CoinSwitch Kuber has launched a new funding round of $15,000,000 in capital. The round was led by Ribbit Capital, a venture capital firm focused on investments in the blockchain and cryptocurrencies industry. The firm also participated in CoinSwitch Kuber’s previous funding round.
CoinSwitch, a tech-focused exchange where users can trade over 300 cryptocurrencies, is expanding its services to include a global market for the digital asset called Kuber. A global market is an exchange-like platform that allows traders from different countries to exchange their crypto assets using the CoinSwitch platform. … CoinSwitch is also partnering with Ribbit, a company that offers a social-based cryptocurrency community and market-maker, and Paradigm, a company that provides liquidity and trading solutions for digital currency exchanges. … The partnership will allow CoinSwitch to provide a global market for the trading of digital assets, while Ribbit is providing the social aspect and liquidity. CoinSwitch is also working with Paradigm to enable the trading of digital assets on the CoinSwitch
Dash is a digital currency with instant transactions and decentralized governance, which is why it has become one of the fastest-growing digital currencies in the cryptocurrency market. CoinSwitch, the world’s most popular cryptocurrency exchange aggregator, is setting up a new fund called CoinSwitch Kuber that is intended to invest in projects that will contribute to the development of a decentralized exchange. This new fund has already raised $15 million in funding, which has been provided by Ribbit Capital and Paradigm Ventures.
Ribbit Capital and Paradigm led a $15 million (109 crores) financing round for CoinSwitch Kuber, a crypto investing company.
CoinSwitch Kuber, a cryptocurrency investing company, has 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 is also Paradigm’s first foray into India. Furthermore, Paradigm was founded by the CEO of Coinbase, one of the world’s biggest bitcoin exchanges. In addition, current investor Sequoia Capital India, as well as angel investor and CRED founder Kunal Shah, have shown interest in the round.
CoinSwitch, on the other hand, plans to utilize the money to improve its security, product, and technological skills in order to become India’s de-facto cryptocurrency investing company.
Furthermore, the announcement comes at a time when cryptocurrency values have experienced a historic increase, with bitcoin, the world’s most popular digital currency, reaching a fresh high of almost $42,000. At the time of writing, the BTC price was $34,711 according to CoinGecko.
Kuber created CoinSwitch, an India-only crypto platform, in June of last year to make crypto investing easier for Indian retail investors. The site has over a million users only six months after its debut. In the next year, the firm hopes to have 10 million users on the platform.
According to Ashish Singhal, CEO of CoinSwitch Kuber,
We want to double down on the Indian market by the end of the year, with a tenfold increase in our user base.
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CoinSwitch, a cryptocurrency trading platform, has announced a new funding round to help fuel its growth. The company recently raised $15 million in funding from Ribbit Capital (Ribbit Capital is a venture capital firm that has invested in companies such as Airbnb, Uber, Square, and Stripe), Paradigm (Blockchain Capital’s digital asset platform) and StartEngine.. Read more about coinswitch kuber funding and let us know what you think.
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