Startup CoinSwitch Kuber Makes Cryptocurrency Investing Easypeasy
Ashish Singhal , one of the founders, said that CoinSwitch Kuber is crashing the skies with its growth , it has already skyrocketed to the first place crossing all other Indian exchange in trading volumes within a month. He also informed that the common assumption that crypto is a metro phenomenon, but 60 percent of it’s user are from Tier II and Tier III cities.
A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
Indians have always been very suspicious about investing in stocks or cryptocurrency due to a lack of proper knowledge about it. During this pandemic, most of the businesses have been low or almost dead or may have shrunk their operations. A startup, CoinSwitch Kber, a crypto trading platform of India, was launched in this coronavirus outbreak. The founders of this startup stated that due to the downfall in traditional markets and a steady increase in online platforms of trading or business, they saw a great opportunity.
The app is very user friendly and easy to use. It hardly takes a few minutes to do the KYC and open your account. Ashish Singhal, one of the founders, said that CoinSwitch Kuber is crashing the skies with its growth, it has already skyrocketed to the first place crossing all other Indian exchange in trading volumes within a month. He also informed that the common assumption that crypto is a metro phenomenon, but 60 percent of its user are from Tier II and Tier III cities. This shows the interest of the country in crypto investments.
Record Volumes in 3 years
Founded in 2017, CryptoSwitch was started by Singhal, Vimal Sagar Tiwari, and Govind Soni, who worked together for over 13 years. Prior to this, the three were part of companies like Amazon, Microsoft, and Zinga, where they led the product development and tech team. The trading volume has gone up by 20 times and the founder claims that in days to come it will also challenge the sought-after markets like BSE and MCX.
Another interesting fact about the cofounders is that they are also ethical hackers, who have won several hackathons, including Sequoia: Hack, Linkedin Hack, Google Code, and Amazon Hack among others. “The idea of starting CoinSwitch also began with a hack itself,” shared Singhal, “to be able to build a safe and secure platform for our users to do crypto exchanges,” CoinSwitch said that it has collaborated with a few banks to process the transactions for their users in a seamless manner.
Ever since the rise of bitcoin made the rounds, many start-ups related to cryptocurrency were launched. However, all of them were not secure and many of them didn't accept many payment methods from India. Hence, Cryptoswith came to rescue the traders as it is very easy to add and withdraw cash and this has led to rising in client base. The founders are expecting over 100k traders in a year or so as they have made trading in cryptocurrencies much easier than before.
The trio took crypto trading to a different level while taking care of its efficiency. Such innovative minds and ideas are the ones that make a revolutionary change in the world. Cryptocurrency is favored by traders as they don't face primary market challenges and in times of adversity, cryptocurrency has given more returns than any other commodity.