Cryptocurrency funding platform CoinSwitch Kuber has raised $15 million ( ₹109 crore) as a part of its Sequence A funding spherical, led by international fintech and crypto investor Ribbit Capital and San Francisco-based Paradigm. Current traders Sequoia Capital and angel investor and CRED founder Kunal Shah additionally participated within the spherical.
CoinSwitch stated it’s going to use the funds to reinforce product, safety and know-how capabilities, with a view to turning into the de-facto cryptocurrency funding platform for Indian customers.
This marks Ribbit Capital’s first funding in an Indian cryptocurrency agency. It had earlier funded lending corporations ZestMoney, Capital Float and BharatPe within the nation.
CoinSwitch additionally marks Paradigm’s maiden funding in India. Paradigm was began by the founding father of Coinbase, one of many largest cryptocurrency exchanges globally.
Three-year outdated CoinSwitch is a worldwide aggregator of cryptocurrency exchanges and launched its India-focused crypto buying and selling platform final June. Inside six months, it already has over a million customers and expects to have 10 million within the subsequent one yr.
The information comes at a time when costs of cryptocurrencies globally have seen a historic rise, with digital forex bitcoin reporting a file excessive of just about $42,000 on 8 January. This week, bitcoin additionally noticed costs slide by virtually 21% over a two-day tumble on Sunday and Monday to as little as $32,389.
“We’re thrilled to have essentially the most targeted fintech and crypto traders Ribbit and Paradigm be part of us as companions in our journey to make cryptocurrency investments accessible to retail traders in India. We goal 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,” stated Ashish Singhal, chief govt officer and co-founder, CoinSwitch Kuber.
The agency may also run a slew of consciousness initiatives to teach traders concerning the potential of crypto as an rising asset class, Singhal added.