India-based crypto investment platform CoinSwitch Kuber has raised $15 million signaling a promising future for Indian investors in cryptocurrency. The platform raised the capital from Ribbit Capital and Paradigm. CoinSwitch Kuber raised the capital in its Series A funding that was led by Ribbit Capital and Paradigm. The investment round also saw CRED founder Kunal Shah and Sequoia Capital participating.
CoinSwitch was founded by Ashish Singhal, Vimal Tiwari and Govind Soni in 2017. In June 2020, they launched an India exclusive cryptocurrency platform CoinSwitch Kuber which aims to simplify crypto investment for Indian investors. According to reports, the platform had over one million users in six months of its launch and investment worth Rs. 2,000 crores. CoinSwitch aims to reach the feat of having 10 million investors on board in the next 12 months.
It is an interesting time to be a cryptocurrency enthusiast. The biggest cryptocurrency bitcoin was on a flashy 300% rally in the last 12 months to reach the $42,000 mark in January. The currency then found itself falling to $33,159 after that and has since been on a volatile streak. But despite its volatility, the largest cryptocurrency is continuing to astound investors and lure them into taking a piece of the action.
“We are very excited to invest in CoinSwitch, which we believe can become a generational technology brand in India. Our mandate is to invest in the best entrepreneurs and technologists driving change in financial services. We backed the team not only because of their track record of product and technology, innovation but also because of their resolute commitment to serving their customers,” said Nick Shalek who is a general partner at Ribbit Capital in a statement.
It should be noted that CoinSwitch is Ribbit Capital’s first investment in India. The company is a pioneer in global cryptocurrency and blockchain projects and has backed the biggest names in the cryptocurrency-focused firms like Coinbase, Chainalysis, etc. Ribbit Capital has also backed India’s leading fintech startups like Cred, Razorpay, Moneyview, Bharatpay, etc.
Paradigm co-founder Matt Huang also gave a statement about the firm’s confidence in CoinSwitch Kuber and said, “While the crypto landscape in India remains nascent, it has been an exciting past 12 months and over time we believe India could be one of the largest global crypto markets. Ashish and the CoinSwitch team have shown tremendous resilience and strong execution in a challenging market, giving us confidence in their potential to build a market leader in the years to come.”
Ashish Singhal who’s the co-founder of CoinSwitch Kuber said they are planning to target ten times growth in the coming times and would use the investment in garnering that growth.
“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,” said Ashish Singhal.
The increasing interest of foreign investors in India’s cryptocurrency landscape can be viewed as a vote of confidence for the cryptocurrency sector. After the Indian Supreme Court lifted the ban on cryptocurrency that was enforced by the Reserve Bank of India (RBI) in 2020, the Indian cryptocurrency trading volume saw a sharp increase.
According to reports, India is currently the second-biggest bitcoin trading nation in the Asian continent after China. It is also the sixth biggest one in the world trailing behind the US, China, Canada, Nigeria and the UK. India’s cryptocurrency trading volumes too paint a promising future for the all-digital currency, claiming to have grown by 500% since March 2020.