India’s Crypto Exchange CoinSwitch Kuber valuation reaches $1.9 Billion after raising $260 million

India's Crypto Exchange CoinSwitch Kuber valuation reaches $1.9 Billion after raising $260 million 
Source : coinswitch.co

Cryptocurrency is a revolution for the world, and it began with Bitcoin and will probably end with the world.

What is CoinSwitch Kuber?  

CoinSwitch Kuber is the second cryptocurrency exchange platform in India. It is exclusively available to the Indian market for retail investors in the form of a mobile application. CoinSwitch supports more than 100 cryptocurrencies such as Bitcoin, Ethereum, Ripple, Dodge Coin, etc. The mobile app is available for both Android and iOS.   

 It was launched on 1 June 2020, headquartered in Bangalore, India, by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni with a primary motive to simplify crypto trading. Before Launching CoinSwitch, they worked at Amazon, Microsoft, and Zynga. It is funded by Kunal Shah of CRED, Sequoia Capital.  

Around 1 million users signed up for CoinSwitch in its inception year, resulting in an investment of over ₹2,000 crores. By March 2020, trading volumes of CoinSwitch increased by 500% in the Indian market. Till April 2020, there were 4.1 million users of CoinSwitch.  

 In the Series B round, CoinSwitch raised $15 million from Ribbit Capital and Paradigm. In another round in April 2021, they raised another $25 million led by Tiger Global.   

Why CoinSwitch is a Unicorn?  

What is a unicorn from an industrial point of view? A unicorn is any startup that reaches the valuation of $1 Billion.  

In the recent Series C funding from venture capital company Andreessen Horowitz, Coin Ventures, Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global, CoinSwitch is said to raise $260 million.   

This investment made the CoinSwitch valuation reach $1.9 billion, achieving the unicorn status of a startup. It is the 30th startup from India to receive the status after companies like Oyo.  

Upcoming Mission and Vision  

The ultimate goal for CoinSwitch is to make the Crypto Investment easier, safer and faster.   

The next mission for CoinSwitch is to bring five crore Indians into their platform. It has already got one crore registered users where 70 lakhs were monthly active users.   

CoinSwitch will use these funds to set up an ecosystem to support the budding talent of the country. They will hire skilled talent from around the country, specialized in product development, data management, and customer support to grow more.

They will launch crypto products and services like lending and staking to enables them to benefit from decentralized technology.

They will set up workshops and awareness programs by becoming a one-stop shop for information and knowledge on crypto for the country’s youth to encourage them to trade with crypto.   

According to Ashish Singhal, Co-founder, and CEO of CoinSwitch Kuber, their mission is to build wealth for Indians by making the crypto market easily accessible. He also said simplifying the operations on investing with crypto helped them to stand out.

Also, the company wants to remove the complexities in trading of crypto, then educate consumers and give them one-click buy and sell options. One-click buys and sells options made CoinSwitch Kuber stand out in the line of such a startup.   

How CoinSwitch Works?  

CoinSwitch Kuber enables you to buy-sell 100+ cryptocurrencies in just three simple steps.  

Step1. Download the CoinSwitch Kuber App. Available for both Android and iOS.  

Step2. Complete the KYC with PAN, Adhar, and selfie  

Step3. Then you are ready to buy-sell crypto with just one click.  

The future of cryptocurrency in India   

No law in India states that trading with cryptocurrency is illegal. Since last year Indians have been actively taking part in crypto trading, and CoinSwitch growth from last year is the best example to prove the theory.

Along with this, many black chain specialists, tech-enthusiasts, startup CEOs are also taking active parts to educate Indians to dive into cryptocurrency.   Not only India but the whole is very enthusiastic about cryptocurrency. Only time will tell about the future of cryptocurrency. Till then, keep trading.   

 

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