a16z Backs Indian Crypto Exchange in $260M Funding Round

a16z Backs Indian Crypto Exchange in $260M Funding Round

THELOGICALINDIAN - The latest allotment annular ethics Coinswitch Kuber at 19 billion

Indian crypto barter Coinswitch Kuber has aloft added than $260 actor in its latest allotment round, with contributions from Andreessen Horowitz (a16z) and Coinbase Ventures. 

Coinswitch Kuber Secures Funding

While crypto adjustment in India seems uncertain, big investors see potential. 

Coinswitch Kuber, a Bangalore-based crypto exchange, has become India’s better crypto unicorn, accepting over $260 actor in its latest Series C allotment round. The barter appear the cessation of its accession Wednesday. 

Among the investors are the American adventure basic close Andreessen Horowitz, Coinbase Ventures, and several abate absolute investors, including Paradigm, Ribbit Capital, and Tiger Global. 

The accession ethics Coinswitch Kuber at $1.9 billion, agreement it aloft the $1.1 billion appraisal of aggressive Indian crypto barter CoinDCX. The barter stated that it will use the funds to advice onboard users and barrage new articles on the exchange, with the aim of growing its user abject from 10 to 50 million. 

Launched in June aftermost year, Coinswitch Kuber is absolute to India and aims to abridge crypto trading. The adaptable app currently supports over 100 altered cryptocurrencies and allows users to advance as little as 100 Indian rupees, about $1.30. 

Andreessen Horowitz has bound become one of the arch adventure basic firms in the crypto space. However, the accord in Coinswitch’s Series C marks the firm’s aboriginal advance in India. 

In June, Andreessen Horowitz launched a $2.2 billion crypto fund, the better in the industry to date. The adventure basic has so far invested hundreds of millions into the crypto space, with notable investments from the close including the hit play-to-earn bold Axie Infinity, the NFT barter OpenSea, and the blockchain gaming belvedere Dapper Labs

Disclaimer: At the time of autograph this feature, the columnist endemic BTC, ETH, and several added cryptocurrencies.