The Indian cryptocurrency exchange platform CoinSwitch Kuber has recently raised $260 million in a Series C funding round. The main investors for this round were Andreessen Horowitz, Coinbase Ventures, Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global. After the successful completion of this funding round, CoinSwitch Kuber is now a unicorn with an estimated value of $1.9 billion.
As per statements from the firm, the raised amount will go into bringing 50 million more Indians to the crypto space. They also have plans to introduce new cryptocurrency products. CoinSwitch Kuber also has plans to hire fresh talent. They seek to employ new analysts, engineers, investors, financial experts, and other professionals who can contribute to the development of the platform. The successful funding round will make these dreams a reality for CounSwitch Kuber.
India is widely seen as one the most prospective countries for crypto development in the world. India’s talent pool when it comes to technology is also well known. CoinSwitch Kuber aims to capitalize on these opportunities and expand its operations. India has a huge number of smartphone users who can easily learn crypto trading from the comfort of their homes. The country’s economy is also conducive to the introduction of alternative financial assets. A huge population of the country still lives in poverty, though the bigger economic picture looks hopeful. The Finance Minister of India, Nirmala Sitharaman, has also previously said that India might welcome crypto after careful analysis of how it is doing in other parts of the world.