CoinSwitch Kuber, the leading Indian crypto exchange, has raised $25 million in a Series B funding round. Tiger Global Management led the round, marking its first investment in an Indian crypto firm. Tiger invested at a valuation of over $500 million, as per CoinSwitch Kuber. Early investors in the round involve Paradigm and Sequoia Capital India. They have invested $15 million in January, and Ribbit Capital.
The Bangalore-based crypto exchange CoinSwitch Kuber was established in 2017 and recently had a user base of over 4.5 million in India. The crypto firm strives to achieve 10 million users by the end of this year. CoinSwitch Kuber will consume the new funds to enhance technology, boost product or security capabilities, brand building, build awareness around crypto as an emerging asset class. It also intends to hire across technology, operations, marketing product, and compliance teams to ignite development. The firm intends to repeat the extraordinary growth of competing exchanges such as Binance and Coinbase.
The company started its India exclusive crypto platform, CoinSwitch Kuber, in June 2020 to simplify crypto investments for Indian retail investors. Moreover, Coinswitch Kuber raised $15 million in Series A funding in January from Ribbit Capital and San-Francisco-based Paradigm. Its prevailing investors involve Sequoia Capital India and CRED founder Kunal Shah.
Future of Cryptocurrencies in India
Furthermore, while Bitcoin is the leading cryptocurrency, CoinSwitch allows users to invest in various other currencies and benchmarked it to the Indian rupee, with investors permitted to invest as little as possible Rs. 100 to receive exposure to the burgeoning but potentially risky asset class. CoinSwitch’s raise appears at a time when India is reportedly contemplating banning cryptocurrency usage. Cryptocurrency has had a turbulent time in India. The Government of India declared earlier that it intends to ban crypto. However, more recently, India is seen to warming around the idea that it can be an investment tool.
Moreover, recently, India’s Minister of State for Finance and Corporate Affairs Anurag Thakur asserted that the government is open to assessing and exploring new technologies such as crypto to enhance governance. A High-Level Inter-Ministerial Committee (IMC) came into existence under the Chairmanship of Economic Affairs Secretary on digital currencies. Explaining on the High-Level IMC, he stated that the government would decide based on the committee’s recommendations and the legislative proposal about the future of currencies.
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