Crypto is dead, but…
- Bitcoin is traded once every 6 seconds,
- Doge is traded once every 4 seconds,
- and one crypto is traded every .3 seconds, on CoinSwitch.
Crypto is dead, but…
- over 2 crore Indians on CoinSwitch believe otherwise.
On Tuesday, we became the first Indian crypto app to hit 2 crore users. And we have you to thank for this milestone!
Priming up our product
What a great month this is turning out to be: we’re seeing a 5x increase in the daily average number of users signing up this month! No surprise there since the crypto market is in the middle of a major bull run.
What this means for you is more gains and better trading opportunities, what it means for us is we have work to do to strengthen our systems and make sure we’re giving you the best experience possible.
As app activity skyrocketed, our engineering team went into Avengers mode to cater to the massive surge in demand. Yes, we have had minor glitches but we’ve scaled our systems to handle all time high traffic.
Even as we celebrate good times for crypto, we know that there’s work for us to do. A big shout out to our engineers for their hard work and you for your patience!
India’s journey into a Web3 Nation
While we see unprecedented demand for crypto in India, it’s also important for us to work with the government and other stakeholders to make crypto truly mainstream in India. To that end, our policy team has been hard at work.
The Bharat Web3 Association (BWA) hosted its Founders’ Meet last month to reflect on its one-year journey and discuss a robust future action plan.
As a founding member of BWA, our co-founder Ashish Singhal articulated a 3-point agenda at the meeting:
- Advocacy for a robust policy framework and rationalizing taxes on digital assets and Web3 in India
- Double down on efforts to reach out and highlight innovative solutions of Web3 start-ups
- Design and direct future consumer protection & awareness programs targeting youth in tier-2 & beyond cities/towns
CoinSwitch continues to work with a full range of stakeholders, including BWA, on our key policy goals. To illustrate the breadth of our engagement in the last few weeks, we’ve held discussions with the Ministry of Finance, Reserve Bank of India, Economic Advisory Council to the Prime Minister, Parliamentarians and National Security Council on a host of issues ranging from crypto taxation to UPI access.
We hope this market continues to grow 🤞We’ll be back with more updates next month!
