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Indian Crypto Exchange Eyes $2 Billion Valuation With a16z Backing
Andreessen Horowitz (a16z), one of the most influential venture capital firms is reportedly in advance talked with an Indian crypto exchange COINSWITCH Kuber to close a $100-$200 million funding round. According to the sources, if the estimated funding goals are reached, the Indian crypto exchange could see a four-fold increase in its valuation from the last funding round in April reaching $2 billion.To get more news about Coincheck, you can visit wikibit.com official website.
Coinswitch has onboarded a total of 10 million users in a short period of time. The existing investors in the exchange including Tiger Global Management, Sequoia Capital India, and Ribbit Capital are quite optimistic about the exchange‘s future and user growth. Coinswitch’s funding deal comes just a month after another Indian crypto exchange CoinDCX entered the crypto unicorn club with a $90 million Series C fundraise giving it a $1.2 billion valuation.
a16z is one of the most reputed venture capital firms and manages over $18 billion in various funds. The interest of mainstream Wall Street giants in the Indian crypto ecosystem is a great sign for the Indian crypto market despite uncertainty around regualtions.
Indian Crypto Ecosystem Thrives Despite Regulatory Uncertainty
Indian crypto exchanges have seen a great boom in adoption during the ongoing bullish run with these platforms registering millions of new users registration. Foreign crypto entities and Wall Street giants have shown great interest in the nascent crypto market which is quite evident from the massive funding flowing into the Indian crypto ecosystem.
A recent study also showed crypto adoption was second-highest among Indians while their crypto investments grew nearly 20,000% in one year. This has happened despite the government tip-toeing on offering clarity around crypto regulations. The crypto bill is yet to make it to the parliament despite the Finance minister assuring that the cabinet note is ready. Looking at the rising interest of venture capital firms and investors in the mark, clarity from the government could bring in more investment to the country and bring it to the forefront of the crypto market growth.