Andreessen Horowitz (a16z), one of the most influential venture capital firms is reportedly in advance talked with an Indian crypto exchange Coinswitch Kuber to close a $100-$200 million funding round. According to the sources, if the estimated funding goals are reached, the Indian crypto exchange could see a four-fold increase in its valuation from the last funding round in April reaching $2 billion.
Coinswitch has onboarded a total of 10 million users in a short period of time. The existing investors in the exchange including Tiger Global Management, Sequoia Capital India, and Ribbit Capital are quite optimistic about the exchange’s future and user growth. Coinswitch’s funding deal comes just a month after another Indian crypto exchange CoinDCX entered the crypto unicorn club with a $90 million Series C fundraise giving it a $1.2 billion valuation.
a16z is one of the most reputed venture capital firms and manages over $18 billion in various funds. The interest of mainstream Wall Street giants in the Indian crypto ecosystem is a great sign for the Indian crypto market despite uncertainty around regualtions.
Indian Crypto Ecosystem Thrives Despite Regulatory Uncertainty
Indian crypto exchanges have seen a great boom in adoption during the ongoing bullish run with these platforms registering millions of new users registration. Foreign crypto entities and Wall Street giants have shown great interest in the nascent crypto market which is quite evident from the massive funding flowing into the Indian crypto ecosystem.
A recent study also showed crypto adoption was second-highest among Indians while their crypto investments grew nearly 20,000% in one year. This has happened despite the government tip-toeing on offering clarity around crypto regulations. The crypto bill is yet to make it to the parliament despite the Finance minister assuring that the cabinet note is ready. Looking at the rising interest of venture capital firms and investors in the mark, clarity from the government could bring in more investment to the country and bring it to the forefront of the crypto market growth.
Trending Stories
- Breaking: Polygon, Major Blockchains Hit With Network Attack
- New Crypto Rules In Europe: A Global Standard For Regulation?
- Third Biggest Whale Adds 1,416 Bitcoins In Last 2 Days; Will This Pump BTC?
- ‘Big Short’ Michael Burry Says Bitcoin Crash Is Only Halfway Through
- These Whales Scoop $850 mln Worth FTX Tokens Ahead Of BlockFi Deal
- Breaking: El Salvador Buys 80 Bitcoin (BTC), Here’s How Prices Reacted
- U.S. DoJ Slaps Charges Against Promoters of Baller Ape Club NFT In Rug Pull Scam
- Canada-based Ledn Challenges FTX’s Bid of BlockFi Acquisition With Better Proposal
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Polygon Price Analysis: V-top Reversal may Direct MATIC to $0.31 Support
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?