The trading platform Coin Switch Kuber raised $ 260 million during the round of financing. The exchange uses the funds received to attract institutional investors and launch decentralized lending services.
The next round of funding was led by Coinbase Ventures and Andreessen Horowitz (a16z). The round was also attended by permanent investors of the exchange, companies Sequoia, Paradigm, Ribbit and Tiger Global.
The exchange successfully entered the venture capital market in early 2021. The first $ 15 million in the trading floor during Round A was invested by Ribbit Capital and Paradigm. During the second round of funding for Series B, the exchange raised $ 500 million from Tiger Global Management. As a result, after three rounds of funding, the total capital of the Coin Switch Kuber exchange grew to $ 1.9 billion. Today, the trading floor is the largest digital asset exchange in India by capitalization.
The exchange uses the $ 260 million received in the course of financing round C to attract institutional investors and launch decentralized lending services. Part of the capital will go to the listing of a new asset class in order to expand the range for investment, which consists of 300 cryptocurrencies and more than 45,000 pairs from leading exchanges such as Binance, OKEx, HitBTC, IDEX. The rest of the money will be used to attract 50 million local users, now there are 10 million customers on the site.
The plans to attract users to the exchange are quite feasible. Recently, the co-founder of the Indian exchange Coinsbit India, Nikolay Udyansky, said that over the six months of operation of the site, the number of users had grown to 1.2 million people. According to a study by Chainalysis, the volume of investments of the Indian population in cryptocurrencies in 2020 increased from $ 200 million to $ 38.8 billion. At the same time, the share of investments among Indian teenagers is $ 6.6 billion. Young people are primarily attracted by high return on assets and digital technologies.
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