Company:CoinSwitch Kuber

From HandWiki
CoinSwitch Kuber
Founded1 June 2020
HeadquartersBangalore, India
Key people
Ashish Singhal, Vimal Sagar Tiwari, Govind Kumar Soni, Sharan Nair
ProductsCryptocurrency Exchange
Number of employees
350
Websitehttps://www.coinswitch.co

CoinSwitch Kuber is an app-based cryptocurrency exchange platform exclusive to the Indian market for retail investors. Available as a mobile application, it supports trade in 100+ cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, Dash and others using Indian Rupees (INR). The Kuber app is available on Android and iOS.

CoinSwitch Kuber has its head office situated in Bengaluru. It is funded by Sequoia Capital, Paradigm, Tiger Global Management, Kunal Shah (founder of CRED and Freecharge) and Ribbit Capital.[1] For the Financial Year 2020-21, CoinSwitch Kuber reported $8 million in profits. [2] CoinSwitch, the company behind the platform, has processed over $5 billion in cryptocurrency transactions.[3]  

History

Post the Supreme Court of India abolishing of RBI’s circular banning banks from facilitating cryptocurrency transactions,[4] the CoinSwitch Kuber app was launched on June 1, 2020, by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni.[5] The founders had previously founded CoinSwitch in 2017 which supported crypto-to-crypto trades and catered to users in 160+ countries. Prior to 2017, they worked in product development and tech teams at Amazon, Microsoft and Zynga. Having known each other for 13 years, they founded CoinSwitch in 2017. In 2020, they launched CoinSwitch Kuber, exclusive to India, with a primary motive of simplifying crypto trading.

CoinSwitch Kuber signed up around 1 million users within the first year of launch, inviting investments over ₹2,000 crore (US$280 million).[6] CoinSwitch's trading volumes in the Indian market had increased 500 percent in a year by March 2020, according to estimates.[7] As of April 2021, the company caters to 4.5 million users.[8]

In January 2021, CoinSwitch Kuber raised US$15 million (₹109 crores) in a Series A round led by Ribbit Capital, a global fintech and crypto investor, and Paradigm, a San Francisco-based crypto oriented investment company.[9] In April 2021, CoinSwitch Kuber raised $25 million in its Series B round led by Tiger Global, at a valuation of $500 million, making it the highest funded cryptocurrency exchange in India.[10]

Status in India

An Indian government bill - Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 - reportedly sought to criminalize cryptocurrency possession in India, in 2021. The government was also reported to be exploring the creation of a state-backed digital currency issued by the Reserve Bank of India, while banning private ones like Bitcoin.[11] There were reports of banks refusing to service Indian crypto exchanges, including CoinSwitch throughout 2021.[12] The RBI, in June 2021, clarified that its 2018 circular was no longer valid after the Supreme Court's 2020 decision. It also maintained its stance that it had "major concerns on cryptocurrency".[13]

References

  1. ↑ "What Tiger Global's Bet On CoinSwitch Kuber Means To India's Crypto Startup Story" (in en). https://www.forbesindia.com/article/take-one-big-story-of-the-day/what-tiger-globals-bet-on-coinswitch-kuber-means-to-indias-crypto-startup-story/67633/1. 
  2. ↑ Mittal, Apoorva. "Coinswitch Kuber valued at $500 million after raising $25 million from Tiger". The Economic Times. https://economictimes.indiatimes.com/tech/funding/coinswitch-kuber-valued-at-500-million-after-raising-25-million-from-tiger/articleshow/82195549.cms?from=mdr. 
  3. ↑ Mittal, Apoorva. "Coinswitch Kuber valued at $500 million after raising $25 million from Tiger". The Economic Times. https://economictimes.indiatimes.com/tech/funding/coinswitch-kuber-valued-at-500-million-after-raising-25-million-from-tiger/articleshow/82195549.cms?from=mdr. 
  4. ↑ "India bans crypto-currency trades" (in en-GB). BBC News. 2018-04-06. https://www.bbc.com/news/world-asia-india-43669730. 
  5. ↑ "The 15 Cryptocurrency Exchanges In India That Are Bringing Bitcoin & Ethereum To Mainstream" (in en-US). 2017-11-23. https://inc42.com/features/cryptocurrency-exchanges-ethereum-bitcoin-india/. 
  6. ↑ Bhalla, Tarush (2021-04-22). "CoinSwitch Kuber’s valuation hits $500 mn after Tiger’s bet" (in en). https://www.livemint.com/companies/start-ups/coinswitch-kuber-raises-25-mn-hits-over-half-a-billion-in-valuation-11619083094192.html. 
  7. ↑ www.ETBFSI.com. "CoinSwitch Kuber raises $15 million in Series A round - ET BFSI" (in en). https://bfsi.economictimes.indiatimes.com/news/fintech/coinswitch-kuber-raises-15-million-in-series-a-round/80251850. 
  8. ↑ Mittal, Apoorva. "Coinswitch Kuber valued at $500 million after raising $25 million from Tiger". The Economic Times. https://economictimes.indiatimes.com/tech/funding/coinswitch-kuber-valued-at-500-million-after-raising-25-million-from-tiger/articleshow/82195549.cms. 
  9. ↑ www.ETBFSI.com. "CoinSwitch Kuber raises $15 million in Series A round - ET BFSI" (in en). https://bfsi.economictimes.indiatimes.com/news/fintech/coinswitch-kuber-raises-15-million-in-series-a-round/80251850. 
  10. ↑ "CoinSwitch Kuber raises $25 million from Tiger Global in Series B" (in en). https://www.thehindubusinessline.com/news/coinswitch-kuber-raises-25-million-from-tiger-global-in-series-b/article34383192.ece. 
  11. ↑ Hess, Abigail Johnson (2021-01-30). "India might ban private cryptocurrencies like bitcoin and develop a national digital coin" (in en). https://www.cnbc.com/2021/01/30/the-indian-government-may-ban-cryptocurrencies-like-bitcoin.html. 
  12. ↑ Kaul, Abhinav (2021-05-18). "Indian crypto exchanges hit as banks turn cautious on virtual currencies" (in en). https://www.livemint.com/market/cryptocurrency/crypto-exchanges-ops-hit-as-lenders-sever-ties-11621282141905.html. 
  13. ↑ "RBI Maintains Its Stance On Crypto, Expresses “Major Concerns” Over Its Trade" (in en-US). 2021-06-04. https://inc42.com/buzz/rbi-expresses-major-concerns-over-cryptocurrency-trade/. 

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