Saturday, February 4, 2023

CoinSwitch Kuber CEO Plans To Make Crypto Trading As Simple As Ordering From Swiggy

CoinSwitch Kuber, an Indian crypto trading platform, has started an initiative to educate people about this new dimension of fintech by introducing India’s first major ad campaign for cryptocurrency.

Along with time, cryptocurrencies have emerged as a medium of payment, globally. Today, many of the popular companies have started accepting the payment in virtual currencies. In February 2021, the CEO of Tesla, Elon Musk, announced that soon the company would start accepting the car payment in Bitcoin.

CoinSwitch Kuber is not particularly a crypto exchange, instead, it’s a platform that aggregates crypto exchanges liquidity so that the user could buy or sell the cryptos in Rupees. The platform accumulates the data from exchanges globally and offers the best available rates to its users.

CoinSwitch Kuber is recognized as a managed custodian platform and caretaker of investors’ funds.

In the year 2017, cryptocurrency exchanges like Koinex, Zebpay brought in a new wave of trading in the Indian fintech ecosystem. But in the year 2018, these exchanges took off as the Reserve Bank of India (RBI) banned crypto trading.

While imposing the blanket ban, the RBI cited its concern over consumer protection, market integrity and money laundering. 

The Internet and Mobile Association of India (IAMAI), later registered pleas against the RBI’s ban. In March 2020, IAMAI won the case and the Supreme Court of India revoked the ban. Since the ban has been revoked, the crypto industry has experienced a rapid revival in the country.

With its recent advertisement, CoinSwitch Kuber is trying to arbitrate the fear of Indians towards crypto investment. Ashish Singhal, the CEO and the co-founder of CoinSwitch Kuber, has recently stated that many of the retailers do not want to trade on exchanges, as they are not very much comfortable with that. He further said, “The order books, graphs, buy/sell indicators, etc., were pretty complicated. We wanted to build an experience as simple as Swiggy – add to cart, checkout and food delivered.”

As per Singhal, CoinSwitch Kuber, which was introduced in June 2020, has a monthly gross merchandise value of around $3 billion. Presently, over 4.5 million investors have this application and around 3 million are its active users. 

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