CoinSwitch Kuber announces it has crossed 3 million users
India’s growing cryptocurrency investment platform CoinSwitch Kuber announced that it has closed 15 million dollar (Rs. 109 Cr.) in its Series A funding led by leading global investor Ribbit Capital and Paradigm. It has announced that with over 3 million users, crypto exchanges in India, have seen a massive jump in their user base.
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.
India has greater potential when it comes to cryptocurrency trading because of its progress in the blockchain domain, as most of the technology and financial firms have embraced the nuances of virtual currencies. The Indian market is full of opportunities for investors and the economy as a whole. Inspite of no government support, the interest towards digital currency shows that the Indian cryptizens are very supporting of cryptocurrencies and its benefits, which can lead to financial freedom. Given the right amount of awareness and education, India can most likely become a crypt superpower in the years to come.
The adoption towards innovative blockchain technology across different sectors like banking and financial services, supply chain, healthcare, retail, and insurance industries has the potential of adding an extra 5 billion USD to the Indian economy.
According to the company, 55% of their user base is from the metro cities with their first-ever investment being in cryptocurrency. The platform has processed over 5 billion dollars in crypto and brings the same trust and security to INR trading.
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