CoinSwitch Kuber now India’s largest crypto unicorn valued at $1.9BN

CoinSwitch Kuber, among India’s biggest cryptocurrency exchanges, has increased more than $260 million in a new funding round to end up being the biggest crypto unicorn in the country.

India currently has two crypto unicorns after CoinDCX reached the standing following its collection C round in August

In a statement made Wednesday, the exchange said its series C financing round brought it to a valuation of $1.9 billion. The Bengaluru-based crypto exchange, which was established in 2017, now has a valuation higher than India’s very first crypto unicorn CoinDCX.

India’s 2nd Unicorn

CoinSwitch signs up with CoinDCX as India’s crypto unicorns, with the latter hitting the billion-dollar assessment in August. This was after the exchange elevated $90 million from financiers in a series C financing round, with the funds protecting CoinDCX a $1.1 billion valuation.

The unicorn condition of CoinSwitch and CoinDCX vouches for the quick development of India’s crypto market, even as an absence of regulative clearness remains to impact crypto provider. The government is likewise supposedly thinking about crypto taxation, targeting consumers and also companies in the bigger digital properties environment.

Andreessen Horowitz as well as Coinbase Ventures led CoinSwitch Kuber’s financing round, with participation from existing capitalists including Paradigm, Sequoia Capital, Tiger Capital as well as Ribbit Capital.

More customers and new solutions

CoinSwitch, which previously operated as an exchange collector, formally got in the Indian cryptocurrency exchange room in June 2020.

Its services have actually proliferated over the past year to see the platform hit over 10 million consumers. According to the exchange, the new financial investment will certainly assist it increase its reach as it looks to onboard an additional 50 million individuals.

The firm also prepares to use the funds to include in its item offering, targeting brand-new possibilities for investors. New crypto products the exchange intends to introduce consist of lending as well as staking, to assist its clients tap into the growing globe of decentralised finance (DeFi).

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