firms Ribbit Capital and Paradigm.
Earlier, Tiger Global Management invested in the institutional crypto exchange FalconX in a $50 million round.
The firm also participated in financing of the lending platform BlockFi worth $350 million.
As reported, Indian authorities are considering a bill that provides for a prohibition on cryptocurrency operations and would impose criminal and administrative liability on miners and traders.
The country is also examining the possibility of blocking IP addresses of digital asset exchanges.
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