CoinSwitch Kuber, a crypto investment firm has raised $15 million (₹109 crores) in funding, led by Ribbit Capital and Paradigm.
Crypto investment firm CoinSwitch Kuber raised $15 million
The firm raised funds as part of its Series A funding round headed by Ribbit Capital, a global fintech & crypto investor, and San Francisco-based Paradigm. This indicates Ribbit Capital’s first investment in an Indian cryptocurrency company. It funded lending companies ZestMoney, Capital Float, and BharatPe in the country earlier.
CoinSwitch also marks Paradigm’s maiden investment in India. Moreover, Paradigm was started by the founder of Coinbase, one of the largest cryptocurrency exchanges globally. Added to this, the existing investor Sequoia Capital India and angel investor and CRED founder Kunal Shah also shown participation in the round.
However, the CoinSwitch will use the funds to enhance security, product, and technology capabilities, with a view to becoming the de-facto cryptocurrency investment firm for Indian users.
Furthermore, the news comes at a time when cryptocurrency prices globally seen a historic rise, with digital currency king bitcoin reporting a record high of almost $42,000. According to CoinGecko, the BTC price is at $34,711, at the time of writing.
CoinSwitch, an India-exclusive crypto platform Kuber launched in June last year to simplify crypto investments for Indian retail investors. Within six months of launch, the platform has garnered over a million users. And the company also aims to have 10 million users on the platform in the next year.
CoinSwitch Kuber CEO Ashish Singhal said,
We aim to double down on the Indian market, and are targeting a ten times growth in our user base by the end of the year.