It has become the second crypto exchange to achieve unicorn status.
Crypto exchange CoinSwitch Kuber has collected funds of about 2000 crores from different investors. Now it has become India’s second crypto unicorn, whose value is estimated at $ 1.9 billion.
The craze for cryptocurrencies in India is increasing continuously. Crypto exchange CoinSwitch Kuber has become the second largest crypto unicorn in India. It has raised $260 million in funding from American venture capital firm a16z (Andreesen Horowitz) and Coinbase Ventures. Its valuation for this investment has been estimated at $ 1.9 billion.
With this fund raising, CoinSwitch Kuber also became the 30th Unicorn Startup in India. In terms of value, it has become a bigger platform than CoinDCX. CoinDCX was valued at $1.1 billion in August. CoinSwitch Kuber has raised $260 million (approximately Rs 1,943 crore) from various investors in a single round of financing. CoinSwitch Kuber has become the second crypto exchange to achieve unicorn status after its major rival, CoinDCX, despite concerns raised by the regulator regarding the cryptocurrency.
This fund has been raised from several capital ventures
For information, let us tell you that when the value of a startup is more than 1 billion dollars, it is known as a unicorn. CoinSwitch Kuber said it has raised money from Andreessen Horowitz (A16Z), Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global. According to the company, Andreessen Horowitz is a venture capital firm known for supporting bold entrepreneurs who build the future through technology. The same Coinbase is one of the earliest companies to build a crypto economy and operates one of the largest crypto exchanges in the world.
RBI continues to warn about private cryptocurrencies
CoinSwitch said that it will use this amount to make crypto a name in the domestic market as well as to educate people about the crypto industry in the country. This also includes engineering, product, data and hiring experts. It is worth mentioning that the Reserve Bank of India has expressed concern about private cryptocurrencies like bitcoin several times in the past and informed the government about it.
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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.