Indian cryptocurrency exchange CoinSwitch Kuber said on Wednesday it had raised more than USD 260 million from existing and new investors including Coinbase Ventures and Andreessen Horowitz, valuing it at USD 1.9 billion.

The new funding round included existing investors such as Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global, CoinSwitch Kuber said in a statement.

Venture Capital giant Andreessen Horowitz, which makes this investment it's first in India, said in June it was launching a new USD 2.2 billion fund to invest more money in crypto networks.

Also Read:

India leaves United States, China behind in cryptocurrency adoption: Chainalysis

CoinSwitch Kuber, which currently has more than 10 million users, said it would use the funds to onboard 50 million Indians on its platform and roll out new products.

The Indian government was set to present a bill to parliament by March that proposed a ban on cryptocurrencies, making trading and holding them illegal, but the bill was not tabled in the session.