Indian crypto exchange CoinSwitch Kuber reports 14-fold rise in user base

CoinSwitch Kuber reports a 14-fold rise in its user base in 2021.

The Indian-based bitcoin exchange CoinSwitch Kuber said that in 2021 its user base grew 14-fold, surpassing 14 million. The Economic Times reports.

Other metrics for the crypto-trading platform also showed multi-fold growth amid the year’s rally in the market, despite regulatory uncertainty.

“Serving retail investors primarily, CoinSwitch registered a 3,500% surge in trading volumes,” the publication quotes the company’s statement.

Among the most-traded assets on the platform are Bitcoin, Ethereum, Dogecoin, MATIC from Polygon, and Cardano.

On average, users spend 27 minutes in the app, twice the level at the start of the year. The company attributes this to the launch of an educational initiative.

According to CoinSwitch, only 15% of the exchange’s client base are women.

“Almost 60% of our users are under 28. While these Indians are just beginning their investment journey, more than 45-year-olds and stock-market enthusiasts are experimenting with this high-risk and high-return asset class,” the company said.

Earlier in the year, India again spoke of a possible legislative ban on cryptocurrencies, even talk of criminal liability for owners.

In the middle of the year, there were reports that authorities legalise digital currencies as an asset class.

However in November, talk again emerged about the government’s intention to ban most “private currencies”. This sparked panic in the local market, causing a short-term local drop in the price of Bitcoin by 15%.

In December, media reported that authorities regulate digital assets instead of banning them.

In October, CoinSwitch Kuber raised $260 million as part of a Series C funding round, valued at $1.91 billion.

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