All you know about coin switch growth
In India, Cryptocurrency trading has become more of a trend rather than a carefully calculated speculative investment. This can be credited to the development of decentralized trading exchanges and incessant advertisement and promotional activities by these digital exchanges.
Around 15 million Indians are now trading in digital coins and CoinSwitch Kuber records about 14+ million users on their platform alone bringing India at par with the USA where around 23 million people trade in cryptocurrency.
The trend in Cryptocurrency can be noted by the growth of the world’s greatest digital currency- Bitcoin. The one-year gain from BTC stands at 400%. The other example that explains the gained traction towards cryptocurrency is how India’s largest stockbroker “Zerodha’ has been overtaken by some of the country’s popular crypto exchanges (if viewed from the aspect of a number of users) like CoinSwitch Kuber with 11 million users and WazirX with 8.3 Million users.
The high involvement of Tier-II and Tier-III cities is evident to how deep the crypto investment awareness and importance has penetrated in the nation. This credit of this brilliant growth and traction gained by Crypto exchanges like WazirX and CoinSwitch Kuber can be given to its marketing strategies, referral programs, and of course to the features of its interface. So let us assess CoinSwitch Kuber in this article and review its features.
CoinSwitch Kuber: Background and Origin
In December 2021, the popular crypto exchange yet another Bangalore-based startup, CoinSwitch Kuber made headlines by the announcement of a $260 million funding for its Series C Investment Round. The round was funded by famous investors Coinbase Ventures and Andreessen Horowitz. This also marked the first-ever investment by Horowitz in an Indian startup.
CoinSwitch was launched in 2017 and has become the second crypto exchange startup after CoinDCX to enter the Unicorn Startup list. The founders Ashish Singhal, Govind Soni, and Vimal Sagar have worked tirelessly to make their app India’s largest cryptocurrency exchange platform with over 11 million users.
The vision of the founders was to build a simple and easy-to-use crypto exchange that made crypto investment easy to understand and accessible for every Indian. The founders worked at Amazon, Microsoft, and Zynga. But their fire to turn their project into a product laid out the path of a unicorn startup and entrepreneurship for them.
List of Investors of CoinSwitch Kuber:
- Sequoia Capital
- Paradigm
- Ribbit Capital
- Andreessen Horowitz
- Coinbase Ventures
- Tiger Global Management
CoinSwitch Kuber App Description and Features:
- The app supports 80+ cryptocurrencies
- A minimum deposit of INR 100 is mandatory
- Transaction fees range from 0%-0.5%
- Customer Support is available via email, FAQs, and form submission on its browser and app.
- No Brokerage is charged for trading
- To ensure the best rates, it has connected itself to various other platforms to make sure that the rates are aggregated and match other exchanges,
- No Lock-in period
- Funds can be transferred or withdrawn via UPI, IMPS, or NEFT Bank Transfers
- It offers a referral program of earning INR 50 worth of BTC for referring to every new customer.
- The app also offers reward options for achieving a variety of milestones. The most basic milestone is account verification.
CoinSwitch App Review
The User Interface of the App is highly credited by both iOS and Android users. The KYC process is short and simple and the app also has equipped numerous standards for the safety and security of users’ accounts and money. Many customer reviews suggest a time delay between actual price and selling price that has caused losses.
Many reviews also suggest that CoinSwitch App charges a higher commission rate and other charges as compared to its peer apps. The app also does not support transactions using Debit and Credit Cards. The app also does not have any stop-loss feature or candlestick analysis on its app.
However, the trading functionality of the app where it connects itself to other exchanges to get the best prices for its users sets CoinSwitch apart and its esteemed customer service makes the App a very trustworthy exchange.
Originally published at https://financialanswers.in on February 19, 2022.
