Crypto trading platform, CoinSwitch has surpassed 2 crore registered users, becoming the first in India to touch the milestone.
The milestone comes amidst a strong resurgence in user activity in India, as investors turn bullish in the wake of the Bitcoin ETFs in the US, the possible approval of Ethereum ETF, and the scheduled Bitcoin Halving event. Since the turn of 2024, user registrations on CoinSwitch have grown by 5x as compared to the daily average user growth in 2023.
In just the last two weeks, the crypto trading volumes on CoinSwitch platforms have increased by 7x, and the number of users in profit has increased by over 80 per cent, the company claimed.
Commenting on the milestone, Ashish Singhal, co-founder CoinSwitch said, “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 reminder to keep building and iterating for the users.”
The company has announced to give away Rs 20,000 worth of Bitcoin to a lucky user every hour to celebrate the achievement, it said in a release.
CoinSwitch is a reporting entity with the Financial Intelligence Unit-India, establishing rigorous transaction monitoring checks and fully compliant with the KYC and PMLA guidelines in India.
The platform was launched in India in 2020 to provide a simple and seamless platform for users to trade crypto assets in Indian Rupees. Over the years, the platform has expanded its offerings to serve the full expanse of retail users, advanced traders, and API trade shops, with the app and CoinSwitch PRO.
The company has raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to become India's most valued crypto Unicorn at a valuation of $1.9 billion.
In October 2021, it crossed 14 million registered users in a record 18 months.
