Homegrown crypto exchange CoinSwitch Kuber has hit the 10 million user mark, claiming the position of India’s largest crypto trading platform ahead of CoinDCX, Binance-owned WazirX, ZebPay and others.
In a statement on Thursday, the platform, operating under BitCipher Labs LLP, announced the milestone, noting that 7 million of its registered users are active members with a monthly transaction volume of Rs 15,138 crore.
The average monthly investment on the platform is about Rs 9,000 per user.
“In 2020, the crypto industry witnessed a whopping 200-300% month-on-month growth inspite of the raging pandemic. 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,” Ashish Singhal, co-founder and CEO, CoinSwitch Kuber, said.
“We aim to accelerate this growth by offering continued simplicity, security, the best rates and experience to our users,” he added.
CoinSwitch said that a large chunk of its user base, almost 75% to be precise, comes from the millennial and GenZ population.
The average user age on the platform, available in over 4,000 cities, is 24. Besides, more than half of the exchange’s user base is from Tier 2 and 3 cities. However, the average monthly investment from a Tier 1 user continues to be higher than that seen in Tier 2 and 3 regions.
“CoinSwitch Kuber is on a mission to bring financial freedom to all Indians by democratising crypto investments and eliminating all complexities from the process of crypto buying and selling. CoinSwitch Kuber has educational crypto content on the platform itself, ensuring that both novice and experienced investors make informed decisions,” Singhal underlined.
The latest milestone for CoinSwitch comes amid reports of the platform raising a new financing round at a $2 billion valuation. If that happens, CoinSwitch will be India's second unicorn in the crypto space after CoinDCX.
- According to VCCEdge data, so far, the company has raised $40 million from investors such as Tiger Global, Ribbit Capital, Sequoia Capital and Paradigm Capital.