India-based crypto exchange Coin Switch Kuber announced on Wednesday (October 6) that it had “managed to raise a Series C Funding of $260 Million.”
The app-based exchange was founded in June 2020 by Ashish Singhal (CEO), Govind Soni (CTO), Vimal Sagar Tiwari (COO), and Sharan Nair (Chief Business Officer).
According to Wikipedia, Coin Switch Kuber, which is headquartered in Bangalore, India, is funded by Sequoia Capital, Paradigm, Tiger Global Management, Kunal Shah (founder of CRED and Freecharge) and Ribbit Capital.
Earlier today, the exchange announced that its Series C Funding round was “led by Coinbase Ventures and Andreessen Horowitz (a16z)” with existing investors Sequoia, Paradigm, Ribbit and Tiger Global also taking part. This means that CoinSwitch Kuber has become “India’s most valued Crypto company at $1.91 Billion!”
The exchange also mentioned that it currently has over 10 million users.
As for what it plans to do with this $260 million, here are a few of its plans for these funds:
- “Onboarding 50 Million Indians on CoinSwitch Kuber“
- “Launching Crypto products and services like lending and staking to enable users to benefit from this decentralized technology“
- “Addition of new asset classes to offer multiple investment options“
- “Introducing a product for institutional clients“
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