A16z, Coinbase Back CoinSwitch Kuber in $260M Funding Round

The Indian exchange is valued at $1.9 billion, making it India’s second crypto “unicorn.”

AccessTimeIconOct 6, 2021 at 8:14 a.m. UTC
Updated Oct 7, 2021 at 5:43 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

India has its second cryptocurrency unicorn (a startup with a market value of at least $1 billion) after Andreessen Horowitz (a16z) and Coinbase Ventures backed CoinSwitch Kuber in a $260 million funding round that valued the exchange at $1.9 billion.

  • Also participating in the round were existing investors Paradigm, Ribbit Capital, Sequoia Capital and Tiger Global, CoinSwitch Kuber announced Wednesday.
  • The exchange has set a goal of onboarding 50 million Indians with the launch of new crypto products and services such as lending and staking.
  • CoinSwitch Kuber has demonstrated that it can “deliver an investment platform for the masses in India,” according to David George, a general partner at a16z.
  • The exchange’s unicorn status follows the $1 billion valuation attained by rival crypto exchange CoinDCX in August in a $90 million funding round that also included contribution from Coinbase.
  • CoinSwitch Kuber was valued at $500 million in a $25 million Series B funding round in April, which came three months after a $15 million Series A round.


DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Trending

1
CoinDesk - Unknown
‘Crypto: The Musical’ Aims for Broadway

“Crypto: The Musical” is being developed by the creative team behind the Ratatouille TikTok musical – because of course it is.

CoinDesk - Unknown
2
CoinDesk - Unknown
Three Execs Leave JPMorgan This Week to Join Crypto Firms

The latest exits are former managing director Eric Wragge and digital innovation lead Puja Samuel.

CoinDesk - Unknown
3
CoinDesk - Unknown
Bitstamp Inactivity Fee Canceled After Customer Response

The crypto exchange had said it would be charging small, non-active accounts 10 euros per month.

CoinDesk - Unknown
4
CoinDesk - Unknown
Crypto News Roundup for July 6, 2022

With crypto markets trading in the green and a look at crypto job satisfaction just as the crypto winter began, CoinDesk’s “Markets Daily” is back with the latest news roundup.

CoinDesk - Unknown