From Startup to Unicorn: The Rapid Rise of CoinSwitch Kuber

Founded in 2017, CoinSwitch was founded as a global cryptocurrency exchange aggregator. This platform allowed users to compare rates across various exchanges and facilitated seamless trading across multiple cryptocurrencies. The company was launched as CoinSwitch Kuber in 2017, to specifically cater to the Indian cryptocurrency market only. The company was founded by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari and is based in Bangalore. CoinSwitch Kuber is also the 2nd cryptocurrency exchange to join the Unicorn club, after CoinDCX, becoming a Unicorn in August 2021. 

The crypto exchange is well known for its user-friendly interface, a wide range of cryptocurrencies and high measures of security. The exchange also provides an aggregator service, where they provide a platform for users to compare the prices of different cryptocurrencies in different cryptocurrency exchanges. The crypto exchange enables the users to trade different cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin and many others, using INR.  

While CoinSwitch Kuber focuses on the Indian market only, CoinSwitch caters to all the countries in the world besides India. After CoinSwitch Kuber released in India in 2020, the app put special focus on complying to the different regulatory laws. The exchange started to comply with stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations to ensure the legality and security of transactions. Besides this, the company also started working actively with Indian regulators to ensure compliance and to advocate for favorable regulatory frameworks for the cryptocurrency industry. 

In 2021, CoinSwitch Kuber raised a Series C Funding of a massive $260 million from investors including Andreessen Horowitz (a16z) and Coinbase Ventures, which marked one of the largest funding rounds in the Indian cryptocurrency space. Prior to this funding round, the company had also raised funding from other investors like Sequoia Capital India and Ribbit Capital. 

Since CoinSwitch’s inception and its global expansion following the RBI ban on foreign crypto exchange app downloads, the company has experienced a surge in transactions through its app. In just the last two years, CoinSwitch Kuber has attracted more users to its app than any other crypto exchange in India. This rapid growth can be attributed primarily to the app’s simplified user experience (UX) and its strategic choice to exclude certain trading features. CoinSwitch Kuber saw a rapid surge in its userbase, surpassing 10 million registered users by the end of 2021. The company claims to have more than 15 million users in India, and that the monthly user count of the app is more than 7 million. 

CoinSwitch has also launched the Web3 Discovery Fund, which is a fund dedicated to investing in and incubating early-stage startups focused on developing blockchain solutions for the Web3 space.  

While other crypto exchanges developed products for traders familiar with order books and proficient in placing buy/sell orders, CoinSwitch set itself apart by targeting users who had never encountered an order book and were unfamiliar with its concept. CoinSwitch also puts out different educational content to educate the masses about cryptocurrency trading, marketing trends as well as investing strategies. The exchange also engages with the users on different blogs, webinars etc. to keep the users informed and involved. 

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