CoinSwitch Becomes First Indian Crypto Exchange to Surpasses 20 Million Registered Users
CoinSwitch has become the first Indian crypto exchange to surpass 20 million registered users.
The accomplishment comes amidst a notable resurgence in user activity in India, which can be attributed to several factors.
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 have all contributed to the bullish sentiment in the market.
CoinSwitch has witnessed a remarkable growth in user registrations, with numbers increasing fivefold since the beginning of 2024, surpassing the daily average user growth recorded in 2023, according to a report from Businessline.
Over the past two weeks, trading volumes on CoinSwitch’s platforms have skyrocketed, increasing sevenfold.
Furthermore, the number of users in profit has seen a remarkable surge of over 80 percent.
“Bull markets are a magnet for new users, and crypto is now on a bullish path,” Ashish Singhal, co-founder of CoinSwitch, told the outlet.
“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.”
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 rigorous transaction monitoring checks and complies fully with the KYC and PMLA guidelines in India.
CoinSwitch had previously secured $260 million in Series C funding from prominent
