India gets its second crypto unicorn

CoinSwitch Kuber became the 30th unicorn startup in India, and  valued higher than CoinDCX’s $1.1 billion valuation announced in August 2021.

Before we dive into the details, let us understand the two terms- “cryptocurrency” and “unicorn”.

Cryptocurrencies are what stocks were centuries ago. They are decentralized digital assets operating on blockchain technology. Cryptocurrency is an encrypted digital currency that is processed and validated through data mining. In simple words, they are digital or virtual currency. Some of the most popular cryptocurrencies are Bitcoin, Ethereum, Ripple XRP, Litecoin, IOTA.

A unicorn is a private firm with a valued at over $1 bn. Some of the popular unicorns are Cred, Paytm, Groww, etc.

After coin DCX, India has its second crypto unicorn in less than two months. They raised $260 million on 6th oct in series C round which is the largest funding round by any crypto company in India.

The fundraising was co-led by Silicon Valley-based venture fund Andreessen Horowitz and Coinbase Ventures. While Andreessen Horowitz has invested $80 million, Coinbase Ventures has pitched $150 million. This is the first investment from Andreessen Horowitz in an Indian start-up, it has also become the 30th Indian unicorn this year as record capital continues to be pumped in the local start-up economy.

CoinSwitch Kuber was founded in 2017 by Singhal, Govind Soni and Vimal Sagar Tiwari with a motto to make crypto investing as easy as ordering food online. They wish to combine transparent pricing with an extensive knowledge hub so that users can make informed decisions and thrive in a dynamic digital investment world. The platform claims to have 7 million active users all from India so far.

Zero brokerage, best prices, no lock-in period, instant trading, and a simple user interface are attracting a lot of users towards it. People can now buy 100+ cryptocurrencies and start trading with as low as Rs100.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.