Crypto firm CoinSwitch Kuber joins India’s unicorn bandwagon
CoinSwitch Kuber, a crypto asset platform, said it closed a $260 million Series C funding round from Andreessen Horowitz (a16z), Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global.
The fresh infusion made CoinSwitch Kuber a unicorn, valued at 1.9 billion, in just over 14 months of starting its operations in India, claimed the company in a statement.
CoinSwitch Kuber said the funds would be used in building new crypto products and services and also towards creating crypto awareness and onboarding 50 million Indians on its platform to emerge as a house name in the country’s crypto market.
India has a huge talent pool that can build world class products and protocols for the crypto industry, however, a strong support system to back these brilliant minds at work was missing, said the company.
To address this issue, the company would set up an ecosystem fund to identify and support budding talent in the country.
Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber, said, “CoinSwitch Kuber is on a mission to build wealth for Indians by making crypto more accessible. I believe, simplifying crypto investments for the Indian youth has helped us to stand out. We want to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell in crypto.’’