With over 10 million users CoinSwitch Kuber has become India's largest crypto platform


CoinSwitch Kuber
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.

Pavan A
CBW - External Analyst
INDIA