CoinSwitch

CoinSwitch is Bengaluru-based financial technology company developing a mobile app for cryptocurrency investing. It was founded in 2017 and is funded by investors such as Andreessen Horowitz, Sequoia Capital, Paradigm, Tiger Global Management, Kunal Shah (founder of CRED and Freecharge), and Ribbit Capital. The stated goal of the company is to build a platform that democratizes investments for everyone in India.

Following the Supreme Court of India's abolishment of the Reserve Bank of India's circular banning of banks from facilitating cryptocurrency transactions, the CoinSwitch app was launched on June 1, 2020, by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni. Within the first year of its launch, it is estimated that approximately 1 million users signed up for the app and collectively invested over ₹2,000 crore (USD$270 million). As of 2022, more than 19,000,000 have signed up to use the app.

How to use CoinSwitch

CoinSwitch's app-based cryptocurrency exchange platform is exclusive to the Indian market. It supports trade in 100+ cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Dash, using Indian Rupees (INR). The app is available on Android and iOS. With the app, users can buy, sell, and hold their cryptocurrency assets.

The app features the Crypto Rupee Index (CRE8), a virtual digital asset index reflecting Indian market conditions for cryptocurrency. Users can view market insights, such as how much cryptocurrencies, such as Bitcoin, are worth in INR.

CoinSwitch's Systematic Investment Plan (SIP) is a feature intended to help users set up an account that will automatically buy cryptocurrency for a fixed amount each month. Users can invest in cryptocurrency by allowing the app to access their digital wallet on CoinSwitch.