India Braces Up for New Crypto Unicorn
India has had an unsavory past when it comes to crypto adoption. However, the Asian country is poised to become a hub for crypto exchanges due to the arrival of a new exchange termed CoinSwitch Kuber. Already, India has witnessed the rise of a crypto unicorn- Coin DCX, another exchange that raised $90 million in a Series C funding round.
CoinSwitch Kuber will certainly boost the image of India in terms of support for crypto businesses if it successfully raises $100 million in a new funding round likely to take its valuation to $2 billion. According to reports, the exchange is at the threshold of signing agreements with investors and financiers for the new funding round. If it pans out, CoinSwitch Kuber will displace Coin DCX- with an existing valuation of $1.1 billion- to become the highest valued India-based exchange.
CoinSwitch Kuber Eyeing Coinbase and Andreessen Horowitz as Investors
CoinSwitch Kuber’s valuation will be nearly twice that of the former. Coin DCX’s $90 million financing round this summer was led by B Capital Group with major contributions from Coinbase Ventures, Block.one, Polychain and Jump Capital. CoinSwitch Kuber also has its eyes on onboarding leading crypto exchange in the US, Coinbase and venture capitalist Andreessen Horowitz, which would make it a first for the VC firm concerning investing in an Indian venture, if it gets onboarded.
The new exchange’s growth over the years is likely to win these investors and partners over to its side and secure a $100 million financing for it by the end of the proposed round. Its user base has expanded from barely 4 million five months ago to beyond 7 million users. India is somewhat still indecisive about a crypto stance and this has been a great turn-off for crypto businesses looking to set up base within the country. Notwithstanding, retail investors are keener more than ever to invest in cryptocurrencies
Crypto Investments Increase by 600% in India
In a June report, it was revealed that crypto investments had increased by more than 600% between Q2, 2020 and the second quarter of 2021. On a large scale, India has witnessed the emergence of three crypto ventures every month since the start of 2021, with the total number of crypto start-ups already as of August. In addition, Coinbase began plans to set up a tech center in the country last month. According to the exchange, the tech center will feature various portfolios including crypto and will employ remote workers within India.
Meanwhile, the Reserve Bank of India is contemplating using blockchain technology to facilitate a central bank digital currency for the country. A pilot program for its e-Rupee is due to begin by this year.
In a landmark decision in March, the Supreme Court of India overturned the 2018 regulation that proscribed crypto trading. Indian authorities are also giving thought to categorize cryptocurrencies into different asset classes.
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