Cryptocurrency investment is on a record-breaking spree globally. In India also, young investors are showing a lot of trust in Cryptocurrency investment. Earlier, private banks stopped Cryptocurrency transactions from their respective platforms. But now, the Reserve Bank of India (RBI) has released a new circular that ordered private banks to continue Cryptocurrency transactions.
This notification has given a further boost to crypto investment in India. Crypto exchange platforms like WazirX, CoinDCX, etc have received huge user registrations in the last few days. In this article, we will talk about the growth of four major Indian Cryptocurrency exchange platforms that have grown exponentially due to the crypto investment surge.
1. CoinSwitch Kuber:
The crypto exchange platform was founded in 2017 as the global aggregator of cryptocurrencies. The startup initiated its Indian operations in June 2020. Among Indian crypto investors, it is the most popular platform with over 6 million registered users.
KuberSwitch allows its users to start crypto investment with just Rs 100. Due to this feature, the startup has become popular among new investors. From this platform, you can do crypto investment in more than 100 cryptocurrencies.
In the latest development, the firm received $25 million from Tiger Global in a recent funding raise round. This round has helped the crypto platform reach a valuation of $500 million.
This is the second funding round completed by CoinSwitch within three months. Earlier, it raised $15 million from Ribbit Capital, Sequoia Capital, and Kunal Shah. Overall, the startup has raised $41.5 million in funding in different rounds.
WazirX is one of the fastest Cryptocurrency exchange platforms in India. The startup was founded in 2017. Later, Binance bought WazirX. Due to Binance’s popularity worldwide, WazirX has established itself as one of the most recognized and authenticated platforms. WazirX’s security feature and multi-language support attract more users in India.
The startup surprised everyone when it announced that the online platform has registered 1+ million users in April month. In April, WazirX recorded a $350 million trading volume. Overall, the startup has a huge registered user base of 5+ million users. The firm has crossed $2.4 billion in trading volume on its online platform.
Why WazirX platform is becoming so popular in India? Answering this question, Nischal Shetty, founder, and chief executive officer, WazirX, said:
“Our low spread and highest liquidity in the rupee coupled with an easy-to-use interface are already unparalleled within the market. These factors are precisely the ones driving the customer footfall.”
Recently, WazirX has launched India’s first NFT marketplace on its platform. Currently, the feature is in beta testing.
QuickBuy is another feature launched by WazirX to attract new users. Under this feature, a user can buy a sachet of Cryptocurrency for Rs 50 also.
How will QuickBuy help Indian crypto enthusiasts? Nischal replied:
“We wish to take our customer experience a notch above with the launch of the QuickBuy feature. It will further streamline crypto transactions in India, thereby allowing millions of people to participate.”
WazirX is targeting 10 million registered users on its platform by the end of 2021. You can use the WazirX platform on different platforms including Android, iOS, Web, Mac, and Windows.
ZebPay is one of the oldest Cryptocurrency platforms in India. Founded in 2014, ZebPay has registered 4+ million users on its online platform. The startup processes a $1 billion trading volume monthly.
Last month ZebPay has started a crypto lending platform. As per the new initiative, crypto investors can get fixed returns based on deposit terms. The return may vary from 3% to 12% based on the crypto type and the deposit agreement.
Zebpay is quite popular due to fast payments and enhanced security controls. It allows users to choose the ‘Disable Outgoing Transactions’ feature for extra security.
Sumit Gupta, CEO, and co-founder of CoinDCX founded the platform in 2018. It was the same year when RBI banned crypto transactions in India. The decision created an uproar among crypto lovers. And CoinDCX also faced a lot of difficulties in that period.
Talking about the initial operations and the hurdles faced by the startup, Gupta said:
“Success and growth have not been easy for us. When CoinDCX started in the year 2018, the same year the Reserve Bank of India (RBI) put a banking ban on transactions for cryptocurrency, which led to the shutdown of several companies in the crypto space. We were one of the few players that decided to contest the move of the banking regulator in the court.”
Later, the crypto fraternity in India won the case against RBI in Supreme Court in 2020. And it gave a major boost to Indian crypto exchange platforms.
As per the Coinmarketcap.com report, CoinDCX processes a trading volume of $96 million per day as of May 15. Neeraj Khandelwal and Sumit Gupta, co-founders of CoinDCX, have also revealed that the startup has surpassed the $10 billion transaction value in February 2021.
CoinDCX further claimed that it is processing approximately $1.5 billion value transactions per month recently. That is huge growth within a year. In April 2020, the platform was handling a $0.5 billion trading volume per month. Then in January 2021, it became $1 billion. And now from April 2021 onwards, it is clocking a transaction volume of above $1.5 billion.
Talking about the recent development, Gupta said:
“We have witnessed a 4x growth, quarter-on-quarter, in daily active user base and we aim to add 50 million Indians soon. CoinDCX, which started with 50 tokens listed on its exchange, has 500 plus coins and thousand plus trading pairs listed on the platform.”
CoinDCX is the only Indian platform that has successfully closed three funding rounds to raise $19 million. Currently, the startup has 100 staff. By the end of 2021, the crypto exchange platform plans to increase staff tally to 200.
CoinDCX also has its crypto product named Insta that has grown 38% in the last two years.
How does CoinDCX want to grow in the future or what are the new operations company is planning to attract new users and investors? Answering these questions, Neeraj said:
“As an exchange, our objective has been to make the user experience as simple as conventional share trading. In a bid to help novel investors adopt cryptocurrency as a potential asset class, we have also launched CoinDCX Go – an app to invest in cryptocurrencies. With the app, we are eyeing mass adoption among beginner investors in crypto, especially millennials, and aim to onboard 50 million Indians.”
He further added:
“Additionally, we are in the constant process of advancing the app’s functionality to give first-time users an easy and efficient investing experience.”
In the last few days, the Cryptocurrency market has shown a downfall. This is a worrisome situation for Indian users who just started crypto investment. Is the crypto bubble about to burst. Will it affect the Indian investors? How crypto exchange platforms will grow in the future? Coming weeks will provide us with the exact answer to these questions.