CoinSwitch Kuber, an Indian cryptocurrency exchange, announced on Wednesday that it has received over $260 million at a valuation of $1.9 billion, highlighting the growing popularity of cryptocurrency trading in India despite government policy uncertainty
Despite CoinSwitch Kuber’s rapid growth in just a few months, CEO Ashish Singhal has stated that the company is working hard to reach at least 50 million Indian crypto users in the next two years. One thing is certain: when the time comes, the business intends to smoothly educate consumers on crypto investment management. In addition, according to Singhal, they want to teach everyone about all of the techniques and proper ways to create wealth with cryptocurrencies. “, he explained.
The Covid epidemic has taught most of us the value of money during the last 18-20 months. We’re here to help Indian investors not just with their crypto issues, but also with their wealth management, as crypto is a key financial asset in their portfolio. Adding to Singhal’s remarks, he stated that one of their objectives is to eliminate all existing hurdles in crypto trading. Users of digital assets will benefit from a simpler experience that allows them to buy and sell crypto with a single click.
Furthermore, he stated that they are willing to collaborate with the government in order to realise the government’s vision and build crypto-friendly policies in the country. Singhal went on to claim that “the next Big Tech firm is going to come from India, based on Web 3.0 and Blockchain,” with much zeal. CoinSwitch Kuber raised more than $260 million in a Series C fundraising round led by Andreessen Horowitz (a16z), Coinbase Ventures, and existing investors earlier this month. With this investment, a16z, an American venture capital firm, made its first in an Indian unicorn. It plans to use the new capital to hire the greatest personnel, including leaders and specialists in engineering, product, analytics, and growth, in order to shape India’s crypto business.