Home News CoinSwitch Kuber poised to become India’s second crypto unicorn

CoinSwitch Kuber poised to become India’s second crypto unicorn

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CoinSwitch Kuber poised to become India’s second crypto unicorn. In fact, the recent past of India has been raucous on the crypto front. Yet the local industry is, however, propagated to be on the edge of creating another crypto unicorn.

Reportedly, sources purportedly familiar with the issue stated that crypto exchange CoinSwitch Kuber is in the final stages of discussion for a fresh funding round. That could raise the platform value to $2B.

Titanic collaboration

This valuation is more than twice of the country’s first crypto unicorn. Rival exchange CoinDCX had raised $90M this summer in a Series C funding round valued at $0.1B. B Capital Group led the round with Coinbase Ventures, Polychain and Jump Capital joining. Apparently, Coinbase and Andreessen Horowitz (A16z) have been collaborating closely with CoinSwitch Kuber. If Andreessen Horowitz signs on, it would be the VC firm’s first investment in an Indian startup.

If they finalized the deal, CoinSwitch Kuber’s monthly active users that claimed to be over 7M in Aug. Up from about 4M in Apr. Could guarantee a further $100 million for the company. Even as India’s confusing regulatory and legal environment has continued to discourage a handful of high-profile companies from entering the sector. Trading platforms like CoinSwitch Kuber and CoinDCX – the latter of which boasts roughly 3.5 million users – indicate escalated interest among retail investors. Investments in the Indian crypto sector meanwhile escalated to 600% between mid-2020 and June 2021.

India doubled up its unicorns in one year

Throughout 2021, with India adding 3 unicorns per month, the total number of unicorns in the country almost doubled up to reach 51 unicorns as of last month. Furthermore, traditional financial institutions are adopting solutions from the crypto space. As recently revealed by the Reserve Bank of India, which is considering a decentralized ledger for its proposed central bank digital currency (CBDC). Moreover, in the coming months, there will likely be trials for the digital rupee.

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