This Platform Aggregates Crypto Exchanges Providing Customers the Best Price
CoinSwitch partners with leading global exchanges and removes the need to create an account on an exchange
Cryptocurrencies in India have been gathering a lot of steam, and that can easily be validated by the recent Chainanalysis report which states that India ranks second in crypto adoption globally. The sector has been the talk of the town for a while, and CoinSwitch Kuber is at the forefront of this trend.
Launched as a worldwide aggregator of cryptocurrency exchanges by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari in 2017, CoinSwitch provides users with the most competitive rates in the market. Through partnering with leading global exchanges, CoinSwitch vastly simplified cryptocurrency trading by removing the need to create an account on an exchange. The platform offers over 300 coins and 45,000 currency pairs through its global aggregation and partnerships. Noticing the growing appetite for cryptocurrency investments amongst Indians, the founders saw the need to launch an India-exclusive platform with CoinSwitch Kuber, specially designed keeping first-time cryptocurrency investors in mind, simplifying crypto for them.
Govind, Vimal and Ashish have been friends for the last 13 years. They were also colleagues at Amazon, Microsoft and Zynga. The founding team behind CoinSwitch has won almost every major Hackathon in India including those hosted by Sequoia, Google, Amazon and LinkedIn. Interestingly, the idea for CoinSwitch started with a hack which they later made public. While trading in crypto themselves they realised that the price of crypto varies across exchanges based on its supply and demand. In a bid to get better returns from the market, choosing the right exchange plays a very important role. They built an aggregator of these exchanges which gave real time data as to which is the best exchange to trade at any given point to get the maximum return. The product was made public in 2017. Within a month of the launch, the platform was processing over $1million in trades and subsequently got funded by Sequoia Capital.
Entering 2020, the trio realised that 90 per cent of Indian crypto currency buyers are retail investors. Till now, nobody was going after that consumer set. The team launched CoinSwitch Kuber in June 2020, with the sole aim of simplifying cryptocurrency investments for retail users in India. CoinSwitch Kuber today is India's fastest growing INR-crypto on-ramp platform. Within three months of launch, the platform had over 250,000 users, and clocked an investment of INR 300 crore.
Today, CoinSwitch has over 9 million users on the platform, and aims to onboard 12 million by 2022. In the first quarter of 2021, the platform observed a whopping 350 per cent increase in the number of registered users. Such growth momentum and a team of dedicated experts attracted global investors towards the exchange. It has raised close to $40 million by the likes of Sequoia India, Ribbit Capital, Paradigm and Tiger Global.
The platform is also receiving great traction from non-metros and has been witnessing a month-on-month growth of over 135 per cent challenging a common assumption that crypto is a metro phenomena.