The major Indian crypto exchange CoinSwitch Kuber joins the Unicorn Club by raising $ 260 million in a Series C funding round.
The new funding puts CoinSwitch Kuber at the “top” of the Indian unicorns as the company becomes “India’s Most Valuable Crypto Company” at $ 1.91 billion, according to an official October 6 announcement.
The round was led by the venture arm Coinbase Ventures and Andreessen Horowitz from Coinbase. Former investors such as Sequoia, Paradigm, Ribbit and Tiger Global also took part in the round.
With the new funds, CoinSwitch Kuber wants to reach 50 million Indians on the platform and introduce new services such as lending and staking. The exchange also expects to launch an institutional grade product and support more diversified investment options. Other planned initiatives include an innovation fund, a crypto training center for cryptocurrencies.
“Every development requires a leap of faith, today we are turning a giant into a unicorn with CoinSwitch Kuber and are becoming the largest crypto company in the country,” said Ashish Singhal, Co-Founder and CEO of CoinSwitch Kuber speak.
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CoinSwitch Kuber is one of the largest cryptocurrency exchanges in India alongside platforms such as WazirX and CoinDCX. Since its launch in 2020, CoinSwitch Kuber has accumulated 10 million users in September 2021. The exchange previously raised $ 25 million from investors like Tiger Global in a Series B round in April, after a Series A round of $ 15 million in January.