CoinSwitch Kuber now India’s largest crypto unicorn valued at $1.9BN

India present has 2 crypto unicorns aft CoinDCX reached the presumption pursuing its bid C circular successful August

CoinSwitch Kuber, 1 of India's largest cryptocurrency exchanges, has raised much than $260 cardinal successful a caller backing circular to go the largest crypto unicorn successful the country.

In an announcement made Wednesday, the speech said its bid C backing circular brought it to a valuation of $1.9 billion. The Bengaluru-based crypto exchange, which was established successful 2017, present has a valuation higher than India's archetypal crypto unicorn CoinDCX.

India's 2nd Unicorn

CoinSwitch joins CoinDCX arsenic India's crypto unicorns, with the second hitting the billion-dollar valuation successful August. This was aft the speech raised $90 cardinal from investors successful a bid C backing round, with the funds securing CoinDCX a $1.1 cardinal valuation.

The unicorn presumption of CoinSwitch and CoinDCX attests to the accelerated maturation of India's crypto sector, adjacent arsenic a deficiency of regulatory clarity continues to interaction crypto work providers. The authorities is besides reportedly considering crypto taxation, targeting consumers and providers successful the larger integer assets ecosystem.

Andreessen Horowitz and Coinbase Ventures led CoinSwitch Kuber’s backing round, with information from existing investors including Paradigm, Sequoia Capital, Tiger Capital and Ribbit Capital.

More customers and caller services

CoinSwitch, which antecedently operated arsenic an speech aggregator, officially entered the Indian cryptocurrency speech abstraction successful June 2020.

Its services person grown rapidly implicit the past twelvemonth to spot the level deed implicit 10 cardinal customers. According to the exchange, the caller concern volition assistance it grow its scope arsenic it looks to onboard different 50 cardinal users.

The steadfast besides plans to usage the funds to adhd to its merchandise offering, targeting caller opportunities for investors. New crypto products the speech plans to present see lending and staking, to assistance its customers pat into the increasing satellite of decentralised concern (DeFi).