Indian crypto exchange CoinSwitch Kuber has attracted $25 million funding from Tiger Global Management, according to The Block. The funding is the first investment by Tiger in an Indian crypto firm.
CoinSwitch is in the “hyper-growth” phase and is expected to use the funds to scale its platform, expand teams, and user base.
CoinSwitch will also allocate a “substantial sum” for brand building and raising cryptocurrency awareness
There are early plans for CoinSwitch to offer trading in other asset classes.
The Series B fund comes three months after CoinSwitch raised $15 million in Series A from Ribbit Capital and Paradigm
Tiger invested in CoinSwitch at a valuation of over $500 million
Tiger also invested $500 million in U.S crypto exchange Coinbase in October 2018
The funding in CoinSwitch comes when India looks to ban the use of cryptocurrencies.
The crypto-exchange boasts of 4.5 million users and aims to bring on board 10 million more by the end of the year.
Funding from Tiger takes CoinSwitch’s total funding to date to more than $40 million and post-money valuation to $525 million.
