THIS NEWSLETTER IS SPONSORED BY |  |  | Indian crypto exchange CoinSwitch Kuber raises $260 million in Series C funding from a16z and others | Quick Takes - Indian crypto exchange CoinSwitch Kuber has raised $260 million from a16z, Coinbase Ventures, and others.
- CoinSwitch Kuber is now a unicorn and this is notably a16z's first investment in India.
| Indian cryptocurrency exchange CoinSwitch Kuber has raised $260 million in a Series C funding round and is now a unicorn valued at $1.9 billion.
New investors Andreessen Horowitz (a16z) and Coinbase Ventures backed the round, along with existing investors Paradigm, Ribbit Capital, Sequoia Capital India, and Tiger Global. This is a16z's "first general investment" in India, not just its first crypto investment, CoinSwitch's chief business officer Sharan Nair told The Block.
"We are incredibly excited about the crypto market opportunity in India, and with its breakout growth, CoinSwitch has emerged as the leading retail platform in the country," said David George, general partner at Andreessen Horowitz.
With the fresh capital injection, CoinSwitch aims to onboard 50 million users to its platform and launch new products such as lending and staking. The exchange also plans to expand its team across engineering, product, data, and growth functions. | | | Department of Justice announces crypto-focused 'enforcement team' | A senior U.S. Department of Justice official said Wednesday that the department is forming a "National Cryptocurrency Enforcement Team" focused on cybercrime and money laundering. Unveiled during the Aspen Cyber Summit, Deputy Attorney General Lisa Monaco said that the goal of the initiative was to "protect consumers." | George Soros' family office owns bitcoin, confirms CEO Fitzpatrick | Billionaire investor George Soros' family office, Soros Fund Management, has invested in bitcoin, according to Soros Fund CEO/CIO Dawn Fitzpatrick. Fitzpatrick told Bloomberg in an interview on Tuesday that, "From our perspective again, we own some coins, not a lot, and the coins themselves are less interesting than the use use cases of DeFi and things like that." | Ukraine's president returns long-awaited crypto bill to Parliament, seeking regulatory revisions | On October 6, the office of Volodymyr Zelensky, president of Ukraine, returned to Parliament a bill that would establish a comprehensive regulatory regime for digital assets. The primary issue that the president's office had was the establishment of a new regulatory body for crypto, which would be expensive | | | THIS NEWSLETTER IS BROUGHT TO YOU BY | You may be wondering:
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Let us show you. | | | Bitcoin's market capitalization has once again eclipsed $1 trillion. At the time of publication, Bitcoin was trading at $54,708, putting the market cap at approximately $1.03 trillion. | | | What's Next in Crypto and Payments | Crypto has become both a cultural and technological phenomenon—with a flurry of game-changing innovations (such as stablecoins and DeFi), surging digital currency values, and even professional athletes getting paid in Bitcoin.
If your head is spinning from the seemingly endless barrage of crypto headlines, you're not alone. That's why we put together a webinar to help you cut through the noise and discover what's truly worth knowing about where crypto is heading.
Panelists: Lily Glazer, Blockchain/NFT Strategist, Manchester United
Michael McCaffrey, CEO, The Block
Sina Nader, COO, FTX US
AJ Shanley, Global Head of Crypto Solutions, Visa | | | Binance USD (BUSD): A Case Study for Stablecoin Compliance and Security | Binance USD (BUSD) has become one of the fastest-growing cryptocurrencies in the world, with a variety of use cases and growing demand amid the continued growth of the crypto markets. | | | You are receiving this e-mail because you are subscribed to The Block's free newsletter. If someone shared this newsletter with you, you can easily subscribe to receive it in your inbox here. If you're looking for even more content, we have a separate newsletter for The Block Research, which you can sign-up for here. | | | | |
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