Coinswitch Kuber raises $260 million

• ByManjeet Singh     |    October 7, 2021

Despite concerns over crypto currency regulation, Coinswitch Kuber said it has raised USD 260 million (around Rs 1,943 crore) in a fundraising round that values it at USD 1.9 billion. The company becomes the second crypto exchange to achieve unicorn status after rival Coindcx.

In addition to Coinbase Ventures and Andreessen Horowitz (a16z), Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global also participated in the fundraising.

Venture capital firm ‘a16z’ supports entrepreneurs building the future through technology, while Coinbase operates one of the world’s largest crypto exchanges and is one of the early pioneers of creating a crypto economy, according to a statement.

In the past, the RBI has repeatedly expressed its deep concerns about private cryptocurrencies like Bitcoins and has communicated those concerns to the government. High volatility of the instruments, inadequate supply transparency, etc. are the major concerns. Coinswitch plans to use these funds to make cryptocurrency a household name in India and hopes to on board 50 million people.

In addition to hiring leaders and experts, the investment will be spent on hiring new asset classes, onboarding institutional clients, building an ecosystem fund and creating crypto awareness.

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