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Among all the Bitcoin buildup, added Indian cryptocurrency startup CoinSwitch Kuber grows $15 million in funding

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Shivangi Mujumdar Follow

INDIA

Jan, 19 2021

Jan, 19 2021

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The startup has raised $15 million from universal fintech and crypto shareholder Ribbit Capital and San-Francisco established crypto-focused investment secure, Paradigm, which is created by Coinbase founders. 

 

It has been a very exciting year for Bitcoin fans, with the cryptocurrency asset clocking in a huge 300% rally in 12 months to scale $42,000 on January 8, earlier crashing again. 

 

CoinSwitch Kuber’s funding links the list of Indian crypto firms, Vault and CoinDCX, which have freshly risen to fund. 

 

It has been a very exciting year for Bitcoin enthusiasts, with the cryptocurrency asset clocking in a huge 300% rally in 12 months to scale $42,000 on January 8, previously crashing to its existing value of $33,159. But even though it's a volatile ride, the biggest cryptocurrency endures garnering interest. 

 

And that has meant cryptocurrency startups too have caught investors’ responsiveness. CoinSwitch Kuber, a cryptocurrency investment policy, is the modern startup to raise $15 million from Ribbit Capital and San-Francisco founded crypto-focused investment firm Paradigm. 

 

This results in Ribbit Capital’s first investment in a cryptocurrency firm in India.
 

In the interim, Paradigm, created by Matt Huang and Fred Ehrsam, co-founder of Coinbase, the major cryptocurrency exchange in the U.S, too has its senses set on the Indian market. 

 

While the crypto countryside in India rests promisingly, it has been a thrilling past 12 months and over time we have faith in India could be one of the main global crypto markets. Ashish and the CoinSwitch team have exposed wonderful resilience and strong implementation in a challenging market, giving us sureness in their likely to build a market leader in the years to come, stated Arjun Balaji, Investment Partner at Paradigm, and Matt Huang, Co-founder and Managing Partner at Paradigm in a declaration. 

 

The Chain A funding round also saw contributions from CRED founder Kunal Shah and Sequoia Capital India. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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