CoinSwitch, the first Indian cryptocurrency exchange to exceed 20 million registered users, has achieved this milestone amid a notable surge in user activity within the country. Several factors have contributed to this growth, including 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, all of which have bolstered positive sentiment in the market.
The platform has experienced a significant uptick in user registrations, with numbers increasing fivefold since the beginning of 2024, surpassing the daily average user growth recorded in 2023. Recent reports from Businessline indicate that trading volumes on CoinSwitch’s platforms have surged sevenfold over the past two weeks, with over 80 percent of users now in profit.
Ashish Singhal, co-founder of CoinSwitch, attributes this growth to the current bullish trend in the crypto market, stating, “Bull markets are a magnet for new users, and crypto is now on a bullish path.” Singhal emphasizes CoinSwitch’s commitment to being the most beginner-friendly crypto trading app, with a majority of its 20 million users being first-time crypto investors.
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 strict transaction monitoring checks and fully complies with the KYC and PMLA guidelines in India.
Having secured $260 million in Series C funding from prominent investors, including Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021, CoinSwitch became India’s most-valued crypto unicorn with a valuation of $1.9 billion. Within just 18 months of its launch in October 2021, the platform crossed the 14 million registered users mark.
The recent surge in Bitcoin prices has injected new life into Indian cryptocurrency exchanges, with trading volumes on top platforms reaching a ten-month high in February. Leading Indian exchanges such as CoinDCX, WazirX, and BitBNS recorded trading volumes of $2.6 million, $3.4 million, and $7.8 million, respectively, last month. While these figures represent the highest monthly volumes since June 2023, they still fall short of the historic peak witnessed in 2021.
Indian exchanges have faced challenges such as low trading volumes following the bear market of 2022-23, compounded by the Indian government’s imposition of a 30 percent tax on cryptocurrency trading. Meanwhile, the Reserve Bank of India (RBI) has been actively promoting the adoption of the country’s Central Bank Digital Currency (CBDC) plans. Governor Shaktikanta Das recently suggested leveraging offline solutions to enhance the adoption of the central bank’s digital rupee in remote areas.
By continuing to innovate and cater to the needs of both experienced and novice users, CoinSwitch remains at the forefront of India’s rapidly evolving cryptocurrency landscape, setting new standards for accessibility, security, and user experience in the digital asset space.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
