Homegrown crypto platform CoinSwitch has announced the launch of the multi-exchange trading platform CoinSwitch Pro. It is believed to be a first-of-its-kind KYC-compliant platform that'll allow users to trade crypto assets in Indian rupees across multiple exchanges with a single login.
“CoinSwitch Pro will help Indians trade crypto assets on a KYC-compliant platform in a way never seen before. We believe crypto traders are currently underserved by products in India," said Ashish Singhal, co-founder and CEO, CoinSwitch.
The company claims CoinSwitch Pro will help traders discover and leverage the price movement of crypto assets across multiple exchanges simultaneously, creating new opportunities to make profits. "Incredibly proud of the team for building and bringing this to you. As I keep saying, bear markets are to BUIDL. Shut out the noise and build for users," said Singhal.
With CoinSwitch Pro, investors can trade across exchanges with a single login, discover, compare, take advantage of arbitrage opportunities, and manage investments in a unified portfolio.
"With CoinSwitch Kuber, CoinSwitch revolutionised and democratised crypto asset investing and awareness among 18 million retail users, making it the largest crypto platform in India within two years of launch. With CoinSwitch Pro, CoinSwitch reimagines the entire trading experience for Indian users," said the company.
CoinSwitch, founded by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni, raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to become a crypto unicorn at a valuation of $1.9 billion. Major investors in the company are Tiger Global, Sequoia Capital India, Ribbit Capital, and Paradigm.
Singhal said five years ago, the company launched CoinSwitch to simplify crypto. "Today, we are launching CoinSwitch Pro—a powerful platform built for advanced traders," he said. Additionally, CoinSwitch has said it'll launch its first non-crypto offering by March 2023-end as part of its mission to ‘Make Money Equal for All’.
The launch of CoinSwitch Pro comes as the crypto industry in India is undergoing a rough period, with no clear government policy on its regulation, a global downturn and negative sentiments around the industry marred with scams and frauds.
The crypto industry faced a rude shock this month as Sam Bankman-Fried's FTX filed for bankruptcy in a US court on November 11. FTX, which until last month was a shining star among crypto investors and enthusiasts, collapsed dramatically overnight, wiping billions of dollars of customer deposits overnight. Its valuation was $32 billion in January this year, which has plummeted mani-fold, leaving its significant shareholders high and dry. Major investors in FTX included Paradigm, SoftBank, Sequoia Capital, Temasek, Tiger Global Management and the Ontario Teachers’ Pension Plan.
Back home, India's biggest crypto exchange WazirX is also facing an investigation for allegedly assisting 16 China-based fintech firms in money laundering. Crypto prices are trading at all-time lows. The biggest crypto Bitcoin is trading around the $16,000 mark, down 70% from its peak of $69,000 last year. Ethereum is trading around $1,200, down from $4,644 last year.
