In big news for the Indian cryptocurrency world, CoinSwitch has become the first cryptocurrency exchange platform with over 20 million users. Such a trend demonstrates that the hype about crypto trading in India is getting big as risk appetite is growing in the international market.

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• ​CoinSwitch now has over 20 million users, making it the first Indian cryptocurrency exchange to reach this many users.
• The increase in sign-ups and trading is due to positive trends in the global market, such as the U.S. approving Bitcoin ETFs.
• To celebrate, CoinSwitch is giving away ₹20,000 worth of Bitcoin to one lucky user every hour.

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CoinSwitch Sets a New Benchmark in Indian Cryptocurrency Space with Over 20 Million Users

CoinSwitch’s user base has grown greatly, mainly because of some good news, like the approval of Bitcoin exchange-traded funds (ETFs) in the U.S. Also, the possibility of Ethereum ETFs getting approved and the upcoming Bitcoin Halving event have made the market look positive.

The growth has been huge since the beginning of 2024, with five times more new users than the average growth of the previous year. In the last two weeks, the amount of trading on CoinSwitch has increased seven times, and more than 80% of users have made profits in their investments.

According to one of CoinSwitch’s creators, Ashish Singhal, more new investors become interested when markets perform well, which is why the cryptocurrency market is expanding. He emphasized that they want everyone to find their platform extremely simple, regardless of their cryptocurrency experience. Reaching 20 million users demonstrates their commitment to improving, as many are new to cryptocurrency.

CoinSwitch is giving away ₹20,000 worth of Bitcoin every hour to celebrate. This is not simply a celebration; they hope that more people will become aware of the benefits of Bitcoin trading and join in.

CoinSwitch has the pledge to follow the rules and regulations. It operates as a fully regulated entity, following strict guidelines like the Know Your Customer (KYC) and the Prevention of Money Laundering Act (PMLA).

CoinSwitch’s journey to becoming a highly valued crypto company in India started in September 2021, when it secured $260 million in Series C funding from major investors like Coinbase Ventures and Andreessen Horowitz (a16z), reaching a valuation of $1.9 billion.

The increase in Bitcoin’s prices has sparked a rise in the activity of investors in the Indian crypto market. Despite volatile market conditions and stringent regulations in Indian exchanges, trading seems to be on an upward curve.

CoinSwitch is leading the way, and even the Reserve Bank of India (RBI) is working on its digital rupee initiative to explore new ways to make it more widely available.

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