Major Indian cryptocurrency exchange CoinSwitch Kuber is joining the unicorn club, having raised $260 million in a Series C funding circular.

According to an official announcement on Wed, the new funding has propelled CoinSwitch Kuber to the "very pinnacle" of Indian unicorns, as the house became "India's almost valued crypto company" at $1.91 billion.

The funding circular was led past Coinbase'southward venture upper-case letter arm Coinbase Ventures and Andreessen Horowitz. Previous investors such as Sequoia, Paradigm, Ribbit and Tiger Global have also participated in the round.

Using the new funds, CoinSwitch Kuber plans to onboard 50 million Indians on the platform and introduce new services like lending and staking. The commutation also expects to launch an institutional-grade product too equally support more than various investment options. Other planned initiatives include an innovation fund a crypto education hub for crypto.

"Every evolution takes a bound of faith, we are taking a behemothic one today with CoinSwitch Kuber turning into a unicorn and condign the largest crypto company in the state," CoinSwitch Kuber co-founder and CEO Ashish Singhal said.

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CoinSwitch Kuber is one of the largest crypto exchanges in India alongside platforms such as WazirX and CoinDCX. Since its launch in 2022, CoinSwitch Kuber has managed to amass x million users every bit of September 2022. The exchange previously raised $25 million from investors, including Tiger Global, in a Series B round in April, following a $15-million Series A circular in Jan.