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CoinSwitch Kuber Review | How is CoinSwitch performing?

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The world around us, in all its diversity and madness, is full of amazing phenomena that take our breath away. From natural miracles like the Aurora Borealis to man-made monuments like the Taj Mahal, there are wonders all around us. The people, too, are becoming even more extraordinary and talented nowadays. 

Cryptocurrency is something new for Indians. It represents a whole market of untapped potential. For investors, it is akin to discovering a whole new candy shop. Thus getting a safe option for trading in it, works like a cherry on top for enthusiastic investors. Cryptocurrency is a hot currency for not only the users but also for investors and startups. Although it might not be one of the favourite currencies for the Indian regulators. 

From being three close friends to forming a startup together, Govind Soni (CTO), Vimal Sagar (COO) and Ashish Singhal - the founders of CoinSwitch have been successful in setting up this unique startup. 

Well, let’s start off with their journey and see how the three friends turned this startup into a global aggregator for cryptocurrency!

How did CoinSwitch Kuber begin?

This product was made public in 2017 by the tremendous trio. CoinSwitch Kuber works as a global aggregator for cryptocurrency exchanges which offers over 300 coins and 45,000 currency pairs. 

Soni, Sagar and Singhal share a friendship bond of 13 years and have worked together in many companies like Amazon, Microsoft and Zynga. They even participated in various hackathons. Being the technological virtuosos that they are, they won many hacking competitions in India hosted by Sequoia, Google, Amazon and Linkedin. 

Working on an innovative startup together was thus an extension of their complementary skills. Just like that, CoinSwitch started with a hack. Recently in June 2020, they came up with CoinSwitch Kuber which is India’s exclusive INR-crypto on-ramp platform. This platform supports hundreds of cryptocurrencies for the users for buying and selling Indian rupees. This startup is headquartered in Bengaluru. 

Co-founder Ashish stated that within a span of a month of the launch, they had processed over $1 million in trades and they also got funded by Sequoia Capital. Today they are successfully trading more than $300 million in the trade almost every month.  

CoinSwitch Funding

CoinSwitch has successfully raised funding of $15 million (Rs. 109 crores) over one funding round with four investors. This $15 million funding was led by Ribbit Capital and Paradigm which is a San-Francisco based crypto-focused investment firm. In this Series A round, existing investors like the Sequoia India Capital and Kunal Shah (CRED Founder) also participated. 

As the company stated, the funds collected will be used to further enhance the security, compliance, products and tech capabilities and to build a brand view to further become a leading platform for cryptocurrency investments. 

Why is CoinSwitch the Best Option for Crypto-Investments in India?

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  • Easy Interface

One of the most important features for becoming an expert cryptocurrency trader is to choose the right platform to use. The interface of CoinSwitch is quite easy to access, seamless and fast. It can be operated by both the experts in trading as well as people who are new to the investing world. 

The customer service of CoinSwitch is also very supportive and responsive. If you have any queries, it will offer you a speedy resolution.

  • Security of Funds

For trading in a cryptocurrency, the major thing is to check its fund security. One should know whether or not the money you have invested is safe. 

As per the Deccan Herald, Coinswitch is the most stable, reputed as well as a well-funded platform that keeps the money of its investors secure. But it is always recommended to go through the website, learn more about its working and then plan on investing. 

The app has also made sure that it makes use of all the advanced features in order to make it a secure platform for investing. CoinSwitch ensures that no frauds should happen as they allow only reputed tokens. 

  • Support of the Tokens

The third benefit of Coinswitch is that it supports more than 100 cryptocurrencies, unlike most exchanges that only support the top cryptocurrencies like Bitcoin, Etherium etc. Not only this, but it also helps you to opt-out from any of the options available in order to manage the risk better. 

  • Low Trading Fees 

This is another benefit that Coinswitch entails by bringing low trading fees for its investors. These fees are very economical whenever an investor makes a trade. They also don’t have any hidden charges. 

Top Competitors of CoinSwitch

  • CoinDcx
  • ZebPay
  • WazirX
  • Unocoin

Challenges Ahead for CoinSwitch

India is already quite sceptical about the cryptocurrency boom. Recently, a ban on cryptocurrencies has come out. Because of this, Ashish stated that they will continue to keep innovating and keep working towards making crypto investments safe and simple. The only challenge for them is to educate its users about the cryptocurrency ecosystem in India.

Well, with the plans of the ban on one hand and with the startups like Coinswitch excelling, let’s see what the outcome comes. 

Till now, Coinswitch’s potential is increasing steadily.  

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author

Anjali