6 Indian crypto exchanges where you can trade Bitcoin, Ethereum, Doge, and other tokens
On the back of a major bull run in late 2020 and early 2021, cryptocurrency has emerged as one of the fastest-growing digital assets. Here are six crypto exchanges run by Indian crypto startups that enable you to trade cryptocurrencies like Bitcoin, Ethereum, Doge and others.
On the back of a major bull run in late 2020 and early 2021, cryptocurrency has emerged as one of the fastest-growing digital assets. Backed by blockchain and enabled for trading, it effectively offers multiple means for anyone looking to make some good income online.
In the past month, the Indian crypto industry has been rejuvenated by a recent Reserve Bank of India clarification stating that its 2018 circular preventing banks from dealing in “virtual currencies” is invalid and cannot be cited anymore after it was set aside by the Supreme Court in 2020. The cryptocurrency industry welcomed this statement from the RBI and viewed it as an approval on the use of bank accounts for such transactions.
Today, investors and traders keen to buy and sell various digital assets available in the market can simply use the different crypto exchanges run by Indian crypto startups. These exchange platforms convert government-backed currency (Rupee in India) into the cryptocurrency of your choice, and vice versa when you divest — for a small fee.
From Bitcoin, Ethereum, Binance, and TRON to the new Doge or Shiba Inu, there are several cryptocurrencies to choose from. More recently, however, Bitcoin and most other altcoins have been enduring a bear market as prices fall amidst Bitcoin mine closures in China and potential regulatory scrutiny.
Still, if you'd like to buy the dip and invest in cryptocurrency, here are some Indian startups and exchange platforms where you can trade digital assets like Bitcoin, Ethereum, Dogecoin, and MATIC, among other altcoins.
WazirX
Nischal Shetty, Co-founder and CEO WazirX
Founded in 2017, by Nischal Shetty (CEO), Siddharth Menon (COO), and Sameer Mhatre, is a fast-growing cryptocurrency exchange with over 1 million users.
The Mumbai-based startup helps individuals build digital assets by buying, selling, or investing in crypto assets, such as Bitcoin, Litecoin, Ethereum, Ripple etc.
The platform was also the first to launch an auto-matching P2P (Peer-to-Peer) engine to help traders convert Indian Rupees to crypto and vice versa. Additionally, WazirX's Smart Token Fund helps crypto investors find expert traders, and let them manage their cryptocurrency portfolio.
Today, WazirX is part of the Binance Group, which is the world’s largest crypto exchange and serves users in 180 countries.
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CoinDCX
Neeraj and Sumit, founders of CoinDCX
Built with user experience and security in mind, provides instant fiat to crypto conversions with zero fees, so that users can have access to a diverse suite of financial products and services that are backed by industry-leading security processes and insurance protection.
Founded in 2018 by Sumit Gupta(CEO) and Neeraj Khandelwal, CoinDCX aims to be the global gateway to cryptocurrencies.
CoinDCX is the only startup in the crypto space in India that has raised three rounds of funding in less than a year. In total, it has raised $19 million.
The company tripled its headcount in 2020-21 from 30 to 100. Now, it aims to double the workforce by the end of 2021. It also went on to launch its own product, Insta, which allows fiat-crypto buying and selling, and witnessed a month-on-month growth of over 38 percent between 2018- 2020.
CoinSwitch Kuber
CoinSwitch founders
Started in 2017 by Ashish Singhal, Govind Soni (CTO), and Vimal Sagar (COO) as a global aggregator of cryptocurrency exchanges, the startup offers over 300 coins and 45,000 currency pairs. Last June, it launched its India-exclusive INR-crypto on-ramp platform .
The startup claims to have witnessed 350 percent growth in its user base since this January. The platform now has over 4.5 million users in India and recorded $5 billion in transaction volume in March 2021, 10 months since its launch. It plans to onboard 10 million users this year.
In April 2021, the Bengaluru-based startup had raised funding of $25 million in a Series B round from Tiger Global Management at a valuation of over $500 million. Earlier in January, CoinSwitch Kuber had raised $15 million in Series A funding from Ribbit Capital, Paradigm, and Sequoia Capital India.
Unocoin
Founded in July 2013 by Sathvik Vishwanath, Harish BV, Abhinand Kaseti, and Sunny Ray, was India’s first entrant in the Bitcoin space.
The Bengaluru-based startup enables customers to buy, sell, and transact in Bitcoin and Ethereum.
The platform also raised an undisclosed amount as part of its ongoing Series A round from the likes of Tim Draper in October 2020.
It has over 13 lakh users, of which at least three lakhs are KYC-verified customers. Unocoin claims its turnover runs in hundreds of crores, year on year.
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ZebPay
Launched in 2014, the Singapore-headquartered startup has had a chequered journey in a primarily cash-driven India. Management changes, local regulatory hurdles, and a few product iterations later, relaunched in January 2020, ahead of the Supreme Court’s decision on RBI’s two-year ban on cryptocurrencies.
Founded by Sandeep Goenka, Saurabh Agrawal, Mahin Gupta, ZebPay operates in 162 countries, and has processed $3 billion worth of transactions for over 3.5 million users — nearly 95 percent of them from India.
The startup has its India offices in Mumbai and Ahmedabad, and has scaled up its workforce from 50 to 110 people.
The platform claims to be profitable since April 2020. Now, it is focusing on creating referral structures, incentives, and AMEX-like membership programmes for users.
BuyUCoin
BuyUCoin cofounders (from L to R) Shivam Thakral, Atulya B and Devesh Aggrawal
Founded in 2016 by Shivam Thakral, Atulya Bhat, and Devesh Aggrawal, allows users to buy, sell, trade, and store multiple digital assets like Bitcoin, Ethereum, Ripple etc.
Five years since its launch, the bootstrapped startup is today among the leading Indian crypto exchanges with over one million traders and holders investing in over 130 cryptocurrency pairs such as BTC-INR, ETH-INR, and DOGE-INR, among others.
BuyUCoin’s revenue model comprises two channels —percentage-wise commissions on transactions and margins on quick and easy trades.
(With inputs from Rishabh Mansur)
Edited by Tenzin Pema and Saheli Sen Gupta