Indian’s Largest Crypto Exchange CoinSwitch Kuber Changes Unicorn with $1.9 Billion in Value

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Indias largest cryptocurrency trading platform CoinSwitch Kuber reached unicorn status in a capital round that was led by Andreessen Horowitz and Coinbase Ventures.

The world’s biggest crypto exchange has achieved unicorn status during a capital round that was led by Andreessen Horowitz and Coinbase Ventures with investors betting on the growth of demand even as the market faces regulatory challenges.

CoinSwitch Kuber raised $260 million with a value of $1.9 billion according to an announcement on Wednesday. This is the first time that Andreessen Horowitz has invested with an Indian startup, and its existing investors such as Sequoia Capital, Tiger Global Management and Ribbit Capital also joined in.

The Bangalore-based startup has grown into India’s most popular and largest cryptocurrency platform , with over 10 million customers accumulated within just 14 months of operating. The investors are betting a steady expansion even as authorities monitor buying and selling Bitcoin, Ethereum and other currencies.

CoinSwitch intends to use the capital to increase its user base by 50 million, and to introduce new cryptocurrency products like retail investor loans and expand its technological workforce. Additionally, it plans to tap institutions and establish an infrastructure fund.

Read : A Generation is Heading Straight for Crypto The Cryptocurrency Market is booming in Indian Cities, Towns

The regulatory framework in India has changed in the past, with cryptocurrency being banned from the beginning to being reinstated by a judge and a judge, who declared the restrictions as illegal. Government has frequently put off making a law governing cryptocurrency for debate at the Parliament.

The rising demand for India is helping increase the size of the region from southern and central Asia across Oceania an one of the most rapidly growing crypto markets worldwide as per Chainalysis. India’s market has grown by 641% over the last 12 months, the analyst reported in a study this week. As of the month of August CoinDCX was the first country-wide unicorn in crypto.

“We are incredibly excited about the crypto market opportunity in India,” David George who is the general partner of Andreessen Horowitz stated in the statement.

CoinSwitch’s success has been helped by its goal to simplify cryptocurrency for the novice investor. “We wanted to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell,” Ashish Singhal Co-founder as chief executive officer declared in the announcement.

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