With over 10 million users CoinSwitch Kuber has become India's largest crypto platform
has hit 10 million registered users, making it the country's largest crypto
platform. The company has reached this milestone in just 15 months from the
start of its operations in India.
According to the company, out of 10 million users, 7 million are active, with a monthly transaction volume of around $2 billion.
“CoinSwitch Kuber has reached the milestone in just 15 months since starting operations in India in June 2020, a testament to the simplicity and convenience the platform provides its users,” the company said.
Around $40 million was raised in the latest funding round, led by Tiger Global, with $500 million in valuation this April. According to the TechCrunch report, CoinSwitch is currently in the process to raise $2 billion in its next funding round.
If the talks result in a deal, CoinSwitch Kuber will become the second crypto startup to achieve unicorn status in the world's second-largest internet market.
Ashish Singhal, co-founder, and CEO, CoinSwitch Kuber stated, “We initiated CoinSwitch Kuber in India during the lockdown in June and received over 1 million users in just six months. The journey from 1 million to 10 million has taken us just 9 months."
He adds, “We aim to accelerate this growth by offering continued simplicity, security, the best rates, and experience to our users.”
CoinSwitch Kuber was established as a global aggregator of cryptocurrency exchanges by Ashish Singhal, Govind Soni, and Vimal Sagar in 2017. Operations began as a crypto-exchange platform in India in June of last year.
For several years, government regulators in India have shown concern over the use of digital currencies. India's central bank RBI has expressed concern about private virtual currencies, despite plans to launch a trial program for its first digital currency by December.
CBW - External Analyst