CoinSwitch Kuber onboards 10M users, says it's now India’s largest crypto platform

Indian crypto exchange CoinSwitch Kuber today said it has hit 10 million registered users, claiming this makes it the country's largest crypto platform. It added it has reached this milestone in 15 months since starting operations in India.

In a statement, the company said out of 10 million users, seven million are active users with a monthly transaction volume of Rs 15,138 crore.

Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber, said:

“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."

The statement shared by the exchange added, "The platform is witnessing high volumes from the millennial and Gen-Z population, with almost 75 percent of its user base being between the ages of 18 and 35 and the average age being 24. Over 55 percent of users on the platform hail from Tier II and III cities."

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The exchange also said the average crypto investment on its platform is about Rs 9,000 per month per user, with investors in Tier I cities making larger trades over smaller towns. In Tier I cities, the average monthly ticket size is about Rs 11,600, Rs 6,600 in Tier II, and about Rs 3,500 per user in Tier III cities.

CoinSwitch Kuber began global operations in 2017 and shifted focus to India in June 2020. Backed by Tiger Global, Ribbit Capital, Sequoia Capital and Paradigm Capital, it was started by Ashish Singhal (CEO), Govind Soni (CTO), and Vimal Sagar (COO).

Recently, it was reported CoinSwitch Kuber is in advanced talks to raise a new round of funding at up to $2 billion in valuation. This would make CoinSwitch the second Indian crypto startup to enter the unicorn club, after CoinDCX became the first in August 2021.

The report, which cited anonymous sources familiar with the developments, added the deal may finalise this month, and will be worth over $100 million.