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Report - Indian crypto-exchange CoinSwitch Kuber is on track to become a unicorn start up
Sep, 13 2021
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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.
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Pavan A
CBW - External Analyst
INDIA
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