CoinSwitch 30th unicorn this year, 2nd $1bn crypto co

BENGALURU/CHENNAI: Crypto exchange platform CoinSwitch Kuber has raised $260 million from Andreessen Horowitz (a16z), Coinbase Ventures, and existing investors like Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global in a series-C funding round. With this, the company — now valued at $1.9 billion — became the second crypto platform in India to turn into a unicorn. Earlier, CoinDCX was valued at $1.1 billion when it raised a $90-million round in August.

CoinSwitch Kuber will use the funds to increase its customer base and introduce new crypto products. It also plans to hire people across engineering, product and data. Its CEO and co-founder Ashish Singhal told TOI last week that it plans to have an employee strength of 1,500 by the end of this fiscal, up from 350 currently.