Andreessen Horowitz (a16z), Coinbase Ventures, Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global have invested $260 million in CoinSwitch Kuber, a fast-growing crypto asset platform.
The company is regarded as one of the world’s largest crypto exchanges and one of the early pioneers in establishing a crypto economy. CoinSwitch Kuber, based in Bengaluru, is valued at $1.9 billion, the most valuable crypto company in India after this investment. In August of this year, CoinDCX announced its $1.1 billion valuation, which had made it the second crypto unicorn in India.
“The CoinSwitch Kuber team has worked round the clock to be the most preferred platform for crypto investors in India. This has helped us to reach the unicorn status in just over 14 months of operations in India,” said Ashish Singhal, co-founder and CEO, CoinSwitch Kuber.
“Over the last one year, our focus has been to develop a robust product for Indian consumers. Now with this funding, we hope to propel ourselves further on our mission to bring crypto to every household in India.”
Using the funds, CoinSwitch Kuber will onboard 50 million Indians to its platform and offer new crypto products. Its primary goal is to establish crypto as a household name in order to continue to dominate Indian cryptocurrency retailing. Among the products and services the firm plans to launch are lending and staking services. This will enable users to benefit the most from this decentralized technology.
“CoinSwitch Kuber is on a mission to build wealth for Indians by making crypto more accessible,” said Singhal. “I believe, simplifying crypto investments for the Indian youth has helped us to stand out.”
In addition to acquiring best-in-class talent, CoinSwitch Kuber is also aiming to define the Indian crypto industry by hiring experts across engineering, product, data, and growth. India’s investment journey will be simplified by the company. As a result, different financial products and asset classes would be available to them in its process.
“We wanted to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell in crypto,” said Singhal.
The crypto market is also attracting the interest of institutions who are interested in entering the market. CoinSwitch Kuber will facilitate institutional investments by offering them a unique product designed to meet their full-service needs.
The biggest crypto company in India, CoinSwitch Kuber, is proud to bring together world-class talent in crypto to build world-class products and protocols. CoinSwitch Kuber will set up an ecosystem fund to identify and enable the talents in the country.
“We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, CoinSwitch has emerged as the leading retail platform in the country,” said David George, General Partner at Andreessen Horowitz. “Ashish (Singhal) and the team have demonstrated strong execution abilities and the ambition to deliver an investment platform for the masses in India.”
Despite its nascent status, cryptocurrency doesn’t receive the awareness it deserves. In India, the company aims to establish a knowledge-driven crypto ecosystem with these funds. The program aims to provide a comprehensive crypto education to everyone interested in crypto, in order to improve their understanding of the market and the asset class as a whole.
As part of a global crypto exchange aggregation platform, CoinSwitch was launched by Ashish Singhal, Govind Soni, and Vimal Sagar in 2017. This month, the Indian operations of the company are set to open. A number of notable angel investors including Kunal Shah have invested in CoinSwitch Kuber previously including Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global. Over seven million users are active monthly on CoinSwitch Kuber in the country.