India-based cryptocurrency exchange CoinSwitch Kuber is on track to become the country’s second crypto unicorn with an estimated valuation of $2 billion, Cointelegraph reported Tuesday (Sept. 7).
Rival crypto exchange CoinDCX hit unicorn status in August with a valuation of $1.1 billion following a $90 million Series C funding round led by B Capital Group, according to a blog post last month.
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CoinSwitch Kuber is reportedly in “advanced stages of talks” for another funding round that would bring its valuation beyond unicorn status, according to Cointelegraph. The reports are not confirmed and details were provided by sources who allegedly had insider information, TechCrunch reported.
CoinSwitch Kuber has been in discussions with Coinbase and Andreessen Horowitz, Cointelegraph reported. While Andreessen Horowitz has not previously invested in an Indian startup, if there is another funding round for CoinSwitch Kuber, the VC firm will have an opportunity to invest.
See also: VC Firms Pivot to SE Asian Startups Forecasted for $1T Growth
If the funding deal goes through, CoinSwitch Kuber could get $100 million in fresh capital, the report stated. The company has experienced a recent surge in monthly active users (MAU), from 4 million users in April to more than 7 million users in August. CoinDCX has about 3.5 million MAUs.
The cryptocurrency space in India has experienced 600% growth from the middle of 2020 to June. Startups outside of the crypto space in India have added three unicorns each month of this year, which has almost doubled the total number of startups in the country, according to the report.
In other news, the Reserve Bank of India (RBI), like many countries worldwide, is researching the pros and cons of using a decentralized ledger for a central bank digital currency (CBDC). India is planning to launch a pilot program for the digital rupee before the end of 2021.
See also: India Jumps on CBDC Bankwagon With Digital Rupee Trials
RBI Governor Shaktikanta Das said the central bank is looking into the security of digital currencies and is exploring how it would influence monetary policy and the financial industry.
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