India’s newest crypto unicorn founder advises investors on how to choose cryptocurrencies

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CoinSwitch Kuber recently became India’s newest, youngest, and second-largest crypto unicorn amid the growing popularity of cryptocurrencies, although the government’s position remains unclear. Investors are betting on digital tokens even as authorities scrutinize the buying and selling of Bitcoin, Ethereum and other coins.

Bengaluru-based CoinSwitch, founded in 2017, was launched as a global aggregator of crypto exchanges. It started operations in India in June of last year. In an interaction with mint, CoinSwitch Kuber co-founder and CEO Ashish Singhal talks about the story behind, future plans pending India’s clear stance on the crypto bill, advises retail investors what ‘to look for when choosing to invest in cryptos, and much more.

The story behind India’s fastest crypto unicorn

When we started trading cryptocurrencies in 2016, we noticed that prices vary widely from exchange to exchange as they are determined by demand and supply on each individual platform. Here we have found an opportunity for a platform that aggregates all exchanges to allow users to find the right price for a cryptocurrency at any given time. Therefore, CoinSwitch was founded in 2017 by the three of us. Our goal is to make crypto investing as easy as ordering food online. At its peak, CoinSwitch was available as a global crypto aggregator in over 160 countries.

The company crossed 11 million registered users in a 15-month record in October with a diverse population, as 55% of CoinSwitch Kubers users come from Tier 2 and 3 cities.

We were backed by Sequoia Capital, Paradigm, and Ribbit Capital in the Series A funding round in January 2021 and further raised funds from Tiger Global in the Series B round in April 2021. In fact, Tiger Global approached CoinSwitch for funding, instead of the other way around, indicative of success in India. CoinSwitch Kuber was Tiger Globals’ first investment in an Indian crypto company.

Are you in talks with the government for the crypto bill or to take a clear position on it?

Given the newness of the technology, the regulatory uncertainty is understandable. India’s political landscape looks very similar to what we’ve seen in other countries that have regulated cryptocurrencies.

It is important that India leads the crypto and blockchain revolution and the positive regulations of the Indian government can allow this, as they will counteract the hesitations that exist among many individuals and institutions, leading to greater adoption. CoinSwitch Kuber, along with other Indian crypto platforms, believe that crypto is a financial asset and not an alternative to fiat money.

What do you think of retail crypto ownership which can bring too much volatility, including leading to a rally of unknown coins?

Since cryptocurrencies are at an early stage, they are volatile. Their prices will stabilize as the market matures. In the meantime, we recommend that retail investors assess the authenticity of a crypto asset by monitoring factors such as the community behind the project, the problem it solves, market capitalization, historical performance to make an informed decision. .

What if one day India bans cryptos (like China)?

We don’t think the Indian government would ban crypto. The tone from regulators has been largely positive and we expect encouraging regulations to be introduced. As governments focus on digital India, we believe they will recognize the large-scale implications of promoting a crypto ecosystem that will contribute to a technological and financial revolution.

Is CoinSwitch trying to introduce or exploit markets other than crypto and access services on DeFi system?

We do not currently intend to tap into the DeFi ecosystem. However, we plan to diversify our offerings to include multiple avenues of investment for users across different products and asset classes. This is one of the key areas where the Series C funding raised will be used.

CoinSwitch Kuber aims to introduce these traditional assets so that it becomes a single platform for the entire investment journey of investors. We plan to integrate the characteristic simplicity of our platforms into these traditional assets to become India’s preferred investment destination.

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