Three reasons CoinSwitch turning unicorn is game changer for India
What's the story
CoinSwitch Kuber, India's largest crypto trading exchange, became the latest fintech start-up in India to join the unicorn club. By raising $260 million in Series C funding from global VC leader, a16z (Andreessen Horowitz) and Coinbase Ventures, CoinSwitch is now India's most valued crypto company at $1.9 billion valuation.
But wait, what does this mean to the future of cryptocurrency in India?
We'll walk you through three reasons why this is a game-changer for India and the larger crypto community.
People
More people are joining the tribe
Bank of America in a recent report pointed out that the crypto-based digital asset sector, valued at over $2 trillion with over 200 million users, is too large to be ignored. Now, imagine adding a couple of more trillion dollars and million users to the basket.
CoinSwitch has already done a tremendous job by adding more than 10 million users from India within 14 months. More funding only means more people joining the fold. The startup aims to reach 50 million users shortly.
Undoubtedly, mass adoption is key for Cryptocurrency's stability and its indisputable success as a digital asset.
Opportunity
Enabling India's crypto opportunity
Innovations drive progress. And cryptocurrency drives innovation.
The World Economic Forum (WEF) believes that nearly 10% of the global GDP will be stored on the blockchain by 2025. This is a huge opportunity given that India has already reaped the benefits of a $250 billion ITeS sector in the last three decades.
CoinSwitch is essentially the first Indian startup to rope in investments from the world's leading VC firms like Andreessen Horowitz (a16z). This instills confidence among regulators and other players in the industry while bringing forth cutting-edge innovations.
Financial Independence
Bringing financial independence to people
Ashish Singhal, the co-founder, and CEO of CoinSwitch, noted that CoinSwitch's mission is to simplify investments and enable financial awareness.
"A lot of people who invest with us are under the age of 28 and are first-time investors who haven't invested in assets other than crypto," he added. By deploying more funds to nurture new and innovative products, CoinSwitch will transform India's investment landscape.
Simple and easy-to-access financial products will usher in a fresh wave of financial inclusion and economic independence among people.