CoinSwitch Kuber becomes the biggest Crypto Exchange Startup in India.
2 min read
With crypto getting the undivided attention from the Indian investors with an expansion of 614% the startup market of crypto is also booming!. Bengaluru-based CoinSwitch Kuber announced Series C funding worth over $260 million by the US venture capital a16z (Andreesen Horowitz) and Coinbase Venture.
This marks Andreesen’s first investment in the Indian Startup Ecosystem. CoinSwitch is the 30th Indian Startup to become a unicorn with a valuation of $1.9 billion. CoinDCX the first crypto startup to get the Unicorn tag announced its valuation in August to be $1.1 billion which also is backed by Coinbase Venture.
The exchange was founded in 2017 by Ashish Singhal, now the chief executive of the company, along with Govind Soni and Vimal Sagar, the Co-founders of the startup now acting as CTO and COO.
The operations in India began in 2020, allowing the growth in becoming India’s biggest Crypto-Exchange just in 14 months. The majority of crypto investors with the startup are below 28 who are investing in the crypto market for the first time with no experience in investments from any other vertical.
Hence the firm focuses on creating a knowledge-driven cryptosystem providing holistic crypto education to the investors both current and prospective. The company is focusing on building a new product that might help the user base to grow from existing 10 million to 50 million. Ashish Singhal also signaled how FinMin might not totally shut the crypto market but might just regulate the same and is in discussion with experts to understand how to regulate it.
The startup allows investors to trade in over 80 different coins. Can CoinSwitch Kuber be the next Zerodha of the crypto market working on the lines of educating the investors about the market? Will companies like Zerodha enter the market with their crypto-exchange with the current boom in the same?
