Andreessen Horowitz (a16z ) is a US-based venture capital firm known to back the future through technology while Coinbase operates one of the world’s largest crypto exchanges.
This investment makes CoinSwitch Kuber a unicorn and the most valuable crypto company in India valued at $1.9 billion.
CoinSwitch Kuber intends to utilise the funds for growth on mutliple fronts including onboarding new Indian users, launching new crypto products, hiring new talent, education and diversification.
Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber, said that the company is on a mission to build wealth for Indians by making crypto more accessible. Simplifying crypto investments for the Indian youth has helped it.
“We are humbled by the trust shown in CoinSwitch Kuber by two of the biggest names in the global crypto investment arena,” he added. “They have in CoinSwitch Kuber’s business model and the tremendous potential India’s crypto space has to offer.”
Started in 2017, CoinSwitch Kuber claims to be India’s fastest grown crypto asset platform with close to more than 10 million users. The company launched its India operations in June 2020.
“We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, CoinSwitch has emerged as the leading retail platform in the country,” said David George, General Partner at Andreessen Horowitz.
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