CoinDCX was the first, and now CoinSwitch Kuber is the second. Finding the next crypto unicorn in India
CoinSwitch Kuber is now the largest cryptocurrency exchange in India after a successful funding round by Andreessen Horowitz and Coinbase Ventures. These recent developments have made it clear that investors are very much interested in crypto in spite of regulatory fears from various governments. China recently banned all forms of crypto trading, causing huge panic and fear among crypto investors worldwide. However, the tide seems to be changing with successful funding rounds like that of CoinSwitch Kuber’s.
In a historic first, a16z made its first investment in an Indian crypto exchange platform through this funding round. For Coinbase Ventures, this is the second investment in India. In August this year, another major Indian cryptocurrency exchange platform, CoinDCX, completed a $90 million funding round, making it the first crypto unicorn in India.
In light of the present economic scenario in South Asia and Oceania, this development is very significant. Chainalysis, a leading blockchain data platform, has reported that India holds a 42% market share in large institutional cryptocurrency transactions of over $10 million. Pakistan and Vietnam follow India, with 28% and 29% respectively.
Apart from CoinDCX and CoinSwitch Kuber, other cryptocurrency exchange platforms are also showing promise in India. Among those emerging exchange platforms, WazirX, Unicoin, and ZebPay are leading. WazirX is the Indian arm of Binance, while ZebPay is the first cryptocurrency exchange platform in India. UniCoin, founded in 2013, is also popular for linking cryptocurrency with various eCommerce platforms. These developments are considered to be promising for Indian and South Asian cryptocurrency investors.