Report - Indian crypto-exchange CoinSwitch Kuber is on track to become a unicorn start up
CoinSwitch Kuber, an Indian crypto exchange, is in advanced talks to raise a fresh round of funding of up to $2 billion as per the report published on Tuesday. This would make CoinSwitch the second crypto unicorn after CoinDCX in the Indian crypto space.
According to TechCrunch, the start-up is in talks with Andreessen Horowitz and Coinbase. If the investment talks go through, Coinswitch Kuber will become the second Indian cryptocurrency firm to be named a unicorn, following B Capital-backed CoinDCX. CoinDCX raised $90 million in a Series C fundraising round led by B Capital Group last month at a valuation of $1.1 billion.
The startup has raised a total of $40 million this year through Series A and Series B funding rounds. The firm has raised $25 million from Tiger Global Management in April as part of its Series B fundraising round, at a valuation of more than $500 million
The companies have not yet responded, but the speculations about a possible investment appear to be gaining traction. Despite local regulations on crypto assets, the cryptocurrency market in India grew by 600 percent. The platform currently has over 7 million monthly active users in India, up from 4.5 million in April 2021, with a transaction volume of $5 billion in March 2021.
The Central Bank of India has expressed concern over private digital currencies while simultaneously planning a pilot program for its own digital currency launch before the end of 2021.
CBW - External Analyst