CoinSwitch Kuber, an Indian crypto trading platform, has been awarded unicorn status following a new round of funding backed by venture capital firm Andreessen Horowitz (a16z). This is a16z’s first investment in India, demonstrating its faith in its fast-developing crypto sector.
CoinSwitch Kuber has received a $260 million investment from Andreessen Horowitz (a16z) and Coinbase Ventures, valued at $1.9 billion. Paradigm, Ribbit Capital, Sequoia Capital, and Tiger Global were among the existing investors in the recent investment round. As a result, CoinSwitch Kuber is now the country’s second crypto unicorn.
CoinSwitch Kuber has now raised $300 million in total, including today’s Series C investment. Incredibly, the crypto startup’s valuations have increased fourfold in the last six months. CoinSwitch was valued at $500 million during its Series B investment round in April.
Observing Rapid Development
It’s worth noting that the exchange only began operating in India last year, in June 2020. Nevertheless, the crypto trading platform has already onboarded 10 million members in a short amount of time. The extra money will be utilized to construct new asset classes, according to Ashish Singhal, the founder of CoinSwitch Kuber.
However, these new asset classes will not allow investors to purchase traditional assets, according to Singhal. It will, however, work alongside the normal crypto exchange.
The Cryptocurrency Landscape in India is Changing
Cryptocurrency is attracting a lot of interest from Indian investors. According to the latest Chainalysis research, India leads the world in crypto adoption. However, the country’s regulatory action has remained unknown.
On the other hand, Singhal is optimistic about regulatory reforms and the way things are evolving in India.