The number of users on Coinswitch Kuber crosses 11 million
The craze for cryptocurrencies is increasing continuously in our country. Retail investors are participating very fast in this. This is the reason that the number of users of Zerodha, the country’s largest stock broker, has exceeded the number of users on many crypto platforms of the country.
The number of users of Zerodha is a little more than 7 million. Of these, 5 million are active users. Active users are those traders who have traded at least once in a year. At the same time, the number of users on Coinswitch Kuber has crossed 11 million. This information has been given by the company’s founder and CEO Ashish Singhal. A WazirX spokesperson said that its user base is 8.5 million.
CoinSchive Kuber got funding of about 2000 crores
Crypto exchanges are also getting massive foreign funding. CoinSwitch Kuber recently received funding of $ 260 million (about Rs 1,943 crore). CoinSwitch Kuber said it has raised the money from Andreessen Horowitz (A16Z), Coinbase Ventures and existing investors Paradigm, Ribbit Capital, Sequoia Capital India and Tiger Global. Now it has become the second largest crypto unicorn in India. Its valuation for this investment has been estimated at $ 1.9 billion. With this fund raising, CoinSwitch Kuber also became the 30th Unicorn Startup in India.
BSE has issued 8 crore unique client codes
By the way, it is not easy to find out the total number of stock market investors in India. However, BSE believes that it has 80 million unique client codes associated with it. If a trader opens an account with four brokerages, then four unique client codes will be issued to him.
One user registered on multiple crypto exchanges
Many reasons are being given for the increasing user base on crypto exchanges. Ajit Khurana of Genezis Network says that crypto investors and traders sometimes switch from one platform to another due to the trust factor. Apart from this, sometimes it happens that the token they want to invest in is not available on this crypto exchange.
Close to 1.5 crore crypto investors
It is believed that at the beginning of 2021, the number of crypto investors in the country was about 15 million. Jirod’s founder Nitin Kamath also made a tweet on 9 September. In this, he had said that the biggest threat to the stock market brokerage firm is from the crypto exchange. He had clearly said that where America was a few years ago, India stands today. The crypto market is still small in India.
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Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.