Best Cryptocurrency Exchange App

coinswitch kuber: Finding India’s next crypto unicorn

coinswitch kuber: Finding India’s next crypto unicorn
Written by publisher team

Mumbai: India’s largest cryptocurrency exchange, CoinSwitch Kuber, has secured unicorn status in a funding round led by Andreessen Horowitz and Coinbase Ventures, underscoring investor interest in a market facing regulatory uncertainty.

In fact, this is the first a16z investment in India, and the second for Coinbase Ventures in an Indian crypto platform. In August, Nasdaq-listed Coinbase backed CoinDCX in a $90 million funding round, making the company India’s first digital unicorn.

The developments are significant, especially as India leads the way in South Asia and Oceania as one of the fastest growing cryptocurrency markets globally, according to a report by Chainanalysis, a New York-based blockchain data platform. The report stated that “large institutional-size transfers of more than $10 million in cryptocurrency account for 42% of transactions sent from India-based addresses, compared to 28% for Pakistan and 29% for Vietnam.” “These numbers indicate that crypto investors in India are part of larger and more developed institutions.”

Against this background, here is a look at the top 5 cryptocurrency platforms in India, and their unique selling propositions that will likely make it the next unicorn.

CoinDCX

ETtech

CoinDCX founders Sumit Gupta (right) and Neeraj Khandelwal

Founders: Neeraj Kandelwal and Sumit Gupta

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founded in: April 2018

headquarters: Mumbai

business model: CoinDCX helps people buy and sell tokens. It also offers other crypto-based financial products such as lending. The CoinDCX Prime initiative, its latest offering, targets high-income individuals and institutions, providing them with safe and legally audited investments. The cryptocurrency exchange also has a global trading product called Cosmex. As of August 10, CoinDCX had 3.5 million users.

CoinSwitch Kuber

CoinSwitch KuberETtech

CoinSwitch Kuber founders (from left) Vimal Sagar Tiwari, Govind Soni and Ashish Singhal.

Founders: Vimal Sagar Tiwari, Govind Soni and Ashish Singhal

founded in: 2017

headquarters: Bengaluru

business model: What started as a global aggregator of cryptocurrency exchanges turned into an exclusive crypto platform in India in June 2020 – investors can choose from over 100 digital tokens on the platform for an investment of as little as 100 rupees. Settlement is done in rupees. Its users can access the aggregated liquidity of the leading cryptocurrency exchanges in India to get the best rate and trade instantly, after completing the KYC procedures.

WazirX

Nishal Shetty, co-founder of WazirXETtech

Nishal Shetty, co-founder of WazirX.

Founders: Nishal Shetty, Siddharth Menon, Sameer Mahatri

founded in: 2017

headquarters: Mumbai

business model: The local unit of Binance, the world’s largest crypto exchange, WazirX has a crypto trading platform focused on bitcoin but offers its token in addition to WRX. The startup, which recently came under scrutiny from the implementation department, has diversified into offering non-fungible tokens (NFTs) and creating a decentralized funding platform. The platform, which came into the spotlight during its cryptocurrency tour in May, has partnered with TRM Labs to uncover crypto scams.

ZebPay

Rahul Bagidipati, CEO of ZebPayThe Prime Minister

Rahul Bagidipati, CEO of ZebPay.

Founders: Mahin Gupta, Saurabh Gupta, and Sandeep Gupta

founded in: 2012

headquarters: Singapore / Ahmedabad

business model: India’s first cryptocurrency exchange experienced a renaissance of sorts in January 2020 when Rahul Bagidipati, a minority investor, took over the leadership of the startup from its majority shareholder founders. Since then, ZebPay has renewed itself to offer not only trading services but also allied services such as:

“India holds less than 1% of the world’s cryptocurrency and its potential investor base is 100 million,” Bagidipati told Bloomberg in May. “There is a huge demand for cryptocurrencies… It’s like Apple stock, expensive but valuable.”

Unocoin

Sathvik Vishwanath co-founder of UnocoinETMarkets.com

Sathvik Vishwanath is one of the founders of Unocoin.

Founders: Abhinand Kasiti, Harish BV, Satvik Vishwanath, Sunny Rai

founded in: July 2013

headquarters: Tumkur / Bengaluru

business model: Unocoin provides a platform for users to buy or sell Bitcoin using Indian Rupees by matching their orders with other users. It also enables OTC trading for group transactions. The company recently announced bitcoin as an alternative to gold in the festive gifting season. It has partnered with e-commerce companies and brands to allow users to redeem gift vouchers purchased with bitcoin.

Read also:
India fuels one of the fastest growing cryptocurrency regions in the world

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publisher team