Currently, the entire crypto market is estimated at $2 trillion worldwide, counting more than eleven thousand distinct cryptocurrencies across different ecosystems.
Boasting a population of 1.38 billion inhabitants, India has a colossal consumer market. Although the country is famous for exporting some of the finest programmers and IT pros the world has ever seen, India’s internal market is still going through a paradigm shift due to increasing urbanization and a rapid change in demographics.
Understanding the demands of a growing mass of crypto enthusiasts in the Indian subcontinent, a team of seasoned entrepreneurs created CoinSwitch Kuber, which rapidly became India’s number one cryptocurrency app.
Introducing Cryptocurrency in India – Statistics and Overview
Undoubtedly, India is one of the most fascinating countries worldwide. The place bridges millenary traditions with next-generation technologies, contributing to the world’s most exciting gadgets and tech-based solutions.
In the United States, a large percentage of foreign-born tech employees are from India. In fact, a recent report made by an expert firm found out that 40% of the tech employees in Seattle – the home to companies like Microsoft and Amazon – were born in India.
Hence, no one would expect anything less than a huge frenzy around cryptocurrency in India. However, the country’s legislation puts cryptocurrency into a legal limbo due to its ambiguity on whether digital assets are permitted or not.
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Despite this fact, the country has the highest number of people owning crypto assets in the entire world. The change in demographics is a crucial factor in India’s crypto revolution. Nowadays, the average age of a typical crypto enthusiast in India is 25.
Also, it is vital to note that most cryptocurrency users (55%) are from places outside the country’s largest cities, such as Mumbai or New Delhi. Millennials and Generation Z represent the core of the movement that inspired the creation of CoinSwitch Kuber.
What’s CoinSwitch Kuber? – Inside the App’s History
Designed as an app-based crypto exchange platform, CoinSwitch Kuber is an exchange tool exclusive to retail investors in India. Available on Android and iOS, the app features more than one hundred digital assets, including Bitcoin, Ethereum, and Litecoin.
This way, Indian retail investors can use the national fiat currency (INR) to buy a set of different cryptocurrencies within an efficient and seamless mobile tool. Established in Bangalore, India’s high-tech industry hub, the company was founded by Vimal Sagar, Govind Soni, and Ashish Singhal.
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The trio shares a solid background in software engineering in many respectable companies, including Amazon, Microsoft, and Zynga. Although the project’s idea dates back to 2017, the company was founded in June 2020.
Behind the company, there is a strong network of partners that include Sequoia Capital, Tiger Global Management, Paradigm, and Ribbit Capital. The main difference between CoinSwitch and other platforms is their focus on the Indian public.
Is CoinSwitch Kuber the Answer to a Pent-up Demand in India?
Before the platform’s debut, there was a significant number of investors trading cryptocurrencies on other platforms. Nonetheless, the other platforms did not provide a user-friendly experience focused on India’s novice investors.
To solve it, CoinSwitch created a solid but straightforward crypto trading app exclusive to the Indian digital asset market. This way, users can enjoy the benefits of buying, selling, and trading cryptocurrencies in a reliable platform.
The platform’s approach was so successful that it brought millions of retail investors into downloading the app to trade crypto. Furthermore, it changed the entire game in India, introducing a new level of reliability to India’s crypto trading landscape.
Considering the data from the Financial Year 2020-21, the company reported profits in the house of $ 8million, processing over $5 billion in crypto-based transactions throughout CoinSwitch (the company behind the app).
The Cryptocurrency Revolution in India – Explaining CoinSwitch Kuber’s Rise to Stardom
Currently, CoinSwitch climbed to the top as India’s largest crypto trading platform, boasting a valuation of $500 million. Additionally, it ranks amongst India’s top five finance-related apps.
The platform’s success is a valuable statement that sometimes less is more. By focusing on the basics and providing a great experience to users, CoinSwitch Kuber managed to climb the market’s steps and become a fan favorite in India.
CoinSwitch Kuber’s simplicity is the primary factor behind its rapid rise to success. When designing the app, the company focused on delivering a smooth experience focused on novice investors.
Hence, users who have never interacted with cryptocurrencies can sign up, create an account, and start trading digital assets in a matter of minutes – all done within a virtually self-explaining dashboard.
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Following the gigantic wave of adoption among their countrymen, the company started to attract the attention of industry-leading companies in the crypto segment. In early 2021, CoinSwitch managed to raise $15 million in a funding round led by Sequoia Capital.
In the subsequent funding round, the project raised another $25 million in April 2021. The positive trend did not stop, as CoinSwitch attained unicorn status upon raising $260 million in its latest funding round.
Crypto Popstars – How Advanced Marketing Skills Are Boosting CoinSwitch Kuber’s Fame
Besides the financial results, the company enjoys respect among the crypto community, including giants like Coinbase, Andreessen Horowitz, and other well-liked characters.
The platform focuses on the “layman” public, which explains why they use their newly-acquired resources to raise awareness about cryptocurrency in India. Marketing is a crucial part of the process, so they partnered with star Ranveer Singh to be the brand’s poster boy.
For those unaware, Singh is an Indian movie star who has been among the highest-paid actors in the country, as it is plain to see by his constant appearances on Forbes India’s Celebrity 100 list.
Copywriting is crucial, so they created the tagline “Kucch toh badlega” (lit. something will change) to symbolize the new era in India’s financial landscape.
Cryptocurrency Legality in India – Will It Be a Slippery Stone on CoinSwitch’s Path?
In 2021, the Indian government passed the “Cryptocurrency and Regulation of Official Digital Currency Bill.” Allegedly, the bill was an attempt to curb the recent ascension of cryptocurrency in the South Asian country and criminalize the possession of digital assets.
Furthermore, the government is reportedly exploring the idea of issuing a state-backed digital currency created by India’s central bank, the Reserve Bank of India.
As of October 2021, the platform had temporarily disabled the “Crypto Withdrawal” option on the trading app, while all other options (Buy, Sell, Deposit, and Inr Withdrawn) are still functioning normally.
So far, there are banks reportedly refusing to provide services to crypto exchanges, including CoinSwitch. While a Supreme Court order from 2020 helped to lift the spirit of crypto enthusiasts, the stance of the Reserve Bank of India is still the same – no crypto support.
Conclusion – Is CoinSwitch Kuber Crypto’s Real Deal in India?
As the crypto frenzy spreads over the world, it is almost impossible to talk to someone without mentioning the newest and hottest token in the market. In this context, no country is an exception – including India.
Featuring a trio of experienced IT professionals and based on a solid vision to popularize cryptocurrencies in India, CoinSwitch Kuber is a mobile app where Indians can buy, sell, and exchange digital assets.
So far, the platform has onboarded over ten million users in just fifteen months upon its official launch. Currently, CoinSwitch Kuber boasts seven million active users, which accounts for a large parcel of India’s total number of crypto traders.