New Unicorn Sees the Light in India.. Powered by Andreessen Horowitz and Coinbase!
Indian cryptocurrency platform CoinSwitch Kuber, it collected more than 260 Million dollar valuation 1.9 billion US dollars. and tweeted Coin switch NS And On CoinSwitch Kuber Today, announcing the funding round:
“It's a cryptocurrency dream worth 1.9 Billion US dollars! We are officially bigger CRYPTO UNICORN in India."
The tour was led by a venture capital company Andreessen Horowitz a16z), and the main venture capital arm of the cryptocurrency exchange Coinbase.
Also included are existing investors Paradigm And Ribbit Capital And Sequoia Capital India And Tiger Global.
While the company's value reached more than 500 US$1 million Series B funding round in April 2021, which brought her 25 Millions of dollars in investment.
It is also said that this is the first investment of Andreessen Horowitz a16z) in India.
For his part, the co-founder and CEO of CoinSwitch Kuber، Ashish Singhal, Pending TechCrunch, that the team will use the pooled capital to add more asset classes to invest in their app, but without specifying which ones.
They are also working on adding support for institutional clients to use the app, and are looking to hire more people, including in leadership positions.
I have claimed CoinSwitch Kuper, according to the newspaper The Economic Times, citing a company statement issued in September, that it has become the largest crypto asset platform in India.
And that's after she entered more than 10 Millions of users since the start of operations in the country in June 2020General Chat Chat Lounge Revelation 7 Millions of them are active users.
According to the data platform Blockchain Chainalysis India is the second largest of the three countries in Central and South Asia, according to the Global Cryptocurrency Adoption Index by Chainalysis , after Vietnam and before Pakistan.
However, their report found that the cryptocurrency market in India appears to be more mature than the markets of the other two countries. It has a large market, as well as a much larger share of the activity that takes place on decentralized finance platforms DeFi.
While India is a kind of market where the crypto community has been able to grow and attract foreign investment, Chainalysis that they “They see more development and use of innovative projects such as protocols DeFi over there.”
Meanwhile, some users have complained CoinSwitch Cuper From the exchange service, they claim that the withdrawal function has been disabled, with the support team confirming that they are working to improve the service.
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