CoinSwitch Kuber has become the second cryptocurrency startup to attain unicorn status after raising $260 million in a Series C funding round.
The recently concluded funding round was co-led by venture capital firm Andreessen Horowitz (a16z) and popular cryptocurrency exchange Coinbase.
Reuters reported today that the round also saw the participation of existing investors such as Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global.
The latest capital injection brought CoinSwitch valuation to a whooping $1.9 billion, making the firm the second crypto unicorn after CoinDCX and the 30th unicorn company to be registered this year in India.
Recall that CoinDCX became a unicorn company in late August after its valuation reached $1.1 billion. CoinDCX’s major competitor, CoinSwitch Kuber, has surpassed the landmark achievement in less than two months.
Aside from the $300 million Series C investment round, CoinSquare has raised about $300 million till date, which includes the $25 million and $15 million that was invested in the company’s Series B and A funding round.
Rising Crypto Interest Amid Unclear Regulations
Indian regulators have refused to propose a crypto bill that will put to rest every confusion about crypto-related products. Despite the regulatory uncertainty in the Indian cryptocurrency space, investors have remained resilient as they continue to support cryptocurrencies.
This is evident in CoinSwitch’s remarkable growth in less than two years, with the company seeing the sign up of more than 10 million customers at press time.
The firm plans to use the recent capital injection to improve its services and offer cryptocurrency lending and staking products, thus helping its user base to surge to 50 million.
The Bengaluru-based crypto startup is also planning to onboard institutional clients and subsequently establish an ecosystem fund in the near future.
a16z Investments in Crypto Startups
Meanwhile, Andreessen Horowitz has been on a rampage with its series of investments in several crypto-related start up firms ever since the virtual capital company announced a $2.2 billion cryptocurrency fund in June.
So far, a16z has invested in One Digital Investment, Sky Mavis, the team behind the popular play to earn blockchain game Axie Infinity, and a host of others.