Amidst a significant resurgence in user activity in India, CoinSwitch has achieved the milestone of becoming the first Indian crypto exchange to surpass 20 million registered users.
Several factors have contributed to this accomplishment. The approval of Bitcoin (BTC) exchange-traded funds (ETFs) in the United States, along with the potential approval of Ethereum ETFs, has bolstered market sentiment. Additionally, anticipation surrounding the upcoming Bitcoin Halving event has further fueled bullish sentiment in the market.
User registrations on CoinSwitch have grown fivefold.
According to a report from Businessline, CoinSwitch has experienced remarkable growth in user registrations, with numbers surging fivefold since the start of 2024, surpassing the daily average user growth recorded in 2023.
In the past two weeks, trading volumes on CoinSwitch’s platforms have soared, increasing by sevenfold. Moreover, there has been a notable surge in the number of users in profit, with an increase of over 80 percent.
Ashish Singhal, co-founder of CoinSwitch, emphasized the allure of bull markets for new users, noting that crypto is currently following a bullish trajectory. Singhal highlighted CoinSwitch’s commitment to being the most user-friendly crypto trading app since its inception. He stated that reaching the milestone of 20 million users, the majority of whom are first-time crypto investors, validates their efforts and underscores the importance of continuous improvement for users’ benefit.
To commemorate this achievement, CoinSwitch has announced a giveaway wherein a fortunate user will receive ₹20,000 worth of Bitcoin every hour.
Furthermore, as a reporting entity operating under the oversight of the Financial Intelligence Unit-India, CoinSwitch diligently conducts transaction monitoring checks and fully complies with Know Your Customer (KYC) and Prevention of Money Laundering Act (PMLA) guidelines in India. This commitment underscores CoinSwitch’s dedication to regulatory compliance and ensuring the safety and security of its users’ transactions.
The crypto exchange valued the highest in India.
CoinSwitch’s ascent to becoming India’s most-valued crypto unicorn was propelled by a significant Series C funding round in September 2021, which saw the platform secure $260 million from esteemed investors like Coinbase Ventures and Andreessen Horowitz (a16z). This injection of capital catapulted CoinSwitch to a valuation of $1.9 billion, marking a remarkable milestone in its journey.
At the time, CoinSwitch had already amassed over 14 million registered users within just 18 months since its launch in October 2021, underscoring its rapid growth and widespread adoption among Indian crypto enthusiasts.
The recent surge in Bitcoin prices has injected fresh momentum into the Indian cryptocurrency landscape. In February, trading volumes on the country’s leading exchanges, including CoinDCX, WazirX, and BitBNS, reached a ten-month high. Despite this resurgence, trading volumes have yet to reach the historic peak witnessed in 2021.
The uptick in trading activity on Indian exchanges comes after a prolonged period of subdued volumes following the bear market of 2022-23, exacerbated by the Indian government’s imposition of a 30 percent tax on cryptocurrency trading.
Meanwhile, the Reserve Bank of India (RBI) has been actively exploring avenues to promote the adoption of the country’s Central Bank Digital Currency (CBDC). RBI Governor Shaktikanta Das recently proposed leveraging offline solutions to enhance the uptake of the central bank’s digital rupee, particularly in remote areas, signaling the central bank’s commitment to advancing its digital currency agenda.
