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Coinswitch: Pioneering Growth And Innovation From Bangalore, India’s Silicon Valley

Posted by News on Jun 27, 2024 in Digital News | 0 comments

Bangalore, India – CoinSwitch, founded in 2017 by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni, has emerged as a beacon of innovation in the crypto trading landscape. Addressing the significant challenge of comparing crypto prices across multiple exchanges to offer the most cost-effective trades, CoinSwitch has grown to become India’s largest crypto trading platform, with over 2 crore registered users.

With an investor-friendly platform for both retail investors (our app) and traders (PRO), CoinSwitch’s business model is simple: it earns from the commissions charged for executing the buy and sell transactions on the users’ behalf. As the company celebrates its 7th anniversary this year, it proudly stands as a unicorn valued at $1.9 billion, making it the most valuable Indian crypto investing platform.

A Comprehensive Trading Platform – The CoinSwitch app supports a wide range of crypto, with over 150+ coins listed on the platform including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), and Litecoin (LTC). For advanced traders, CoinSwitch Pro offers multi-exchange trading with one account, featuring analytics tools, limit orders, and pooled liquidity from top crypto exchanges in India and abroad. In 2022, the platform introduced the Recurring Buy Plan (RBP) for crypto, launched CRE8, the first benchmark index for the Crypto market in the Indian Rupee, and released CoinSwitch Pro, the first Rupee-powered crypto platform for multi-exchange trading. It is a founding member of the Bharat Web3 Association (BWA). Daily average user registrations have grown fivefold in 2024.

Commitment to Transparency – Recently, CoinSwitch published the third edition of its Proof of Reserves (POR), conducted according to the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400) for the status of cryptos and INR held as of March 31, 2024. The platform maintains a 1:1 ratio against total customer holdings, including crypto and INR, ensuring transparency and trust. The POR release stated the status as of March 31, 2024, being: Total Customer Holdings (Crypto + INR): ₹2,774.10 crore. Total CoinSwitch Holdings (Crypto + INR): ₹3,497.22 crore.

CoinSwitch was the first Indian crypto platform to share its proof of reserves in November 2022, establishing it as a trust marker by the crypto industry. “Trust is the foundation of every successful business relationship. At CoinSwitch, we understand that earning and keeping the trust of our users is paramount. Our third Proof of Reserves demonstrates our commitment to transparency and accountability — giving our customers full confidence that their assets are safe and secure with us,” said Balaji Srihari, Business Head, CoinSwitch.

Key Insights on Proof of Reserves (POR)

What is Proof of Reserves? – Proof of reserves (POR) establishes transparency and verifiability of a crypto platform’s claimed assets. This is achieved through an independent review and on-chain validation.
The independent reviewer verifies the platform’s crypto and fiat holdings (Indian Rupees) and compares them with users’ assets and balances.
A ratio of 1:1 or higher means the platform holds all user assets and fiat balances, allowing users to redeem or withdraw them at any time.

Driving Innovation with CoinSwitch Ventures – CoinSwitch Ventures, the company’s investment arm, funds early-stage startups developing blockchain-based solutions. To date, it has invested in 12 startups and facilitated nearly $25 million in subsequent funding.

Bangalore: The Epicenter of Innovation – The significance of Bangalore for CoinSwitch lies in the company’s deep roots within the vibrant tech ecosystem of the city. Bangalore is at the core of CoinSwitch’s success, embodying the city’s spirit of innovation and entrepreneurship. As home to 8.3% of India’s nearly 1.9 crore crypto investors, the city’s robust tech ecosystem has been essential in CoinSwitch’s mission to democratize investments and make wealth-tech accessible to all Indians.

As per CoinSwitch’s India portfolio 2023 report, Bangalore, alongside Delhi and Mumbai are among the top 10 cities with the highest crypto adoption in India.

Mentioned below are some key data points from Bangalore

Most active age group: 26-35 years
Over 11.66% of users (app+pro) from Bangalore are women

The city’s tech landscape has played a crucial role in shaping CoinSwitch’s journey towards democratizing investing and making wealth-tech accessible to all Indians. Additionally, Bangalore’s reputation as a hub for innovation and entrepreneurship aligns with CoinSwitch’s mission to revolutionize the financial investment landscape in India. The company’s presence not only reflects its origins but also underscores its commitment to innovation, diversity, and technological advancement within the dynamic tech ecosystem of the city.

Mentioned below are some key data points from Karnataka

Most active age group: 26-35 years
Out of the total CoinSwitch users 6.6% are from Karnataka.
Over 11.60% of users (app+pro) from Karnataka are women

Government initiatives, such as Startup Karnataka, have actively supported CoinSwitch’s efforts to promote blockchain-based solutions, demonstrating the government’s commitment to fostering a conducive environment for tech startups. CoinSwitch has hosted blockchain hackathons like “Building Future Cities” in collaboration with Startup Karnataka to stimulate blockchain-based solutions for everyday problems faced by India’s population, showcasing a commitment to fostering innovation and empowering young innovators. Bangalore’s vast pool of skilled tech professionals has enabled CoinSwitch to attract and retain top talent, crucial for driving its mission to democratize investments and make wealth-tech accessible to all Indians.

By being a part of Bangalore’s blockchain tech ecosystem, CoinSwitch has collaborated with other startups, investors, and industry players to drive innovation, explore new opportunities, and stay at the forefront of technological advancements in the Web3 space.

Looking Forward

The company is poised to continue its growth trajectory, with plans to expand its product offerings and user base. The company remains committed to its vision of making wealth creation accessible and equitable for all, leveraging technology and innovation to achieve this goal. As it moves forward, the focus will remain on relentless innovation and maintaining high standards of regulatory compliance.