- ByStartupStory | March 7, 2024
Crypto trading platform CoinSwitch has proudly announced that it has surpassed the remarkable milestone of 2 crore registered users in India. This achievement comes amidst a robust resurgence in user activity within the country, fueled by growing investor optimism.
Investors are expressing bullish sentiments, driven by recent events such as the introduction of Bitcoin ETFs in the United States, the potential approval of an Ethereum ETF, and the scheduled Bitcoin Halving event. CoinSwitch claims to be the first platform in India to reach this notable user registration milestone.
Since the beginning of 2024, CoinSwitch has experienced a staggering fivefold increase in user registrations compared to the daily average growth witnessed in 2023. Over the last two weeks alone, crypto trading volumes on CoinSwitch platforms have surged by seven times, accompanied by an impressive 80% increase in the number of users in profit.
Ashish Singhal, Co-founder of CoinSwitch, shared his thoughts on the achievement, stating, “Bull markets are a magnet for new users, and crypto is now on a bullish path. To be the most beginner-friendly crypto trading app has been the priority at CoinSwitch since day one. The 2-crore milestone — a majority of whom are first-time crypto investors — is a validation of these efforts, as well as a reminder to keep building and iterating for the users.”
In celebration of this milestone, CoinSwitch has announced a giveaway of ₹20,000 worth of Bitcoin to a fortunate user every hour. Notably, the platform is recognized as a reporting entity with the Financial Intelligence Unit-India, showcasing its commitment to rigorous transaction monitoring checks and full compliance with the KYC and PMLA guidelines in India.
It is worth mentioning that CoinSwitch achieved unicorn status with a valuation of $1.9 billion after raising $260 million in Series C funding from prominent investors, including Coinbase Ventures and Andreessen Horowitz (a16z), in September 2021. By October 2021, the company had already surpassed 14 million registered users in just 18 months.
