The year is quite interesting for the bitcoin enthusiasts as the cryptocurrency asset is hitting 300% of the rally in the past 12 months, which is scaling up to $42000 on January 8. However, it crashed with a $33159 value. However, the ride was volatile, yet the largest cryptocurrency is still gaining interest.
This has sent the cryptocurrency startups to catch the attention of the investors. CoinSwitch Kuber, which is a cryptocurrency investment platform, has its latest startup and raised $15 million from Ribbit Capital. The funding is from a San Francisco based crypto-focused firm for investment. It has made Ribbit Capital invest in an Indian cryptocurrency firm for the first time.
Also, the paradigm founded by Matt Huang and Fred Ehrsam, the co-founder of Coinbase, the largest cryptocurrency exchange in the U.S., is having its focus on the Indian Market.
The Co-Founder Matt Huang, and Arjun Balaji, Investment Partner at Paradigm, says in a statement, “While the crypto landscape in India remains nascent, it has been an exciting past 12 months, and over time we believe India could be one of the largest global crypto markets. Ashish and the CoinSwitch team have shown tremendous resilience and strong execution in a challenging market, giving us confidence in their potential to build a market leader in the years to come,”
The Series A funding round is seeing the participation of the Sequoia Capital India and the CRED founder Kunal Shah.
CoinSwitch Kuber’s funding has joined the Indian Crypto firms’ list, which is currently raising the fund.