In the recent announcement, it has been revealed that Tiger Global Management has reportedly invested $25M in Indian cryptocurrency exchange CoinSwitch Kuber. The investment has positively stricken the digital currency market in India which is growing at pace.
Bangalore-Based CoinSwitch Kuber Acquired Investment From Tiger Global Management
In accordance with an official statement released by the company on Thursday the Series B round of funding values CoinSwitch Kuber at over $500 million. Early investors in the round include the names like Paradigm and Sequoia Capital India which has invested $15 million in January and Ribbit Capital.
The Bangalore-based cryptocurrency exchange CoinSwitch Kuber was founded in the year 2017 and has now a user base of over 4.5 million in India. The crypto firm aims at gaining 10 million users by the end of this year.
In addition to this, the funds acquired by the firm will be utilized to expand the business, hire people and grow awareness regarding cryptocurrencies among the retail investors in India.
The firm aims to repeat the remarkable growth of rival exchanges like Binance and Coinbase.
Indian Authorities Considering Regulation to Ban Cryptocurrencies
The recent investment has reportedly come as the Indian authorities and regulators are considering banning all the private crypto assets.
In addition to this, millions of retail investors in the South Asian nation have rushed to these digital assets and cryptocurrencies in recent years amid the popularity of these assets.
Bitcoin, which is the oldest cryptocurrency in the world and is dominating the crypto industry in terms of market capitalization, has really made its investors and traders extremely rich by multiplying their wealth.
Earlier, the Central Bank banned these digital assets in the nation that had effectively proscribed virtual assets, and cryptocurrencies were struck down.
This was because of the increasing legitimacy and popularity of digital assets globally.