BENGALURU, Oct 6 (Reuters) – Indian cryptocurrency trade CoinSwitch Kuber mentioned on Wednesday it had raised greater than $260 million from current and new buyers together with Coinbase Ventures and Andreessen Horowitz, valuing it at $1.9 billion.
The brand new funding spherical included current buyers resembling Paradigm, Ribbit Capital, Sequoia Capital India and Tiger World, CoinSwitch Kuber mentioned in an announcement.
Enterprise Capital large Andreessen Horowitz, which makes this funding its first in India, mentioned in June it was launching a brand new $2.2 billion fund to speculate more cash in crypto networks. read more
CoinSwitch Kuber, which at the moment has greater than 10 million customers, mentioned 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; Modifying by Subhranshu Sahu and Rashmi Aich
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