India Getting Ready to Make CoinSwitch its Second Unicorn in Crypto-Verse
In the past couple of years, the cryptocurrency industry has gone through a very bumpy and rough ride in India. The Indian regulatory authorities, especially, the Reserve Bank of India (RBI) had been very aggressive against the crypto-sector in India.
However, with the year 2021 moving towards its third quarter of 2021, the situation started changing for the crypto-sector in India. Now, the overall atmosphere of the cryptocurrency industry in the country is somewhat neutral. This happened when the government of India announced that cryptocurrencies were not going to get banned permanently in the country.
Although the situation is still not much clear and favorable for the cryptocurrency industry in India, yet new cryptocurrency exchanges are being launched in the country. The cryptocurrency industry in India is now planning to launch another exchange, destined to become a crypto-unicorn.
Some unconfirmed sources have shared information hinting towards the possible launch of a cryptocurrency exchange startup into the unicorn rally. The sources have revealed that the name of the exchange is CoinSwitch Kuber.
According to sources, the exchange is getting ready to commence a funding round in order to expand its business, products, and service portfolio. It is reported that the exchange is aiming to generate a large number of funds from the funding round. The sources reveal that from the funding round, it is aiming to increase its valuation to $2 billion.
By achieving $2 billion market capitalization, the company is aiming to compete with CoinDCX, which is the first-ever crypto unicorn in India. The exchange had recently carried out a funding round titled “Series C Funding” round during summer.
From the Series C funding round, the exchange successfully raised $90 million and it helped the exchange gain $1.1 billion in its market valuation. B Capital Group was the firm that reportedly led the Series C funding round for CoinDCX.
Other major participants in CoinDCX’s funding round were Jump Capital, Polychain, Coinbase Ventures, and Block. one. The sources reveal that Andreessen Horowitz (A16z) and Coinbase are the firms that are closely dealing with CoinSwitch Kuber.
CoinSwitch Kuber has announced that it is currently talking about both major firms, and if things work out, it will receive the largest investment that an Indian firm has received from venture capital firms.
Since the beginning of 2021, CoinSwitch Kuber has recorded tremendous growth in its adoption. The firm has observed a rise of 3 million active users in a matter of four months. It has been reported that back in April of 2021, the user base CoinSwitch Kuber had was 4 million and as of August 2021, it has grown all the way up to 7 million active users.