CoinSwitch becomes first Indian cryptocurrency trading platform with 2 crore registered users, after Bitcoin surges

CoinSwitch, a leading cryptocurrency trading platform in India, has reached a significant milestone by surpassing 2 crore registered users, becoming the first platform in the country on March 6.

This developmen coincides with a surge in user activity within India, driven by increased investor optimism. Recent developments like the launch of Bitcoin ETFs in the US, the possibility of Ethereum ETF approval, and the upcoming Bitcoin Halving event have all contributed to this positive sentiment.

"Since the turn of 2024, user registrations on CoinSwitch have grown by 5x as compared to the daily average user growth in 2023. In just the last two weeks, the crypto trading volumes on CoinSwitch platforms have increased by 7x, and the number of users in profit has increased by over 80%," CoinSwitch stated in a release.

Also Read | Bitcoin surge: Why should you still not invest in cryptos? These are 7 key reasons

Commenting on the milestone, Ashish Singhal, Co-founder of CoinSwitch said, “Bull markets are a magnet for new users, and crypto is now on a bullish path. To be the most beginner-friendly crypto trading app has been the priority at CoinSwitch since day one. The 2-crore milestone — a majority of whom are first-time crypto investors — is a validation of these efforts, as well as a reminder to keep building and iterating for the users.”

Also Read | Bitcoin surpasses $69,000 mark, beating record of $68,991 in Nov 2021

Meanwhile, Over $1 billion liquidated from the cryptocurrency market over the past 24 hours. This was followed by Bitcoin surging to a new all-time high in more than two years, yet the original cryptocurrency didn’t stay at its new all-time high very long as many traders appear to have taken the opportunity to book some profit.

The token soared as much as 2.5 per cent to USD 69,191.95 shortly after 10 a.m. in New York, then almost immediately reversed course in a plunge that at one point sent it 14 per cent below the record to USD 59,317.16.