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Bitcoin exchange CoinSwitch Kuber raises $260 million from a16z and Coinbase Ventures

Indian cryptocurrency exchange CoinSwitch Kuber has raised $260 million in a Series C funding round led by Coinbase Ventures and Andreessen Horowitz.

The firm was valued at $1.91 billion. According to CEO Ashish Singal, CoinSwitch Kuber became India's most expensive cryptocurrency company.

Previous investors Sequoia, Paradigm, Ribbit and Tiger Global also participated in the round.

The bitcoin exchange aimed to increase the number of users of the platform from the current 10 million to 50 million and to launch steaming and cryptocurrency lending services.

CoinSwitch Kuber will create products aimed at institutional investors, an innovation fund and a digital asset education center. The proceeds will also be used to expand the team.

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