CoinSwitch Kuber, an Indian cryptocurrency platform, said it has raised Rs 109 crore in funding. Moreover, the Series A funding round was led by Ribbit Capital and Paradigm. CoinSwitch’s existing investor Sequoia Capital India and angel investor Kunal Shah, the founder of Indian credit card management startup CRED, also participated in the funding round.
CoinSwitch stated that the funding would extend its product, security, compliance, and tech capabilities, without revealing any specific details. CoinSwitch came into existence in 2017 as a global aggregator of crypto exchanges. Last June, it started India-specific crypto trading platform CoinSwitch Kuber. In seven months of the launch, the exchange operator alleges to have over one million users. It anticipates having 10 million users in the next year.
Ribbit Capital Ventures in Indian Crypto Space via CoinSwitch Kuber
According to the reports, this funding signifies Ribbit Capital’s first investment in an Indian cryptocurrency firm. It had prior funded lending companies Capital Float, ZestMoney, and BharatPe in the nation. Moreover, CoinSwitch also marks the Paradigm’s first investment in India. Paradigm is one of the largest cryptocurrency exchanges globally. The news comes when rates of cryptocurrencies globally have witnessed a historic rise, with digital currency bitcoin reaching a record high of approximately $42,000 on 8 January. This week, bitcoin also saw prices slide by 21% across a two-day tumble on Sunday and Monday to as low as $32,389.
Further, funding activity in India’s crypto space has escalated in recent months. Earlier, crypto exchange CoinDCX raised $13.9 million in Series B. Crypto exchange Unocoin also newly raised $3.5 million in Series A. However, crypto in India is recently a grey area. The country’s government hasn’t issued any legislation or direction on the legal status of cryptocurrencies.
According to CoinSwitch, the Indian market is also observing abnormal growth in cryptocurrency trading and investments. This has occurred in India becoming the second-biggest bitcoin nation, by assets, in Asia after China and the sixth-largest in the world. CoinSwitch also offers its API (application programming interface) to most leading wallets and payment service providers, allowing them to improve their offerings.
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