CoinSwitch Achieves Milestone with Over 20 Million Registered Users
CoinSwitch, the Indian cryptocurrency exchange, has achieved a significant milestone by surpassing 20 million registered users. This accomplishment is a result of several factors contributing to the resurgence in user activity in India, including the approval of Bitcoin exchange-traded funds (ETFs) in the United States, the potential approval of Ethereum ETFs, and the upcoming Bitcoin Halving event. CoinSwitchโs growth in user registrations has been remarkable, with a fivefold increase since the beginning of 2024, surpassing the daily average user growth recorded in 2023. Additionally, trading volumes on CoinSwitchโs platforms have increased sevenfold over the past two weeks.
Remarkable Growth in User Registrations
According to a report from Businessline, CoinSwitch has witnessed a significant growth in user registrations. The number of registered users has increased fivefold since the beginning of 2024, surpassing the daily average user growth recorded in 2023. This growth can be attributed to various factors:
- The approval of Bitcoin ETFs in the United States
- The potential approval of Ethereum ETFs
- The upcoming Bitcoin Halving event
In addition to the increase in user registrations, trading volumes on CoinSwitchโs platforms have skyrocketed over the past two weeks, increasing sevenfold. Furthermore, over 80 percent of users are now in profit. Ashish Singhal, co-founder of CoinSwitch, attributes this growth to the bullish market sentiment and emphasizes that CoinSwitch aims to be the most beginner-friendly crypto trading app.
Indiaโs Most-Valued Crypto Exchange
CoinSwitch had previously secured $260 million in Series C funding from prominent investors, making it Indiaโs most-valued crypto unicorn with a valuation of $1.9 billion. The platform crossed the 14 million registered users mark within just 18 months of its launch in October 2021. The recent surge in the price of Bitcoin has injected fresh life into Indian cryptocurrency exchanges, with trading volumes on the top platforms reaching a ten-month high in February.
Despite facing challenges such as low trading volumes since the bear market of 2022-23 and the imposition of a 30 percent tax on cryptocurrency trading by the Indian government, Indian exchanges like CoinDCX, WazirX, and BitBNS have seen an uptick in trading volumes. These figures represent their highest monthly volumes since June 2023.
The Reserve Bank of India (RBI) has also been pushing forward with plans to boost the adoption of the countryโs central bank digital currency (CBDC). Governor Shaktikanta Das suggested using offline solutions to increase the adoption of the central bankโs digital rupee in remote areas.
Hot Take: CoinSwitch Leads the Way in Indiaโs Crypto Market ๐
CoinSwitchโs achievement of surpassing 20 million registered users is a testament to its efforts to be the most beginner-friendly crypto trading app. With a significant increase in user registrations and trading volumes, CoinSwitch is leading the way in Indiaโs crypto market. As India continues to embrace cryptocurrencies and explore regulatory frameworks, CoinSwitchโs success sets a positive precedent for other Indian exchanges.
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