CoinSwitch Kuber becomes India’s largest crypto platform with over 10 million users: Crypto trading platform and exchange CoinSwitch Kuber has become the largest crypto asset platform in the country after it onboarded more than 10 million users, the company said in a press statement.
“CoinSwitch Kuber has reached the milestone in just 15 months since starting operations in India in June 2020, a testament to the simplicity and convenience the platform provides its users,” the company said.
Out of the 10 million users on its platform, around seven million are active users with a monthly transaction volume of Rs 15,138 crore.
The surge in users for CoinSwitch Kuber is also a reflection of the rising acceptance of crypto investing in India despite uncertainty around government regulations. India along with Vietnam has seen the biggest surge in crypto adoption in the world over the past year.
India is currently mulling a ban on all private cryptocurrencies through a cryptocurrency bill that will also see the Reserve Bank of India issue a central bank digital currency.
“We aim to accelerate this growth by offering continued simplicity, security, the best rates, and experience to our users,” said co-founder and chief executive officer Ashish Singhal in the press statement.
The cryptocurrency exchange was launched globally in 2017 and shifted its focus to India in June 2020. It is currently backed by marquee investors such as Tiger Global, Ribbit Capital, Sequoia Capital, and Paradigm Capital.