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Indian Crypto Exchanges Update

Crypto exchanges are growing and innovating quickly in India.

The two crypto exchange unicorns CoinDCX and CoinSwitch Kuber are doing rounds for their new announcements.

CoinDCX User Tally Crosses 1 Crore

Crypto exchange CoinDCX has acquired more than 1 crore users, the exchange announced on Tuesday.

“Accomplishing such a phenomenal milestone in just under four years since our launch is a great feeling. It’s amazing to see how well India has welcomed and embraced digital assets and crypto,” said Sumit Gupta on the occasion.

“We’re committed to drive transparency and are credibility in the #crypto industry and make CoinDCX the nation’s safest crypto exchange,” he added.

It became the first crypto exchange founded by Indians to have turned unicorn when it raised $90 million in a Series C round last year.

CoinSwitch Kuber

CoinSwitch Kuber has launched a “Recurring Buy Plan” (RBP). It is similar to the traditional Systematic Investment Plan (SIP). 

Through RBP a user can invest a fixed amount every month. It starts from INR 100.

The exchange claims that it would help users in beating volatility through cost averaging. 

Currently, this service is available only on Android devices.

Last year, CoinSwitch also achieved the coveted unicorn status when it raised $250 million at a $1.9 billion valuation.

Both the exchanges play an important role in India’s crypto policymaking as Ashish Singhal, Founder and CEO of CoinSwitch and Sumit Gupta, Co-Founder and CEO of CoinDCX, are serving as the Co-Chairs of the Blockchain and Crypto Assets Council (BACC), a part of the Internet and Mobile Association of India (IAMAI).

The growth of these exchanges shows the burgeoning interest in crypto in India.

Now the Government has also given some sort of recognition to crypto by bringing it under the formal tax regime.

News recommendation: The History of Cryptocurrency

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