- The landmark deal brings together two leading global investors.
- This marks Ribbit Capital’s first investment in a cryptocurrency firm in India.
- Paradigm’s (founded by Matt Huang and Fred Ehrsam, co-founder of Coinbase, the largest cryptocurrency exchange in the U.S) maiden investment in India.
- CoinSwitch Kuber will invest in tech, security, compliance, and product capabilities and aims to be the leading cryptocurrency investment platform for Indians.
- Targets a user base of 10 million by the end of 2021.
Bengaluru, January 13, 2021: CoinSwitch Kuber, India’s fastest growing cryptocurrency investment platform announced that it has closed $15 million (Rs. 109 Cr.) in its Series A funding. The round is led by leading global fintech and crypto investor Ribbit Capital, and San-Francisco based crypto-focused investment firm, Paradigm.
The deal brings together two leading global investors in support of the CoinSwitch Kuber team and what they have managed to achieve in the space in a very short time. The company will use the funds to enhance product, security, compliance, and tech capabilities, and build a formidable brand with a view to be the leading cryptocurrency investment platform for Indian users. The round also saw participation from the company’s existing investor Sequoia Capital India and prominent angel investor CRED’s Kunal Shah.
The company launched its India exclusive crypto platform, CoinSwitch Kuber in June 2020 to simplify crypto investments for Indian retail investors. Within six months of launch, over one million users have already flocked to the platform owing to the ease of usage, security, and the large collection of cryptocurrencies. The company expects to have 10 million users on the platform in the next year.
Ashish Singhal, CEO, and Co-founder, CoinSwitch Kuber said, “We are thrilled to have the world’s most focused fin-tech and crypto investors, Ribbit and Paradigm join us as partners in our journey to make cryptocurrency investments accessible to retail investors in India. The continued backing of our existing investors led by Sequoia Capital India is a testimony to the tremendous impact we have had on the crypto ecosystem in the country within a short time of our launch. 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.”
CoinSwitch’s latest funding comes at a time when the Indian market is witnessing an unprecedented growth in cryptocurrency trading and investments. The global spike in interest in cryptocurrencies has rubbed off on the Indian investors too, making India the second-biggest bitcoin nation in Asia after China, and the sixth biggest in the world, after the United States, Nigeria, China, Canada, and the United Kingdom. According to reports, Indian cryptocurrency trading volumes have grown 500% since March 2020, signalling the country’s massive appetite for cryptocurrencies, thereby attracting attention from global investors like Paradigm and Ribbit Capital.
CoinSwitch is Ribbit Capital’s first investment in a cryptocurrency platform in India. Founded in 2012 by Meyer (Micky) Malka, Ribbit Capital is counted among the world’s foremost investors focused on fintech. It was one of the earliest investment firms to invest in cryptocurrency companies, and its portfolio includes some of the most prominent cryptocurrency and blockchain projects including Coinbase, Chainalysis, and Diem. The fund has also invested in some of India’s leading startups such as BharatPe, Capital Float, Cred, epifi, Groww, Moneyview, Razorpay, and Zest.
Nick Shalek, General Partner at Ribbit Capital said, “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, and Ashish, Vimal, and Govind fit the bill. 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.”
CoinSwitch is Paradigm’s first investment in India. Paradigm, a leading crypto-focused investment firm based in San Francisco, California was founded in 2018 by Matt Huang, a former Sequoia partner, and Fred Ehrsam, who co-founded Coinbase, the largest cryptocurrency exchange in the U.S. The firm invests in crypto-assets and businesses from the earliest stages of idea formation through maturity. Some of Paradigm’s other investments include Uniswap, Yield Protocol, Fireblocks and Compound.
Matt Huang, Co-founder and Managing Partner at Paradigm, and Arjun Balaji, Investment Partner at Paradigm said, “We are thrilled to partner with CoinSwitch in their mission to bring simple crypto investing to the Indian market. 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.”
About CoinSwitch Kuber:
CoinSwitch Kuber is India’s fastest growing INR-crypto on-ramp platform. Kuber is a product developed exclusively with the retail investor in mind. Within the first 200 days of launch, the platform onboarded 1 million users and clocked investment of over Rs. 2000 crore. With a razor-sharp focus on customer experience, Kuber aims to simplify cryptocurrency investments for retail users in India.
It provides the best rates to its users by aggregating liquidity from top Indian and global crypto exchanges and supports 100s of cryptocurrencies for users to buy and sell using Indian rupees. CoinSwitch Kuber is founded by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, who were college friends and have worked at Amazon, Microsoft, and Zynga respectively. This is the same team that launched the global cryptocurrency aggregator platform, CoinSwitch in 2017.
CoinSwitch is the worldwide aggregator of cryptocurrency exchanges, providing users with the most competitive rates in the market. Through partnering with leading global exchanges, CoinSwitch is vastly simplifying cryptocurrency trading by removing the need to create an account on an exchange. CoinSwitch is able to offer over 300 coins and 45,000 currency pairs through its global aggregation and partnerships.
CoinSwitch also provides its API to most of the leading wallets and payment service providers, enabling them to increase their offerings. Noticing the growing appetite for cryptocurrency investments amongst Indians, the founders saw the need to launch an India exclusive platform with CoinSwitch Kuber. Kuber is designed keeping first-time cryptocurrency investors in mind, simplifying crypto for them.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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