Valued At $1.9 Billion, CoinSwitch Is India’s Biggest Crypto Exchange Amid Legal Uncertainties

Key Upshots:

• Crypto trading trends among those with a pocket amidst uncertainties heaped upon by lack of clear regulations,
• CoinSwitch Kuber raised a whopping $260 million with $1.9 billion valuations,

On the back of unadulterated efforts inundated with passion and penchant, CoinSwitch Kuber which is India’s biggest crypto exchange achieved this milestone of acquiring a unicorn status in a powerful funding initiative led by Andreessen Horowitz together with Coinbase Ventures, as investors rejoice to sight the growing demand albeit regulatory uncertainties threaten its operations and eventual existence.

Now, in the backdrop of $1.9 billion, CoinSwitch Kuber raised $260 million, the company notified in a statement just yesterday, October 06. This initiative of fund-raising also turns the spotlight on Andreessen Horowitz’s maiden investment on Indian shores, in a start-up while being supported by Sequoia Capital, Tiger Global Management and Ribbit Capital at the back-end.

Undoubtedly, with such a flow of funds unhindered as this appears, this becomes India’s biggest platform imbibing gigantic worth and the Bangalore based firm basks under the trust placed by 10 million customers in just 14 months since its operations began.

Oblivious to doubts and queries, levelled by authorities and as scrutinies take place on buying and selling of bitcoins, Ethereum and other such coins, investors place full trust in CoinSwitch.

As for the future roadmap with such capital, CoinSwitch tends to widen its userbase to 50 million, unveil new crypto products such as retail investor lending and refine the tech know-how among its workforce to modern-day standards. Besides, it also wants to find fresh momentum among new institutional clients and to build a robust framework fund.

During the past months, India’s regulatory onslaught has gained pace too and cryptocurrencies were declared null and void but then court order removed the ban and rescued these by terming curbs as illegal while the government has failed to present a proper bill in parliament to bring crypto assets under the ambit of its governance.   

Nevertheless, the crypto market is in the expansion mode at a fast pace and in India, the researcher puts it, the Indian market swelled by 641% in the past year alone. In August, CoinDCX emerged as the initial crypto unicorn in India.

David George, general partner at Andreessen Horowitz expressed happiness, “We are incredibly excited about the crypto market opportunity in India”.

CoinSwitch’s growth has been largely driven by the implicit and coherent mission of clearing the mist around cryptos so as to encourage any ordinary mind to be its avid investor. Mr. Ashish Singhal, who co-founded CoinSwitch and also manages its CEO seat, reveals, “We wanted to remove all the complexities in crypto trading, educate consumers and give them a simplified experience of one-click buy and sell”.

This was in 2017 that CoinSwtich came into existence by Mr. Ashish, Mr. Govind Soni and Mr. Vimal Sagar, which is an aggregator of crypto-exchanges on a global level.

Such is the start-up that started its operations in India in 2020 and by enrolling with the exchange, one can enjoy single-click trading in more than 80 coins.

 

Tags: Coinbase Ventures, Coinswitch Is largest Crypto Exchange, CoinSwitch Kuber, Crypto Exchange in India