- Targets a user base of 10 million by the end of 2021
- This marks Ribbit Capital’s first investment in India
CoinSwitch Kuber has been funded $15million in Series A round by Ribbit Capital and Paradigm. The funds raised will be used for security, compliance, enhance the product, and tech capabilities of CoinSwitch Kuber.
Cryptocurrency investment platform, CoinSwitch Kuber has received the funding of $15million in Series A funding round. Ribbit Capital, the global fintech and crypto investor along with San Francisco based crypto-focused investment company Paradigm led the first round of funding. Both the investors have come on one platform to support the CoinSwitch Kuber team.
The funds raised will be used for security, compliance, enhance the product, and tech capabilities of CoinSwitch Kuber. The company will build a formidable brand to be the leading cryptocurrency investment platform for the Indians. The company’s existing investor Sequoia Capital India and prominent angel investor CRED’s Kunal Shah also participated in the funding round.
Targets a user base of 10 million by the end of 2021
Ashish Singhal, CEO and Co-Founder, CoinSwitch Kuber said that they are delighted to have on board Ribbit Capital and Paradigm as the partners in the journey of CoinSwitch Kuber. Ashish also thanks to the company’s partners Sequoia Capital India whose continued backing is a testimony to the tremendous impact the company had on the crypto ecosystem.
The company aims to increase its base and reach in the Indian market and is targeting 10 times growth in the user base by the end of 2020.
The company will run a few awareness initiatives to educate the investors from time to time about the potential of crypto as an emerging asset class. The funding to CoinSwitch has come at a time when the Indian market is booming with the investment in cryptocurrency and the unprecedented growth can be seen in the cryptocurrency trading and investment.
The rise in the interest in cryptocurrency has been observed from some time now and this is evident in the Indian market too where people are seeking interest in the cryptocurrency investment, which makes India the second biggest nation in Asia after China. India has been the sixth biggest in the world after the United States, Nigeria, China, Canada and the United Kingdom.
As per the reports, the Indian cryptocurrency trading volumes have grown 500% since March 2020. Hence, the country attracted global investors’ attention like Paradigm and Ribbit Capital. Ribbit Capital made its first investment in Indian cryptocurrency firm CoinSwitch Kuber. It was formed in 2012 by Meyer (Micky) Malka. Ribbit Capital is one of the investors focused on fintech. It is one of the earliest investment firms to invest in cryptocurrency companies.
Ribbit Capital feels excited to invest in CoinSwitch Kuber
Nick Shalek, General Partner, Ribbit Capital feels excited to invest in CoinSwitch Kuber. The company believes in investing in the best technologists that drive change in financial services. Ribbit backed the team not only because of their track record of product and technology innovation but also because of CoinSwitch Kuber’s resolute commitment to serving their customers.
CoinSwitch is the fastest growing Indian crypto firm launched in June 2020. Within six months of launch, over one million users have already flocked to the platform owing to the ease of usage, security and the large collection of cryptocurrencies. The company expects to have 10 million users on the platform in the next year.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?