CoinSwitch, the leading cryptocurrency exchange in India, has achieved a significant milestone by surpassing 20 million registered users, making it the first Indian exchange to reach this landmark. This achievement comes amid a resurgence in user activity in India, fueled by various factors such as the approval of Bitcoin exchange-traded funds (ETFs) in the US, the potential approval of Ethereum ETFs, and the upcoming Bitcoin Halving event.
CoinSwitch has experienced exponential growth in user registrations, witnessing a fivefold increase since the beginning of 2024, surpassing the daily average user growth observed in 2023. Trading volumes on CoinSwitch’s platforms have also surged sevenfold over the past two weeks, accompanied by a remarkable 80% increase in the number of users in profit.
Ashish Singhal, co-founder of CoinSwitch, attributed this growth to the bullish market sentiment, stating that bull markets attract new users, and the crypto market is currently on a bullish trajectory. Singhal emphasized CoinSwitch’s commitment to being the most beginner-friendly crypto trading app and sees the milestone of reaching 20 million users, many of whom are first-time crypto investors, as validation of their efforts.
To celebrate this achievement, CoinSwitch has announced a giveaway where one lucky user will receive ₹20,000 worth of Bitcoin every hour. Additionally, as a reporting entity regulated by the Financial Intelligence Unit-India, CoinSwitch adheres to stringent transaction monitoring checks and fully complies with KYC and PMLA guidelines in India.
CoinSwitch, which secured $260 million in Series C funding from prominent investors in September 2021, including Coinbase Ventures and Andreessen Horowitz, became India’s 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 Bitcoin’s price has injected new life into Indian cryptocurrency exchanges, with trading volumes on the top platforms reaching a ten-month high in February. While platforms like CoinDCX, WazirX, and BitBNS have recorded their highest monthly volumes since June 2023, they still fall short of the historic peak witnessed in 2021. This uptick in trading volumes comes as Indian exchanges grapple with challenges such as low volumes during the bear market of 2022-23 and 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, with Governor Shaktikanta Das suggesting offline solutions to boost CBDC adoption in remote areas.