As CoinSwitch Kuber is valued at $1.9 billion after a fresh round of funding that injected a dose of $260 million into this Bengaluru-based crypto exchange, we give you a lowdown on the famous digital currency trading platforms in India
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As CoinSwitch Kuber raised $260 million raised in a funding round led by Andreessen Horowitz and Coinbase Ventures, the crypto exchange was valued at $1.9 billion in the first week of October, 2021. In a span of merely 14 months, the Bengaluru-based company has more than 10 million customers on its app.
This clearly shows the vast potential of the cryptocurrency market in India. The rapid success and growth of CoinSwitch Kuber despite the presence of some established players such as WazirX and CoinDCX shows that there is a colossal scope of digital currency trading in India while there are yet no clear rules for crypto trading.
Let us take a lowdown on the famous stock exchanges in India that enable trading in cryptocurrencies such as Bitcoins, Ethereum, Dogecoin, among others.
There the six popular cryptocurrency platforms available for Indian investors and traders:
CoinSwitch Kuber: It is an app-based cryptocurrency exchange platform available on iOS and Android. It aims to make crypto trading as simple as ordering food. The platform facilitates trading of over 100 currencies including Ripple, Dash, Litecoin, Bitcoin and others.
The app was started in June 2020 by Ashish Singhal, Vimal Sagar Tiwari and Govind Soni. Prior to starting the app, the founders launched CoinSwitch in 2017 that facilitated crypto-to-crypto trades.
CoinDCX: The crypto exchange, launched in April 2018, claims to offer a user-friendly experience. It became the first crypto exchange unicorn from India in August 2021. The company has roped in Bollywood star Amitabh Bachchan as its brand ambassador.
The investors can access a slew of financial products and services which are protected by insurance.
WazirX: Launched in 2018, it provides a platform for trading several cryptocurrencies on its website and app. This platform also allows peer-to-peer trading, wherein buyers and sellers can be linked directly without the need for financial intermediaries.
Zebpay: This was among the first crypto exchanges in India launched in 2014. Headquartered in Singapore, they promote themselves as a bitcoin ki dukaan (shop that sells bitcoins), but it is not the only currency that is traded here.
BuyUCoin: Started in 2016, it is a Delhi-based crypto exchange that enables trading of bitcoins, ripple, Ethereum. among other currencies.
Unocoin: This Bengaluru-based exchange was set up in July 2013 and facilitates trading in Ethereum (Ether) and Tether (USDT). It also enables OTC (over the counter) trade to allow users to trade in bulk.
So, whichever digital currency platform you use, make sure that one is supposed to hold a bitcoin wallet (outside the exchange) to store the large quantities of cryptocurrencies.
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