A16z, Coinbase Crown India’s Second Crypto Unicorn in $260M Funding Round for CoinSwitch Kuber
India has its second cryptocurrency unicorn (a startup with a market value of at least $1 billion) after Andreessen Horowitz (a16z) and Coinbase Ventures backed CoinSwitch Kuber in a $260 million funding round that valued the exchange at $1.9 billion.
Also participating in the round were existing investors Paradigm, Ribbit Capital, Sequoia Capital and Tiger Global, CoinSwitch Kuber announced Wednesday.The exchange has set a goal of onboarding 50 million Indians with the launch of new crypto products and services such as lending and staking.CoinSwitch Kuber has demonstrated that it can “deliver an investment platform for the masses in India,” according to David George, a general partner at a16z.The exchange’s unicorn status follows the $1 billion valuation attained by rival crypto exchange CoinDCX in August in a $90 million funding round that also included contribution from Coinbase.CoinSwitch Kuber was valued at $500 million in a $25 million Series B funding round in April, which came three months after a $15 million Series A round.