The Indian crypto-exchange, CoinSwitch Kuber, has recently, raised $25 million in a Series B funding round. The company was supported by the New York-based Tiger Global Management.
Soon after the funding round, the total value of CoinSwitch Kuber reached over $500 million.
As per the report, for the first time, Tiger Global has invested in any Indian crypto exchange project. This recent investment by the New York-based company helps the CoinSwitch Kuber to become the highest-funded crypto exchange in India. It is now on the verge to compete with crypto exchanges like Coinbase and Binance in the Indian Market.
The Chief Executive Officer (CEO) and the Co-Founder of CoinSwitch, Ashish Singhal, is very optimistic regarding cryptocurrency market growth, globally. While talking about the company’s Series B funding round, he said that this is a very important time period for the crypto industry. During this time, the industry may notice a huge growth in crypto adoption.
Singhal further stated, “We are thrilled to have Tiger Global, the most prolific backers of the Indian startup story, as investors and mentors in our journey. This investment round brings us at par with some of the most sought-after cryptocurrency companies in the world and sets us up for the long run.”
In less than a year, CoinSwitch Kuber has experienced exceptional growth. In January 2021, the exchange raised $15 million in a Series A funding round. Some of the global fintech and companies like Ribbit Capital, San Fransico-based crypto firm, Paradigm and Sequoia Capital India were part of that funding round.