The Indian cryptocurrency exchange CoinSwitch Kuber has raised $260 million following a Series C round. It was led by Coinbase Ventures and Andreessen Horowitz.
Every evolution takes a leap of faith, we are taking a giant one today with @coinswitchkuber turning into a #unicorn & becoming the largest crypto company in the country. I would like to thank @a16z & @coinbase for putting their faith in our dream. pic.twitter.com/yTbsasloVp
— Ashish Singhal (CoinSwitch Kuber) (@ashish343) October 6, 2021
The firm is valued at $1.91 billion. According to CEO Ashish Singhal, CoinSwitch Kuber has become India’s most valuable crypto company.
\n\n\n\n
Earlier investors Sequoia, Paradigm, Ribbit and Tiger Global also participated in the round.
\n\n\n\n
The exchange aims to grow its user base from 10 million to 50 million and to launch staking and crypto-lending services.
\n\n\n\n
CoinSwitch Kuber will create products targeted at institutional investors, an innovation fund and an education centre in the digital assets space. The proceeds will also be used to expand the team.
\n\n\n\n
Earlier in April, CoinSwitch Kuber raised $25 million from Tiger Global Management in a Series B round.
\n\n\n\n
In August, the CoinDCX exchange became India’s first unicorn in the crypto industry.
\n\n\n\n
Follow ForkLog news on Twitter!
\n\n