In a funding round led by Andreessen Horowitz and Coinbase Ventures, India's largest crypto exchange reached unicorn status, with investors relying on increased demand despite legal uncertainty in the industry.
CoinSwitch Kuber announced in a statement on Wednesday that it has received $260 million at a valuation of $1.9 billion. Andreessen Horowitz made his first investment in an Indian firm, and current investors Sequoia Capital, Tiger Global Management, and Ribbit Capital also took part in the round.
With over 10 million customers in just 14 months of operation, the Bangalore-based business has become India's largest and most valuable bitcoin marketplace. Even as regulators monitor the buying and selling of Bitcoin, Ethereum, and other cryptocurrencies, investors are counting on future growth.
CoinSwitch intends to use the funds to expand its user base to 50 million people, provide new crypto products including lending to retail investors, and expand its technological team. It also plans to reach out to institutional investors and establish an ecosystem fund.
India's regulatory policy has changed over time, with cryptocurrencies moving from being essentially forbidden to being reinstated by a court that declared the restrictions to be unlawful. The government has frequently postponed presenting a bill controlling digital assets to Parliament for debate.
Demand is increasing. According to Chainalysis, India is helping to make the region ranging from central and southern Asia to Oceania one of the world's fastest-growing crypto marketplaces. According to a report released this week by the researcher, India's market surged 641 percent in the previous year. CoinDCX became the country's first crypto unicorn in August.
In a statement, David George, general partner at Andreessen Horowitz, said, "We are tremendously enthused about the crypto market possibilities in India."
The objective of CoinSwitch is to demystify cryptos for the lay investor, which has aided its growth. In a statement, Ashish Singhal, co-founder and CEO, stated, "We intended to remove all the intricacies in crypto trading, educate consumers, and give them a simplified experience of one-click buy and sell."
CoinSwitch was founded in 2017 by him and his co-founders Govind Soni and Vimal Sagar as a global aggregator of cryptocurrency exchanges. The firm, which began operations in India in the summer of 2020, allows users to trade over 80 coins with an one click.
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