Crypto trading platform CoinSwitch Kuber secured $15M from Ribbit Capital

CoinSwitch Kuber, a cryptocurrency investment platform has now secured $15 Million in a Series A funding round, reports Economic Times.

CoinSwitch was founded by Vimal Sagar, Ashish Singhal, and Govind Soni in the year 2017. It launched its India exclusive cryptocurrency platform with the name as CoinSwitch Kuber in the month of June 2020, to simplify crypto investments for the Indian retail investors.

In the ET report, Ashish Singhal, CEO, and cofounder, CoinSwitch Kuber, said, "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".

The round was backed by the Ribbit Capital and Paradigm. Other participating investors include the CRED founder Kunal Shah and Sequoia Capital India.

The company as of now has plans to use the new funds to enhance its product, security, tech and compliance capabilities, and brand building. CoinSwitch believes that the Indian market is witnessing a growth in cryptocurrency trading and investments.

The global hike in interest in cryptocurrencies has rubbed off on the Indian investors too, which makes India the second biggest Bitcoin nation in Asia after China and the sixth biggest in the world, after China, UK, US, Nigeria, and China.