CoinSwitch Kuber, a cryptocurrency investment platform, on Wednesday said it has raised $15 million (Rs 109 crore) in funding, led by Ribbit Capital and San-Francisco based crypto focused investment firm Paradigm.
The series A round also saw participation from existing investor, Sequoia Capital India and CRED founder Kunal Shah, a statement said.
The company will use the funds to enhance product, security, compliance and tech capabilities, and build a brand with a view to be the leading cryptocurrency investment platform for Indian users, it added.
Cryptocurrencies (like Bitcoin and Ethereum) are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank.
CoinSwitch was founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari as a global aggregator of cryptocurrency exchanges.
The company launched its India-exclusive crypto platform, CoinSwitch Kuber in June last year to simplify crypto investments for Indian retail investors.
Within six months of launch, the platform has garnered over one million users and the company aims to have 10 million users on the platform in the next one year, the statement 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,” Ashish Singhal, CEO and co-founder of CoinSwitch Kuber, said.