CoinSwitch Kuber announced that it has closed $15 million in its Series A funding, which was 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 cryptocurrency investment platform 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.
Ashish Singhal, CEO and Co-founder of CoinSwitch Kuber, said they are thrilled to have the world’s most focused fin-tech and crypto investors, Ribbit and Paradigm join as partners in the company’s 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,” he said. “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.”
Nick Shalek, General Partner at Ribbit Capital, expressed excitement about investing in CoinSwitch. “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 the track-record of product and technology innovation, but also because of their resolute commitment to serving their customers.”
Matt Huang, Co-founder and Managing Partner at Paradigm and Arjun Balaji, Investment Partner at Paradigm, 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.”
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. Reports highlight that Indian cryptocurrency trading volumes have grown 500 per cent since March 2020, indicating that the country’s massive appetite for the cryptocurrencies, thereby attracting attention from global investors like Paradigm and Ribbit Capital.