CoinSwitch Kuber becomes crypto unicorn

Bengaluru: Bengaluru-based crypto asset platform, CoinSwitch Kuber announced on Wednesday its unicorn status after closing a $260+ million in its Series C funding.

This investment makes CoinSwitch Kuber a unicorn and the most valuable crypto company in India valued at $1.9 billion.

The company received its $260+ million Series C funding round from Andreessen Horowitz (a16z), Coinbase Ventures, Their existing investor's Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global also participated.

Speaking on the occasion, Co-founder and CEO of CoinSwitch Kuber, Ashish Singhal said, "The CoinSwitch Kuber team has worked round the clock to be the most preferred platform for crypto investors in India. This has helped us to reach unicorn status in just over 14 months of operations in India. Over the last year, our focus has been to develop a robust product for Indian consumers. Now with this funding, we hope to propel ourselves further on our mission to bring crypto to every household in India."

CoinSwitch Kuber hopes to utilise these funds to onboard 50 million Indians on the CoinSwitch Kuber platform. The company plans to achieve this by launching new crypto services such as lending, staking among others, to enable users to benefit the most out of this decentralised technology. The company also plans on hiring more people especially leaders and experts across engineering, product, data, growth etc to define the crypto industry in India.

"We wanted to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell in crypto," added Ashish