CoinSwitch Financial News

CoinSwitch app has over 18 million registered users and the index is based on real trades done by them.

Crypto investing app CoinSwitch on Thursday launched the Crypto Rupee Index (CRE8), India’s first benchmark index to measure the performance of the Indian Rupee-based crypto market. «Owned and administered by CoinSwitch, CRE8 tracks the performance of eight crypto assets that represent over 85 per cent of the total market capitalisation of cryptos traded in Indian Rupee. The index is based on real trades on the CoinSwitch app, trusted by 18 million registered users,» the company said. “CRE8 is a demonstration of our commitment to bring more transparency to the crypto market and equip users with a simple, easy-to-understand measure of the Indian market. The index provides a trustworthy, real-time view of the Indian rupee-denominated crypto market based on actual trades, enabling Indian users to make informed investment decisions,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.

As the acceptance of crypto investment rises in India, crypto funds are getting mainstream. Tykhe Block Ventures is an emerging homegrown crypto firm which aims to manage $30 million by the end of the year. «A delay in adoption of crypto in India may just increase brain drain from the country,» said Prashant Malik, Founder and General Partner at Tykhe Block Ventures. After a stint in Meta (formerly Facebook), Prashant Malik co-founded the e-commerce platform Limeroad. He has been among the early investor/advisors in the crypto companies such as CoinSwitch, Neo Banj Juno and Bluzelle. Edited excerpts from an interview:What kind of work does Tykhe Block Ventures do? Do you invest for yourself or manage funds for other investors as well? How big is your fund and how much return, in percentage terms, have you been able to reap so far?We are a crypto-asset investment firm. We invest in ventures and hold liquid investments within the blockchain sector with a focus on decentralisation technologies, digital assets and their key enabling infrastructure. We started private, we were only managing our own money, me and my partners pooled in the initial capital and we went with our idea of investing in frontier tech related to blockchain and Web3. After a full year of operation, we currently have roughly about 7 times in AUM over our initial capital. With this proven success behind us, we are now in the process of launching a $30 million fund, where we are inviting investors to take part in this journey with us.

crypto exchanges CoinSwitch Kuber and WazirX have disabled rupee deposits for the purchase of cryptocurrency through a widely-used state-backed transfer network, spurring users to renew demands for regulatory clarity. India has spent years working on a law to ban or regulate cryptocurrencies, with a ban backed by the central bank over risks to financial stability, though a recent decision to tax income from them suggests acceptance by authorities. Wednesday's moves follow a one-line statement last week by the National Payments Corporation of India, operator of the state-backed United Payments Interface (UPI), which eases bank transfers, that it was unware of its use by any crypto exchange.

Cryptocurrency exchange CoinSwitch Kuber has disabled all modes of payments for purchasing crypto purchases on its platform including bank transfers. This comes two days after Coinbase had to disable the Unified Payments Interface (UPI) which was the only crypto purchase option on its platform.

CoinSwitch has more than 15 million registered users.

Crypto trading platform CoinSwitch has completed its ESOP buyback worth $2.5 million (about Rs 19 crore) within 20 months of operations in India. This is the first-ever ESOP buyback by India's largest crypto unicorn. In less than two years, CoinSwitch has grown from 20 to 500 employees as it expanded its wealth-tech offering to build one of India's first Web3 teams. The company attributes this rapid growth to buoyancy in digital assets. The company now aims to become a wealth-tech major, onboarding into other asset classes and financial products.

CoinSwitch provide an end-to-end digital solution.

Crypto unicorn CoinSwitch on March 21 announced the completion of its first-ever ESOP buyback worth Rs 19 crore within 20 months of operating in India.

CoinSwitch has launched a recurring buy plan to make investments in digital assets simpler, systematic and disciplined. The new facility will enable users to beat market volatility and avoid making impulsive buying or selling decisions, said CoinSwitch, one of India’s largest crypto platforms. The plan will allow users to keep aside a fixed amount of money to buy crypto assets every month over a long period of time. This will help them focus on the long-term strategy rather than timing the market. The upper limit for buy orders on the platform is capped at Rs 2.5 lakh per order. Users can buy single or multiple cryptos through the plan which is quite similar to making an SIP in crypto assets where investors put in a fixed amount in a scheme at regular intervals, usually every month.

Non-Fungible Tokens (NFTs). India recorded the second-highest number of cryptocurrencies users worldwide during the year, and India-based crypto exchange platforms attracted millions of users, with CoinSwitch alone amassing over 15+ million of them. The crypto market fluctuated as well. While expected, given the market’s volatile nature, the fluctuations were often triggered — to a large extent — by the actions of celebrities, tech titans, industry leaders, and artists, and that was new. These influencers impact the crypto market with their support for digital currencies and often use social media to promote them. And following them can be useful for investors as well.

The crypto industry is having mixed sentiments after the finance minister announced a 30 percent tax on income from cryptos and other virtual assets. In a panel discussion held by Moneycontrol, the experts welcomed the move but raised a number of concerns on its impact on the industry.