Coinswitch Kuber, a startup that allows young Indian users to invest in cryptocurrencies, will expand its reach in India, the world’s second largest internet market and the world’s second largest internet market, on Thursday. Said it raised $ 25 million in a new funding round.Include The future of private cryptocurrencies remains uncertain for now..
Tiger Global has funded Coinswitch Kuber’s entire Series B funding round, valuing a 3-year-old Indian startup with over $ 500 million. The Series B announcement will be made just three months after Coinswitch completes the $ 15 million Series A round from Ribbit Capital, Sequoia Capital India, and Kunal Shah. Bangalore-based startups have raised $ 41.5 million so far.
TechCrunch is a New York-based technology hedge fund earlier this month Was at the leading or advanced stage of the negotiations Leads investment in many Indian startups, including Coinswitch.
Coinswitch Kuber Today, it is one of the few startups working in the field of cryptocurrencies. Startups allow users to buy some popular cryptocurrency slivers. For example, Coinswitch users can buy small sachets of Bitcoin and other currencies for as low as 100 Indian Rupees ($ 1.3).
The startup has more than 4.5 million users, more than half of whom are under the age of 25, he said. In the last 11 months, Coinswitch Kuber said it has processed over $ 5 billion in transactions.
However, how startups will work in the future is not perfect.
Trading in private cryptocurrencies such as Bitcoin is currently legal in India, but New Delhi is widely expected to introduce a law banning all private cryptocurrencies.
Ashish Singhal, co-founder and CEO of Coinswitch Kuber, said he was optimistic that India would not ban private cryptocurrencies, but before New Delhi ordered the law to be enacted. The startup said it has completed a funding round with Tiger Global.
“This investment round brings us on par with some of the world’s most popular cryptocurrency companies and prepares us in the long run,” Shinharu said.
In recent months, some Indian startups have begun to seek emergency response plans in case the country bans domestic cryptocurrency trading. Today, many start-ups are doing business in India, with a focus on serving overseas customers.
“As they build India’s leading cryptocurrency platform, CoinSwitch is in a good position to capture the tremendous growing interest in crypto among retail investors. Tiger Global’s partner. Scott Schleifer said in a statement.
https://techcrunch.com/2021/04/22/tiger-global-backs-indian-crypto-startup-coinswitch-kuber-at-over-500m-valuation/ Tiger Global Supports Indian Cryptocurrency Startup Coinswitch Kuber with Over $ 500 Million Valuation – TechCrunch