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CoinSwitch Kuber raises $15 million from Ribbit Capital, Paradigm, Kunal Shah and others – Business News , Firstpost


The three-yr-previous firm will use the funds to reinforce product, safety, compliance and tech capabilities, and construct a model with a view to be the main cryptocurrency funding platform for Indian customers.

Coinswitch Kuber will use the need use the brand new funds to reinforce product, safety, compliance and tech capabilities.

CoinSwitch Kuber, a cryptocurrency funding platform, has raised $15 million (round Rs 109 crore) in Series A funding spherical led by world fintech and crypto investor Ribbit Capital and San-Francisco based mostly crypto focussed funding agency Paradigm. The spherical additionally noticed participation from current traders Sequoia Capital India and angel investor and CRED founder Kunal Shah.

The firm will use the funds to reinforce product, safety, compliance and tech capabilities, and construct a model with a view to be the main cryptocurrency funding platform for Indian customers.

“We goal to double down on the Indian market, and are concentrating on a ten instances development in our person base by the top of the yr. To this finish, we are going to put money into product and expertise and additionally run a slew of consciousness initiatives to coach traders in regards to the potential of crypto as an rising asset class,” Ashish Singhal, CEO and co-founding father of CoinSwitch Kuber, stated.

(Also Read: Cryptocurrency Bitcoin breaks above $20,000 barrier for the primary time ever whereas ethereum and XRP additionally achieve)

CoinSwitch was based in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari and as a worldwide aggregator of cryptocurrency exchanges. The firm launched its India unique crypto platform CoinSwitch Kuber in June 2020.

According to the startup, it crossed over half a million registered customers in November 2020 and it has over a million customers as of now. The firm is anticipating ten million customers to be energetic on its platform by the top of the subsequent yr.

The information comes at a time when costs of cryptocurrencies have seen an increase, with digital foreign money bitcoin reporting a file excessive of virtually $42,000 on 8 January.

With inputs from PTI.

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