March 27, 2024
Latest Cryptocurrency News

Indian Crypto Exchange, CoinSwitch Achieves Milestone of 20 Million Users

In a significant milestone for the Indian cryptocurrency landscape, CoinSwitch has become the first crypto exchange in the country to exceed 20 million registered users. This achievement is accompanied by a notable resurgence in user activity, driven by various factors contributing to a bullish sentiment in the market.

The recent approval of Bitcoin (BTC) exchange-traded funds (ETFs) in the United States, along with the potential approval of Ethereum ETFs and the upcoming Bitcoin Halving event, has fueled optimism among investors. CoinSwitch has experienced exponential growth in user registrations, marking a fivefold increase since the beginning of 2024, surpassing the daily average user growth recorded in 2023, according to a Businessline report.

Over the past two weeks, trading volumes on CoinSwitch’s platforms have surged sevenfold, and the number of users in profit has seen an impressive increase of over 80 percent.

Ashish Singhal, co-founder of CoinSwitch, stated, “Bull markets are a magnet for new users, and crypto is now on a bullish path.” He emphasized CoinSwitch’s commitment to being the most beginner-friendly crypto trading app and celebrated the 2-crore milestone, primarily consisting of first-time crypto investors.

To commemorate this achievement, CoinSwitch has announced a giveaway where a lucky user will receive ₹20,000 worth of Bitcoin every hour.

Being a reporting entity under the Financial Intelligence Unit-India, CoinSwitch ensures strict adherence to transaction monitoring checks and full compliance with KYC and PMLA guidelines in India.

CoinSwitch had previously secured $260 million in Series C funding in September 2021, propelling it to become India’s most-valued crypto unicorn with a valuation of $1.9 billion. The platform had crossed the 14 million registered users mark within just 18 months of its launch in October 2021.

This success mirrors the broader trend in Indian cryptocurrency exchanges, with CoinDCX, WazirX, and BitBNS recording their highest monthly trading volumes since June 2023. The recent surge in Bitcoin prices has injected fresh life into these platforms, indicating a positive shift after the challenges posed by the bear market of 2022-23 and the 30 percent tax on cryptocurrency trading imposed by the Indian government.

Meanwhile, the Reserve Bank of India continues to advance its plans for the adoption of the country’s CBDC, with recent suggestions by Governor Shaktikanta Das to utilize offline solutions for boosting the digital rupee’s adoption in remote areas.

Image from Wikimedia Commons

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