Coinswitch is India’s leading cryptocurrency exchange aggregator platform that seeks to simplify cryptocurrency trading and provide the best rates to customers. Founded in 2017, the company is headquartered in Bengaluru. Coinswitch is among the few companies that have successfully overcome the adverse regulatory environment pertaining to the trade of cryptocurrencies.
To make it easier for customers to trade in cryptocurrencies, Coinswitch has launched the CoinSwitch Kuber app that offers a range of features. Some key features include an intuitive interface, easy and fast KYC process, instant deposits and withdrawals, ideal for both beginners and professionals, and prompt customer support. CoinSwitch Kuber app supports more than 100 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Binance Coin (BNB) and Litecoin.
Coinswitch.co – History
The idea for Coinswitch came to founders when they were challenged with building a safe and secure platform to trade cryptocurrencies. The founders had spent time as ethical hackers and taken part in various ethical hacking contests. CEO Ashish Singhal has won various hackathons such as Amazon Hack, Google Code, Linkedin Hack and Sequoia: Hack.
Launching Coinswitch has been a challenging journey for the founders. The business model came under threat when Reserve Bank of India (RBI) passed an order in 2018, which barred all banks and other financial institutions from providing services related to cryptocurrency trading. Many cryptocurrency trading platforms had to shut shop, but Coinswitch persevered and is growing from strength to strength.
Cryptocurrency trading in India got a major boost in March 2020 when the Supreme Court overruled the RBI order. This effectively made cryptocurrency trading legal in India and trading volumes increased significantly soon after. In April 2020, Coinswitch reported a 158% increase in its user base and trade volumes had more than doubled. This trend is expected to continue in coming months.
After the Supreme Court order, many banks are proactively providing their services for cryptocurrency trading. Other banks are also expected to follow suit after receiving a formal notification from RBI. Coinswitch is working with all stakeholders to ensure the growth of cryptocurrency trading in India. Customers using Coinswitch can trade in INR to crypto, crypto to crypto and crypto to INR.
Coinswitch.co – Funding
Coinswitch has received seed funding of an undisclosed amount. Its primary investor is Sequoia Capital.
Coinswitch.co – Acquisitions
Coinswitch has not made any acquisitions, but may consider bankable options available in the future.
Coinswitch.co – Competitors
Coinswitch is India’s first cryptocurrency exchange aggregator platform. As such, it does not have a direct rival. However, it may face indirect competition from cryptocurrency exchanges such as WazirX, Binance, BitBNB, Zebpay, UnoCoin, Cashaa, Pocketbits, Giottus, and Bitbns.
Coinswitch.co – Founders
Coinswitch was founded by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari. Ashish Singhal currently serves as the CEO of Coinswitch. Earlier, he had worked with Amazon as a software development engineer. Govind Soni had also worked with Amazon and currently serves as the CTO at Coinswitch. Vimal Sagar Tiwari had worked with Accenture and Zynga and currently serves as the COO at Coinswitch.