Saturday, January 28, 2023

CoinSwitch Kuber Becomes Second Indian Crypto Unicorn

One of India’s leading crypto exchanges CoinSwitch Kuber has gained unicorn status, after raising $260 million in the Series C funding round, which was led by Andreesen Horowitz and Coinbase Ventures.

Other companies that took part in the recent funding rounds are Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global.

As per the report, CoinSwitch Kuber has decided to use the raised fund to deploy 50 million Indians and introduce new crypto products in the market. 

The company might also hire new talents as leaders and experts across engineering, product, data, growth etc. to expand the Indian crypto industry.

Notably, this is for the first time, a16z invested its money in an Indian firm, while Coinbase Venture did it for the second time, A few months ago, the Nasdaq-listed company lend its support to another crypto trading platform in India, popularly known as CoinDCX. 

Coinbase Ventures invested $90 million in CoinDCX’s funding round and made it India’s first crypto unicorn.

The recent development of CoinSwitch Kuber is considered to be significant growth for the Indian crypto industry. 

A few days ago, the blockchain-based firm Chainalysis published a report, in which it specified that India has been leading the charge for South Asia and Oceania as one of the fastest-growing crypto markets globally.

Chainalysis, in its report, mentioned, “Large institutional-sized transfers above $10 million worth of cryptocurrency represent 42% of transactions sent from India-based addresses, versus 28% for Pakistan and 29% for Vietnam. Those numbers suggest that India’s cryptocurrency investors are part of larger, more sophisticated organisations.”

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