Indian Crypto Exchange CoinSwitch Kuber Claims To Have Over 10M Customers
CoinSwitch Kuber, an Indian crypto exchange, claims to be the biggest across the country, according to the clients’ figure. Last week, the company’s chief-business-officer named Sharan Nair, tweeted that the sum of clients of the firm’s consumers has increased above 10 million. He added that the firm and its officials are determined to comply with the policymakers and regulators to promote legitimacy in the crypto industry.
At the time of its foundation in 2017, CoinSwitch started its activities in India during the pandemic amidst the previous year for attracting users across the globe. The operations of the exchange were initiated intending to make the trade of crypto as easy and simple as the utilization of a food delivery application online such as Zomato or Swiggy. Situated in Bengaluru (colloquially called India’s Silicon Valley), CoinSwitch has enlarged its scope of customers to more than 10 million; however, its adversaries are still busy playing catch-up.
Up till August, WazirX (a crypto exchange owned by Binance) had 7.3 million clients, whereas the top exchange of India named CoinDCX had approximately 3.5 million consumer count. Such a huge difference during just 15 months since it commenced with its operations in 2020’s June while being compared with the other prominent competitors is such a milestone for the exchange. It is evidence of the convenience and simplicity that the platform is providing to its clients, as stated by the exchange in a report published by Economic Times.
Nearly 7 million out of the total 10 million customers are active, having a per month transaction volume consisting of US$2 billion, as stated by the report. The marquee investors like Ribbit Capital, Sequoia Capital India, and Tiger Global Management are backing CoinSwitch. The startup firm has raised almost US$40 million till now while accomplishing its new funding round, which is valued at about US$500 million, and Tiger Global led it in recent April. Presently, the rumors suggest that CoinSwitch would collect up to US$2 billion in valuation during the latest capital round, according to a report shared by TechCrunch.
If the current deal moves through, CoinSwitch will turn into the second prominent crypto exchange after CoinDCX. The target of the company is to elevate the progress thereof by continuously offering a secure and simple experience of crypto trading in addition to the most favorable rates.