New Delhi: Within 15 months of commencing operations, CoinSwitch Kuber has reached the mark of one crore users and has become India’s largest crypto exchange, amid the growing crypto craze in the country. The company stated that its success is due to its simplicity and convenience.
The platform operates under BitCipher Labs LLP which mentioned that 7 million of its registered users are active members with a monthly transaction volume of Rs 15,138 crore.
The average monthly investment on the platform is about Rs 9,000 per user.
“In 2020, the crypto industry witnessed a whopping 200-300% month-on-month growth inspite of the raging pandemic. We launched CoinSwitch Kuber in India during the lockdown in June and onboarded over 1 million users in just six months. The journey from 1 million to 10 million has taken us just 9 months,” Ashish Singhal, co-founder and CEO, CoinSwitch Kuber, said.
“We aim to accelerate this growth by offering continued simplicity, security, the best rates and experience to our users,” he added.
The company has observed that 75% of its total users being aged between 18 and 35.
The average age of the users on the platform is 24 and the platform is available in over 4,000 cities. Also, more than half of the platform’s user base is from Tier 2 and 3 cities. The average monthly investment from a Tier 1 user continues to be higher than that seen in Tier 2 and 3 regions.
“CoinSwitch Kuber is on a mission to bring financial freedom to all Indians by democratising crypto investments and eliminating all complexities from the process of crypto buying and selling. CoinSwitch Kuber has educational crypto content on the platform itself, ensuring that both novice and experienced investors make informed decisions,” Singhal underlined.
The latest milestone for CoinSwitch comes amid reports of the platform raising a new financing round at a $2 billion valuation. If that happens, CoinSwitch will be India’s second unicorn in the crypto space after CoinDCX.