Andreessen Horowitz (a16z), Coinbase Ventures, and current investors Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global have all contributed to CoinSwitch Kuber’s $260 million Series C fundraising round.
Andreessen Horowitz (a16z), Coinbase Ventures, and existing investors Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global have all contributed to the $260 million Series C funding round for cryptocurrency asset platform CoinSwitch Kuber.
CoinSwitch Kuber becomes a unicorn worth $1.9 billion as a result of this investment.
CoinSwitch Kuber plans to use the funding to bring 50 million Indians into the CoinSwitch Kuber platform and launch additional crypto goods.
To define the crypto business in India, it also wants to attract the top personnel, including leaders and professionals in engineering, product, data, and growth.
The organisation intends to find ways to make Indians’ financial journeys easier, while also providing them with a variety of investment options through various products and asset classes.
General partner of a16z Kathryn Haun congratulated the crypto exchange for the series C funding.
In reply, CEO & Founder of Coinswitch Kuber Ashish Singhal thanked Kathryn.
Institutions are increasingly interested in entering the crypto market, and CoinSwitch Kuber plans to take advantage of this trend.
It will make institutional investments easier by providing them with a one-of-a-kind product that meets all of their needs.
The exchange launched in India in June 2020, with the goal of making crypto investing and online food ordering as simple as possible.
The freshly acquired funds, according to Singhal, would be utilised to create new asset classes.
“A lot of people who invest with us are under the age of 28 and are first-time investors who haven’t invested in assets other than crypto. These users will want to grow with us as a platform, de-risk themselves from the volatility of crypto, and eventually have a portfolio that is balanced on the volatility end.”
Later in a series of tweets, Mr Singhal thanked his team and congratulated everyone for the success.
Investors will not be able to buy traditional assets using bitcoin under the new asset classes. Instead, it will work in tandem with the existing crypto market, allowing customers to use fiat money.
Plans to develop this area of the business, according to Singhal, are currently in the works. The company thinks that its new products and services would help it expand its user base from the current 10 million to 50 million users. It also wants to hire more people.
Apart from employing executives, Singhal said the company wants to hire specialists in engineering, product, analytics, and even compliance to deal with the present regulatory environment.
He also mentioned that the corporation might explore for talent from other countries.
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