CoinSwitch Kuber recently completed its Series A Funding Round and raised a total of $15 million in funds. It is revealed that this funding round was led by Ribbit Capital, which is a leading global fintech firm, and Paradigm, a crypto-focused investment firm. Not only these, but several existing investors of the firm have also participated in this funding round. Sequoia Capital India and Kunal Shah, founder of CRED, were also part of this funding round.
CoinSwitch Kuber Aims to Become the Leading Crypto Investment Platform
CoinSwitch Kuber will be using this funding to enhance the productivity and technical capabilities of the firm. Along with this, it is hoping to develop both the security and compliance capabilities of the firm. The exchange is aiming to become one of the leading crypto investment platforms that provide wide opportunities to Indian users.
CoinSwitch was founded in 2017 by Govind Soni, Ashish Singhal, and Vimal Sagar Tiwari. Initially, it was launched as a global aggregator for various crypto exchanges. Even though CoinSwitch was founded way back in 2017, CoinSwitch Kuber was launched recently only, in June 2020. It is revealed that the exchange is having around one million users, as of present. The ultimate goal of the firm is to attract at least 10 million users in the next year.
Targeting a Ten Times Growth
As CoinSwitch Kuber is targeting a user base of 10 million this year, it seems that they are hoping for a ten times growth. Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, has 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. To this end, we will invest in product and technology and also run a slew of awareness initiatives to educate investors about the potential of crypto as an emerging asset class.”
Now, it is quite obvious that crypto adoption in India will increase very impressively if the exchange succeeds in its plans.