Indian crypto exchange CoinSwitch Kuber raised $25M from US investment firm Tiger Global Management in a Series B funding round.
As a result, the company was valued at $ 500 million, the statement said.
According to CoinSwitch, since launching in 2020, the exchange’s team has grown from 20 to over 120 people, and the number of users has reached 4.5 million.
Among the immediate tasks, the company listed:
invest in technology to improve the security and performance of the trading platform;
Trending: Ethereum Active Addresses Dropped to a 4-Month Low
step-up brand-building efforts; Hire new hires in Technology, Marketing, Operations, Product, and Compliance to drive further growth; increase the number of users to 10 million by the end of the year.In January, CoinSwitch raised $ 15 million in a Series A funding round led by venture capital firms Ribbit Capital and Paradigm.
Trending: Japan to Make Listing of Cryptocurrencies Easier
Earlier, Tiger Global Management invested in the FalconX institutional crypto exchange in a round worth $50M.
The firm has also co-financed $ 350 million for the BlockFi landing platform.
We will remind, the media reported that the Indian authorities will consider a bill that provides for a ban on operations with cryptocurrencies and introduces criminal and administrative liability for miners and traders.
The country is also exploring the possibility of blocking the IP addresses of digital asset exchanges.