Indian Crypto Exchange 'CoinSwitch Kuber' valued at $1.9 Billion

in blurt •  2 months ago 

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India's Cryptocurrency Exchange 'CoinSwitch Kuber' received $260m investment from A16Z(Andreesen Horowitz) and Coinbase Ventures. Now the exchange is rated unicorn with $1.9B enterprise value, this investment is the first investment in India by a16z.
Investors are paying attention to the high opportunities and growth potential of virtualization lungs in the Indian market, and the exchange is the leader of the retail partial platform in India.

By this investment, Coinswitch Kuber will be aimed at securing 5,000 million users, and will also launch new service rendings and staking. The team is also reorganized, and it will strengthen a variety of parts.

The current number of users is 10 million, and the number of post-monthly active users is more than 7 million. The number of employees is currently 350, and plans to adopt 250 additional investments.

CoinSwitch departed as an aggression of the virtual money market in 2017. After launching the exchange, changed it to CoinSwitch Kuber in 2020. Currently, in India, it is the second exchange that achieves the second unicorn. In August, COINDCX recruited $90m and has achieved corporate value $1.1 billion.

Venture Capital is constantly putting considerable funds despite the uncertainties in the Indian market. Currently, virtualization in India is in an ambiguous position, not legal illegal. The government is currently preparing a cryptocurrency money bill, and the contents are already known. And a report that requires a formulation for virtualization. Venture Capital is a bet that the Indian government will gradually accept virtualization and make the atmosphere.

This funding is Series-C, and last Series B, $25m investment has already been in line. Currently, the entire fulfillment is $300m.
It's definitely good to see global investors are seeing India as a potential booming Cryptocurrency market, considering the large population, more awareness and knowledge of cryptocurrencies and a better helping hand from government can definitely help India become a major cryptocurrency zone.

reference

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