The three-year-old firm will use the funds to boost product, safety, compliance and tech capabilities, and construct a model with a view to be the main cryptocurrency funding platform for Indian customers.
CoinSwitch Kuber, a cryptocurrency funding platform, has raised $15 million (round Rs 109 crore) in Sequence A funding spherical led by world fintech and crypto investor Ribbit Capital and San-Francisco primarily based crypto focussed funding agency Paradigm. The spherical additionally noticed participation from present buyers Sequoia Capital India and angel investor and CRED founder Kunal Shah.
The corporate will use the funds to boost product, safety, compliance and tech capabilities, and construct a model with a view to be the main cryptocurrency funding platform for Indian customers.
“We purpose to double down on the Indian market, and are concentrating on a ten occasions progress in our consumer base by the top of the yr. To this finish, we are going to put money into product and know-how and in addition run a slew of consciousness initiatives to teach buyers concerning the potential of crypto as an rising asset class,” Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, stated.
CoinSwitch was based in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari and as a world aggregator of cryptocurrency exchanges. The corporate launched its India unique crypto platform CoinSwitch Kuber in June 2020.
According to the startup, it crossed over half 1,000,000 registered customers in November 2020 and it has over 1,000,000 customers as of now. The corporate is anticipating ten million customers to be lively on its platform by the top of the following yr.
The information comes at a time when costs of cryptocurrencies have seen an increase, with digital foreign money bitcoin reporting a document excessive of just about $42,000 on 8 January.
With inputs from PTI.
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