India is well on its way to becoming the biggest hub for crypto in the world. It already ranks second in terms of adoption, given that a variety of people in India have started adopting cryptocurrencies. And even thought its growth has been unmatched, CoinSwitch is on its way to further increase adoption throughout the country.
CoinSwitch started in 2017, when Vimal Sage, Govind Soni, and Ashish Singhal came together to create the platform. All three founders believed in the future of cryptocurrency and wanted to allow people to trade crypto as easily as ordering food online. When starting out, they only offered people a total of 45,000 currency pairs and 300 cryptocurrencies.
CoinSwitch finally launched its crypto trading platform for India. During Pre-launch, the trading platform saw 100,000 users signup. During this period, their total investments crossed Rs. 20 billion, which is a bold claim for any exchange to make.
And now, CoinSwitch has over 10 million users registered to the platform, along with daily trading volumes exceeding Rs. 360 billion. The faith that people have in this locally started business venture is paying dividends.
CoinSwtich is also the first crypto exchange to run TV advertisements throughout the country. These advertisements played a major role in spreading the word for the firm and their product. The ads also piqued the interest of various people, bringing them to the platform.
CoinSwitch also managed to raise money for its operations. More specifically, Paradigm, Sequoia Capital, and Ribbit Capital provided Series A funding worth Rs. 1.1 billion. They also managed to secure Rs. 1.8 billion, curtsey of Tiger Global Management.
One of the leading factors that have contributed to India’s incredible growth is the diversity of its investors. A larger portion of the current investors in the country are middle-class to lower-middle-class individuals who are looking for a second means of earning money. And CoinSwitch cater to this rising majority of investors.
It is very easy to use, allowing people to access everything that they could need with a few taps. Furthermore, it also makes the trading experience more seamless, with intuitive design and excellent UI. From signing up to trading on a daily basis, the interface will not be getting in the way of traders trying to make the best investments.
They also do not have any hidden charges that could make trading restrictive. Instead, they do not charge anything from their users and offer the best crypto rates. Traders can also take advantage of a variety of rewards that the platform offers.