CoinSwitch Financial News

Two of the largest corporate users, which had purchased cryptos worth millions of dollars on the WazirX platform, have questioned why they are described as contingent creditors of a Singapore company (named Zettai) in the court papers when their dealings have been with WazirX which is owned by an Indian entity (called Zanmai).

Crypto trading in India is rapidly expanding beyond major metropolitan areas, with smaller cities and towns emerging as key players in the digital assets market. A report by CoinSwitch revealed that regions like Botad, Barbaka, Jalandhar, Ludhiana, Patna, Kanchipuram, and Dehradun are increasingly active in the crypto ecosystem, joining larger cities where digital asset trading has been flourishing for years.

Cryptocurrency trading has emerged as a dynamic and enticing arena, drawing a diverse mix of investors and traders with its promise of high returns and rapid market movements. In a recent live stream on ETMarkets, Parth Chaturvedi, Head of Investments at CoinSwitch Ventures, shared his expert insights into the reasons behind crypto's popularity and the strategies essential for navigating this volatile market. Chaturvedi's comprehensive discussion covered the nuances of market behaviour, the critical rules for successful trading, and the importance of leveraging advanced tools and indicators, offering a wealth of knowledge for both novices and seasoned traders.

CoinSwitch, a leading cryptocurrency trading platform, announced that it has surpassed 2 crore registered users, marking a significant milestone as the first platform in India to achieve this feat. This achievement comes amid a notable surge in user activity within India, fueled by growing investor optimism following developments such as the introduction of Bitcoin ETFs in the US, the potential approval of Ethereum ETFs, and the eagerly anticipated Bitcoin Halving event.

CoinSwitch, one of India's top cryptocurrency investment platforms, has unveiled PeepalCo, a new umbrella brand that will house all its business divisions as part of its wealth tech expansion. PeepalCo will house the following brands: CoinSwitch, the crypto retail app, and CoinSwitch PRO, the advanced trading platform; a soon-to-be-launched platform featuring newer investment classes; and a wealth-management division catering to High-Net-Worth Individuals (HNIs). The restructuring will empower each of these business units to maintain agility and drive innovation while upholding the utmost compliance and regulatory standards. Ashish Singhal, Co-founder & Group CEO of PeepalCo group; Govind Soni, Co-founder & Group CTO of PeepalCo group; and Vimal Sagar Tiwari, Co-founder & Group COO of PeepalCo group, will oversee the different initiatives within the PeepalCo group, with a professional management team responsible for guiding and operating each individual unit.

Volumes in major crypto trading platforms in India have seen a hit following the high taxes imposed by the government. However, the progress that the country is making in bringing in regulations for this asset class has given hope to service providers such as CoinSwitch to see phenomenal growth in the crypto market. «The sunny side view is that India has made progress on crypto regulations with standards and rules on AML-CFT, data reporting and more. These standards enhance the transparency in the Indian crypto ecosystem, and provide an opportunity for the government to relook at the TDS rate,» Ashish Singhal, Co-founder and CEO of CoinSwitch, told ETMarkets in an interview. While trading volumes in crypto have recovered in 2023 from the sharp drop in 2022, pain pressures still seem to exist. How have volumes been on your platform so far this year? While there has been a recovery in the trading volumes since the beginning of this year, they have not touched the levels we saw in early 2022. This is a reflection of the continued uncertainty in the global macroeconomic outlook as well as India-specific headwinds such as the high TDS. The sunny side view is that India has made progress on crypto regulations with standards and rules on AML-CFT, data reporting and more. These standards enhance the transparency in the Indian crypto ecosystem, and provide an opportunity for the government to relook at the TDS rate. This would be in line with the spirit of G20 discussions on crypto, which is to arrive at a global standard.

cryptocurrency trading platform Coinswitch, which is funded by the likes of Tiger Global and Andreessen Horowitz, is planning to foray into Indian stock trading. This will see it go toe-to-toe with new-age investment players like Zerodha, Groww, Upstox, and Paytm Money. The company had earlier announced its plans to offer conventional investment products like mutual funds, US stocks, etc., widening its scope beyond cryptocurrencies, which have taken a battering over the last few years. Even though the price of bitcoin has recovered in the last six months, it is still half the highs it hit in November 2021. “The company is planning to apply for a stockbroker’s licence with SEBI (Securities and Exchange Board of India). There are also conversations going on with non-banking financial companies (NBFCs) and banks for offering fixed deposits,” a person aware of the matter said. For Coinswitch, the focus turned to Indian stocks after its plans to enable retail investment in US stocks were put on the backburner following the hike in tax collected at source (TCS) on foreign remittances under the Liberalised Remittance Scheme (LRS).

The last 24-48 hours were yet another shocker for the crypto industry with the stock crash of Silicon Valley Bank (SVB). Though not a direct impact on Indian exchanges’ business, but popular crypto tokens trading on these platforms including Bitcoin, Ethereum, XRP, Binance Coin, Doge Coin, Shiba Inu among others crashed between 5-9 percent on March 10.

Crypto investing app CoinSwitch on December 15 unveiled its new brand identity, with a logo, design change and a refreshed mobile app. The crypto unicorn is looking to diversify into wealth tech and other asset classes, and expects to launch its new offerings early next year, the company said.

CoinSwitch cooperating with financial crime agency probe: CEO

The recent searches carried out by the Enforcement Directorate (ED) at the premises of CoinSwitch Kuber were not related to alleged money laundering, Ashish Singhal, the chief executive officer of the cryptocurrency exchange, was reported as saying on August 27.

CoinSwitch has announced to launch Web3 Discovery Fund, the company’s corporate venture capital initiative. The aforesaid fund will invest in and incubate early-stage startups building blockchain solutions for the rapidly evolving Web3 landscape. The Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe.

Following a major hack in Solana-based wallets in the early hours of August 3, Indian cryptocurrency exchanges said it’s unlikely to impact all Indian Solana traders unless they were using one of the impacted wallets.

CoinSwitch has waived off trading fees on bitcoin transactions for a limited period. However, only users with fully-verified Know-Your-Client (KYC) and

The Internet and Mobile Association of India (IAMAI) said in a statement on July 14 that it is dissolving the Blockchain and Crypto Assets Council (BACC) owing to the uncertain regulatory environment for the crypto industry.

cryptocurrency tax has dealt a heavy blow to the country's crypto exchanges, adding to broader sectoral woes and sending trading volumes plunging by up to 90%. The 1% tax on Indian cryptocurrency trades from the start of this month has been a further disincentive for investors in a market where a burdensome regulatory regime and a 30% digital income tax had already knocked volumes by 60-70%, traders and industry executives said. «We are scraping the bottom of the barrel as far as volumes are concerned,» said Rajagopal Menon, vice president of the WazirX crypto exchange.

CoinSwitch’s co-founder on July 5 took to Twitter to explain the platform’s business model, amidst ongoing turmoil in the cryptocurrency industry and following Vauld’s announcement of financial troubles and halting of several services.

CoinSwitch has appointed Ramesh Bafna as the chief financial officer, said a statement issued today. With over 18 years of experience, Bafna has built a sustainable marketplace revenue model in e-commerce companies such as Myntra and Flipkart as well as led the finance workstreams at IT services major

“It's worth noting there’s a flight towards quality crypto in the market. The Bitcoin dominance has climbed to 45%, suggesting investors have moved capital from lesser-known coins to quality crypto,” says Ashish Singhal, Co-founder and CEO, CoinSwitchThe crypto market, with no doubts, is in a tight bear grip. How do you see this phase and how long can it sustain? Do you think the Indian market and investors are mature enough to handle the long crypto winters?The supersized hike by the US Fed to control inflation has impacted the capital markets – be it traditional equities or cryptos. With capital becoming expensive, it was inevitable the markets would be bearish as investors temper their risk appetite. It is worth noting the strong correlation between Bitcoin and Nasdaq Composite, suggesting investors are valuing crypto assets in the same breath as deep tech stocks. We also have to keep in mind that asset classes such as cryptos are coming off a multi-year bull run. Course correction is thus understandable.

Web 3.0 will make the internet fully decentralised.

crypto trading platform, Coin Switch, recently launched its benchmark 'CRE8' for its users to help track the crypto market in the domestic currency. With Coin Switch's latest launch, Indian users now have a homegrown index to track crypto markets while Crypto Wire's IC15 is its older peer. IC15 was launched on January 3, 2022, and is traded on Bitbns crypto exchange. ETmarkets.com approached both the players and tried to find the key differences between the two indices, which would allow users to understand them better.Number of tokensCRE8 constitutes the top 8 cryptos based on the market capitalization, excluding stablecoins and derivatives of existing index constituents, said CoinSwitch. «The constituents and their weights are locked in by the 25th of every month.»