October 6, 2021
CoinSwitch Kuber has become India’s second crypto unicorn, having raised over $260 million in Series C funding round, led by American venture capital firm a16z (Andreesen Horowitz) and Coinbase Ventures, at a valuation of $1.9 billion.
The crypto exchange was founded in 2017 as a global aggregator of cryptocurrency exchanges by Ashish Singhal, who has worked at Amazon and Microsoft in the past and is the chief executive of CoinSwitch. The exchange began operations in India in June 2020, with a focus on simplifying crypto investing and online food ordering.
According to Singhal, the newly acquired funds will be used to build up new asset classes. “These would be standard asset classes that you see in the market, not related to crypto,” he said. “A lot of people who invest with us are under the age of 28 and are first-time.
CoinSwitch Kuber becomes the second crypto unicorn in India investors who haven’t invested in any other assets other than crypto. These young users will want to grow with us as a platform, de-risk themselves from the volatility of crypto, and eventually have a portfolio which is balanced on the volatility end,” he added.
Singhal said that other than leadership hiring, the company wants to hire experts in engineering, product, data and even compliance, so as to deal with the current regulatory landscape. He said that the company might look overseas for talent too, but is exploring this right now.
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