CoinSwitch Kuber onboards 10 million users to become India’s largest crypto platform
Reaches the double-digit user milestone in just over a year
Chandigarh (Gurpreet) : CoinSwitch Kuber, India’s fastest growing and foremost crypto platform, today announced that it has hit 10 million registered users this week, to become India’s largest crypto platform. 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. Out of this, 7 million are active users with a monthly transaction volume of INR 15,138 crores.
The platform is witnessing high volumes from the millennial and GenZ population, with almost 75% of its user base being between the ages of 18 and 35 and the average age being 24. It reaches out to a diverse set of investors in 4000+ cities across the country. Over 55% users on the platform hail from tier 2 and 3 cities, while the remaining 45% are from tier 1 cities. CoinSwitch Kuber has been attracting investors from tier 2 cities such as Patna, Coimbatore, Karnal Dehradun, Ghaziabad, Faridabad, Agra, Amritsar, Bhopal, Ernakulum, etc., and tier 3 cities like Machhagan, Imphal, Mohali, Rohtak among others. This aligns with the company’s aim of making crypto investments as easy as ordering food online.
On CoinSwitch Kuber, the average crypto investment is about INR 9,000 per month per user, with investors in tier 1 cities making larger trades over smaller towns. In tier 1 cities, the average monthly ticket size is about INR 11,600, in tier 2 about INR 6,600 and in tier 3 about ₹3,500 per user.
Ashish Singhal, Co-founder & CEO, CoinSwitch Kuber, said, “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. We aim to accelerate this growth by offering continued simplicity, security, the best rates and experience to our users.”
“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. Reaching 10 million users to become the largest and the most preferred crypto platform in India indicates that we are on the right path towards building trust among Indians to achieve our inclusive goals. We want to bring the revolutionary technology of crypto and blockchain to billions in our nation,” he added.
CoinSwitch Kuber began global operations in 2017 and shifted focus to India in June 2020. It is backed by Tiger Global, Ribbit Capital, Sequoia Capital and Paradigm Capital.