Signifying an important milestone in the Indian cryptocurrency arena, trading platform CoinSwitch crossed 20 million registered users on March 6, it said in a statement. CoinSwitch is the first Indian cryptocurrency trading platform to have reached 20 million registered users.
In October 2021, CoinSwitch raised $260 million in Series C funding from a group of venture capital funds led by Coinbase Ventures and Andreessen Horowitz (a16z), valued at $1.9 billion.
Commenting on the milestone, Ashish Singhal, Co-founder of CoinSwitch, said, “Bull markets are a magnet for new users, and crypto is now on a bullish path. 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.”
Driven by developments such as the launch of Bitcoin ETFs in the US market and the dramatic rise in BTC prices, user activity has increased in recent months in the Indian cryptocurrency space. The upcoming Bitcoin halving is also contributing to investors’ interest in cryptocurrencies.
“Since the turn of 2024, user registrations on CoinSwitch have grown by 5x as compared to the daily average user growth in 2023. In just the last two weeks, the crypto trading volumes on CoinSwitch platforms have increased by 7x, and the number of users in profit has increased by over 80%,” Singhal said in the statement.
The increased user activity at Indian crypto exchanges was noticed immediately after Indian government authorities blocked the websites of nine prominent global crypto exchanges, including Binance, Huobi, and Kraken, in late December 2023. The exchanges were penalized for not registering with the Financial Intelligence Unit (FIU), which amounted to a violation of the Prevention of Money Laundering Act.
In February, several India-based cryptocurrency exchanges, including CoinDCX and WazirX, reported a 10-month high in trading volume. However, it was still way below the highs seen in 2021.
An infographic shared by CoinSwitch shows that app logins peaked exceptionally on February 25. On March 5, CoinSwitch CEO said, “Concurrent traffic on the @CoinSwitch app is hitting an all-time high. It’s coming in from across the country, including metros and smaller cities. We’re scaling our systems to handle this unprecedented traffic.”
