CoinSwitch has become the first Indian crypto exchange to surpass 20 million registered users.
The accomplishment comes amidst a notable resurgence in user activity in India, which can be attributed to several factors.
The approval of Bitcoin (BTC) exchange-traded funds (ETFs) in the United States, the potential approval of Ethereum ETFs, and the upcoming Bitcoin Halving event have all contributed to the bullish sentiment in the market.
CoinSwitch Sees 5x Growth in User Registration
CoinSwitch has witnessed a remarkable growth in user registrations, with numbers increasing fivefold since the beginning of 2024, surpassing the daily average user growth recorded in 2023, according to a report from Businessline.
Over the past two weeks, trading volumes on CoinSwitch’s platforms have skyrocketed, increasing sevenfold.
Furthermore, the number of users in profit has seen a remarkable surge of over 80 percent.
“Bull markets are a magnet for new users, and crypto is now on a bullish path,” Ashish Singhal, co-founder of CoinSwitch, told the outlet.
“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 a reminder to keep building and iterating for the users.”
To celebrate this milestone, CoinSwitch has announced a giveaway where a lucky user will receive ₹20,000 worth of Bitcoin every hour.
Additionally, as a reporting entity under the purview of the Financial Intelligence Unit-India, CoinSwitch adheres to rigorous transaction monitoring checks and complies fully with the KYC and PMLA guidelines in India.
India’s Most-Valued Crypto Exchange
CoinSwitch had previously secured $260 million in Series C funding from prominent investors, including Coinbase Ventures and Andreessen Horowitz (a16z), in September 2021.
This investment propelled CoinSwitch to become India’s most-valued crypto unicorn with a valuation of $1.9 billion.
Back then, the platform crossed the 14 million registered users mark within just 18 months of its launch in October 2021.
As reported, the recent surge in the price of Bitcoin has injected fresh life into Indian cryptocurrency exchanges, as trading volumes on the top platforms reached a ten-month high in February.
CoinDCX, WazirX, and BitBNS, the leading Indian exchanges, recorded trading volumes of $2.6 million, $3.4 million, and $7.8 million last month, respectively.
These figures represent their highest monthly volumes since June 2023, although they still fall short of the historic peak witnessed in 2021.
The uptick in trading volumes on Indian exchanges comes as these platforms have grappled with low trading volumes since the bear market of 2022-23, compounded further by the Indian government’s imposition of a 30 percent tax on cryptocurrency trading.
Meanwhile, the Reserve Bank of India (RBI) has been pushing forward with plans to boost the adoption of the country’s CBDC plans.
Last month, the central bank’s governor Shaktikanta Das suggested using offline solutions to boost the adoption of the central bank’s digital rupee in remote areas.
