Andreessen Horowitz (a16z), one of the most influential venture capital firms, is said to have spoken in advance with an Indian crypto exchange Coinswitch Kuber in order to close a financing round of 100 to 200 million US dollars. According to sources, if the estimated funding targets are met, the Indian crypto exchange could see a 4x valuation from its last round of funding in April, reaching $ 2 billion from a16z.

A16z can fund Indian crypto exchanges valued at up to $ 2 billion

Coinswitch has accumulated a total of 10 million users in a short period of time. Existing investors in the exchange, including Tiger Global Management, Sequoia Capital India, and Ribbit Capital, are quite optimistic about the future of the exchange and user growth. Coinswitch’s funding agreement comes just a month after another Indian crypto exchange CoinDCX joined the crypto unicorn club with a Series C funding round of $ 90 million, giving a valuation of $ 1.2 billion. Dollar equals.

a16z is one of the most renowned venture capital firms and manages over US $ 18 billion in various funds. The interest of mainstream Wall Street giants in the Indian crypto ecosystem is a great sign of the Indian crypto market despite the uncertainty surrounding regulations.

India’s crypto exchanges have seen a huge boom in adoption during the ongoing bull run as these platforms attract millions of new users. Foreign crypto companies and Wall Street giants have shown great interest in the nascent crypto market, as evidenced by the massive funding that is pouring into the ecosystem.

A recent study also found the second highest crypto adoption rate among Indians, while their crypto investments increased nearly 20,000% in one year. It did so despite the government’s efforts to clarify the crypto regulations. The cryptocurrency law has yet to be presented to parliament despite the Finance Minister’s assurances that the cabinet is ready. Given the growing interest from venture capital firms and investors, the government’s clarity could bring more investment to the country and place it at the forefront of electronic money market growth.

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