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- CoinSwitch Kuber has raised $25 million in a recent Series A capital raising round
- Tiger Global Management has participated in the funding round
- CoinSwitch is now India’s highest-funded crypto player, worth $500 million
CoinSwitch Kuber, an Indian cryptocurrency exchange, has recently raised $25 million in a Series B funding raising round. Tiger Global Management, a New York-based investment firm with a total valuation of $500 million, has invested the amount in the exchange. It is known that it was the first time that the investment firm had invested in an Indian cryptocurrency firm. The latest funds set the exchange on the growth trajectory of global crypto platforms like Coinbase and Binance in the Indian market.
CoinSwitch Kuber as India’s highest-funded crypto player
The latest investment by Tiger Global Management in CoinSwitch Kuber has made the exchange the highest-funded crypto player in the Indian market. It is also observed that the capital raising round has brought CoinSwitch at par with a few of the most sought-after crypto firms in the world.
According to Ashish Singhal, the chief executive officer and co-founder of the exchange, it is a monumental time for the Indian crypto industry and globally as institutional adoption is exponentially increasing. Moreover, the exchange is thrilled to have the investment firm as the most prolific backers of the Indian start-up story.
Indian government could ban cryptocurrency
Indian government is yet to clarify its stance regarding cryptocurrencies. There are rumours that the government has plans to impose bans on cryptos like Bitcoin and other altcoins. Still, the country plans to create its own blockchain technology and a central bank digital currency.
However, the team behind CoinSwitch Kuber is found optimistic that the government will regulate such currencies in the country. With the exchange, Tiger Global Management is also observed to be optimistic. Hence they expect that the country will follow the path of countries like Singapore and the United States.
Indian crypto user count is soaring
CoinSwitch has seen tremendous growth since the exchange was established. Since May last year, the exchange has faced more than $5 billion in transaction volume. And more than 4.5 million users in the country participated in crypto with their platform. Following the scenario, the exchange expects that its user base will soon increase to 10M by the end of this year.
