Indian cryptocurrency alternate CoinSwitch Kuber raises over $260 mln

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BENGALURU, Oct 6 (Reuters) – Indian cryptocurrency alternate CoinSwitch Kuber stated on Wednesday it had raised greater than $260 million from present and new buyers together with Coinbase Ventures and Andreessen Horowitz, valuing it at $1.9 billion.

The new funding spherical included present buyers akin to Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global, CoinSwitch Kuber stated in an announcement.

Venture Capital big Andreessen Horowitz, which makes this funding its first in India, stated in June it was launching a brand new $2.2 billion fund to speculate more cash in crypto networks. learn extra

CoinSwitch Kuber, which at present has greater than 10 million customers, stated it might use the funds to onboard 50 million Indians on its platform and roll out new merchandise.

The Indian authorities was set to current a invoice to parliament by March that proposed a ban on cryptocurrencies, making buying and selling and holding them unlawful, however the invoice was not tabled within the session.

Reporting by Rama Venkat in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich