- March 6, 2024
- Posted by: [email protected]
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CoinSwitch has emerged as the trailblazer among Indian cryptocurrency exchanges, surpassing the 20 million registered users mark. This achievement is a testament to the platform’s resilience and strategic positioning in the midst of a notable resurgence in user activity in India’s ever-evolving crypto landscape. Several contributing factors have fueled this surge, including the green light for Bitcoin (BTC) exchange-traded funds (ETFs) in the United States, the potential approval of Ethereum ETFs, and the anticipation surrounding the upcoming Bitcoin Halving event, all of which have collectively instilled a bullish sentiment in the market.
The growth trajectory of CoinSwitch is nothing short of remarkable. According to a report from Businessline, user registrations have witnessed an extraordinary fivefold increase since the inception of 2024, surpassing the daily average user growth recorded in the preceding year. Further enhancing this success story, trading volumes on CoinSwitch’s platforms have experienced an astounding sevenfold surge over the past two weeks. Impressively, more than 80 percent of users are currently in profitable positions.
Ashish Singhal, co-founder of CoinSwitch, attributes this substantial user influx to the prevailing bullish market conditions. Singhal emphasizes the platform’s unwavering commitment to being the most user-friendly crypto trading app, viewing the attainment of 20 million users, a majority of whom are new to crypto investing, as validation of CoinSwitch’s efforts. In his words, “Bull markets are a magnet for new users, and crypto is now on a bullish path.”
To commemorate this significant achievement, CoinSwitch has announced a generous giveaway where a fortunate user stands to receive ₹20,000 worth of Bitcoin every hour. Moreover, as a responsible entity under the purview of the Financial Intelligence Unit-India, CoinSwitch diligently adheres to rigorous transaction monitoring checks and fully complies with the Know Your Customer (KYC) and Prevention of Money Laundering Act (PMLA) guidelines in India.
CoinSwitch, having secured $260 million in Series C funding from industry heavyweights such as Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021, ascended to the position of India’s most-valued crypto unicorn with an impressive valuation of $1.9 billion. This remarkable achievement was realized within just 18 months of the platform’s launch in October 2021, when it crossed the 14 million registered users mark.
The recent surge in Bitcoin prices has breathed new life into Indian cryptocurrency exchanges, with trading volumes on major platforms like CoinDCX, WazirX, and BitBNS reaching a ten-month high in February. This resurgence is particularly noteworthy given the challenges faced by these platforms following the bear market of 2022–23 and the imposition of a 30 percent tax on cryptocurrency trading by the Indian government.
Concurrently, the Reserve Bank of India (RBI) is actively advancing plans to promote the adoption of the country’s Central Bank Digital Currency (CBDC). Governor Shaktikanta Das has proposed exploring offline solutions to bolster the adoption of the central bank’s digital rupee, particularly in remote areas. As CoinSwitch continues to set milestones, the broader cryptocurrency landscape in India is experiencing a rejuvenation, with both established and emerging platforms contributing to the evolving narrative of digital assets in the nation.
