CoinSwitch Kuber becomes India’s largest crypto exchange with 10 million users

NEW DELHI: Within 15 months of commencing operations in India, CoinSwitch Kuber claims to have become the country’s largest cryptocurrency exchange in terms of total number of registered users on the platform. It hit 10 million registered users mark this week.

"CoinSwitch Kuber has reached the milestone in just 15 months since starting operations in India in June 2020, a testament to the simplicity and convenience the platform provides its users,” the company said in a statement.

Founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar as a global aggregator of cryptocurrency exchanges, CoinSwitch Kuber started India operations in June last year as a crypto trading platform and exchange.

"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. We aim to accelerate this growth by offering continued simplicity, security, the best rates and experience to our users,” said Ashish Singhal, co-founder and CEO, CoinSwitch Kuber in a statement.

Of the total 10 million users, 7 million are active users on the platform with a monthly transaction volume of Rs15,138 crore, as per the company.

The platform has been witnessing maximum participation from millennials and the GenZ population. About 75% of its total users are aged between 18 and 35, while the average age is 24. It claims to attract investors from over 4,000 cities across the country, with nearly 55% users belonging to tier 2 and 3 cities.

"This aligns with the company’s aim of making crypto investments as easy as ordering food online,” the company said.

The monthly average crypto investment per user is about Rs9,000, with investors in tier 1 cities making larger trades compred to those in smaller cities. In tier 1 cities, the average monthly ticket size is about Rs11,600, in tier 2 cities it is about Rs6,600 and each user from tier 3 cities shells out an average Rs3,500, according to the company.

"CoinSwitch Kuber has educational crypto content on the platform itself, ensuring that both novice and experienced investors make informed decisions," said Singhal.

Coinswitch Kuber is backed by Tiger Global, Ribbit Capital, Sequoia Capital and Paradigm Capital.