Coinswitch raises $260 million, joins unicorn club within 14 months of operation
The Startup said that it will be using its funds to make crypto a household name and has plans to on board 50 million Indians on its platform
Coinswitch Kuber on Wednesday said that it has raised $260 million (around Rs 1,943 crore) in a fund raising round valued at $1.9 billion, and has become the second crypto exchange to achieve the unicorn status, after Coindcx, within 14 months of the company’s operation in the country. The company has raised capital from Andreessen Horowitz (a16z), Coinbase Ventures, along with existing investors which include Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global.
Capital to be used to hire leaders and experts
According to the statement, a16z is a venture capital firm which is known to back bold entreprenuers building through technology, while Coinbase is one of the early pioneers of creating a crypto economy and operates one of the world’s largest crypto exchanges.
The Startup said that it will be using its funds to make crypto a household name and has plans to on board 50 million Indians on its platform.
It also said in the statement that the capital will also be utilised to hire leaders and experts across engineering, product, data, growth to define the crypto industry in the country, while adding new asset classes, onboarding institutional clients and launch an ecosystem fund and on crypto awareness.
However, regulators have expressed deeper concerns about cryptocurrencies. Recently, RBI expressed concerns about private cryptocurrencies on multiple occasions and has conveyed to the goernment on the same. The concerns stem from the high volatility of the instruments, lack of transparency in supply etc.