# Building Blocks

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## Pages

- [Inside Homepage](https://coinswitch.co/building-blocks/): One destination for all things happening with CoinSwitch. Find the latest news and articles on matters that matter to us. Check the roadmap to the moon here.

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## Posts

- [CoinSwitch Cares: A User’s Guide](https://coinswitch.co/building-blocks/coinswitch-cares-a-users-guide-desktop/): Good times keep rolling at CoinSwitch! ‘CoinSwitch Cares’ is a one-of-a-kind ₹600-crore recovery program to help users impacted by the...
- [CoinSwitch Cares: A User’s Guide](https://coinswitch.co/building-blocks/coinswitch-cares-a-users-guide-mobile/): Good times keep rolling at CoinSwitch! ‘CoinSwitch Cares’ is a one-of-a-kind ₹600-crore recovery program to help users impacted by the...
- [CoinSwitch Publishes Fifth Edition of Proof of Reserves](https://coinswitch.co/building-blocks/coinswitch-publishes-fifth-edition-of-proof-of-reserves/): CoinSwitch, India's largest crypto platform with over 2 crore users, continues its commitment to transparency and trust-building by publishing the...
- [Rupee-powered crypto futures are now live on CoinSwitch!](https://coinswitch.co/building-blocks/rupee-powered-crypto-futures-are-now-live-on-coinswitch/): India is one of the fastest-growing crypto markets in the world—and the second-largest by value received globally. It deserves trading...
- [How global cryptoasset regulations are progressing, and what to expect in 2025](https://coinswitch.co/building-blocks/crypto-regulations-in-2025/): This year is poised to be a consequential year for cryptoassets globally. As the maturity of this relatively new asset...
- [Union Budget 2025 brings Crypto Assets under mandatory reporting: What you need to know](https://coinswitch.co/building-blocks/21343-2/): The Indian government is taking a significant step towards tax transparency and regulatory oversight in the Virtual Digital Assets (VDAs)...
- [Introducing CoinSwitch Cares, a ₹600-crore program to recover crypto losses](https://coinswitch.co/building-blocks/introducing-coinswitch-cares-a-%e2%82%b9600-crore-program-to-recover-crypto-losses/): Here’s a New Year gift you don’t want to miss! Today, we’re launching ‘CoinSwitch Cares,’ a ₹600-crore recovery program to...
- [2024 Wrap: How CoinSwitch Advanced the Cause of Cryptoasset Regulations](https://coinswitch.co/building-blocks/2024-wrap-how-coinswitch-advanced-the-cause-of-cryptoasset-regulations/): The intersection of policy and market sentiment became strikingly evident in the year 2024, as Donald Trump’s re-election to the...
- [Breaking language barriers to bridge knowledge gaps](https://coinswitch.co/building-blocks/breaking-language-barriers-to-bridge-knowledge-gaps/): At CoinSwitch, we believe that knowledge is the cornerstone of empowerment, especially when it comes to navigating a dynamic space...
- [Blockchain, Web3 and VDAs: A compendium of QnAs in Parliament (Revised)](https://coinswitch.co/building-blocks/blockchain-web3-and-vdas-a-compendium-of-qnas-in-parliament-second-edition/): Virtual Digital Assets (VDAs), or cryptoassets, are making significant business and regulatory strides globally. Their inclusion in the Finance Track...
- [CoinSwitch Publishes Fourth Edition of Proof of Reserves](https://coinswitch.co/building-blocks/proof-of-reserves-fourth-edition/): We publish our proof of reserves every year. This year, we’re publishing it for the second time. As you may...
- [FATF assessment of efforts by India’s Virtual Asset Service Providers in combating financial crimes](https://coinswitch.co/building-blocks/fatf-india-coinswitch/): The global anti-money laundering and combating the financing of terrorism (AML/CFT) watchdog – the Financial Action Task Force (FATF) --...
- [“Every Problem Has a Solution. The Approach is to Never Give-up"](https://coinswitch.co/building-blocks/every-problem-has-a-solution-the-approach-is-to-never-give-up/): At CoinSwitch, our core mission is to make every customer feel genuinely valued and supported. We’re passionate about going above...
- [A note on CoinSwitch funds on WazirX](https://coinswitch.co/building-blocks/coinswitch-funds-on-wazirx/): It's been over a month since WazirX, a major crypto exchange operating in India, claimed that a cyber attack on...
- [Web3, Blockchain and VDAs in the Budget Session of Parliament, July-August 2024](https://coinswitch.co/building-blocks/web3-blockchain-vda-in-budget-2024/): The Budget Session of Parliament was held from July 22 to August 9, 2024. As this was the first full-fledged...
- [From Confusion to Clarity…](https://coinswitch.co/building-blocks/from-confusion-to-clarity/): Our customers are the driving force behind CoinSwitch. We believe in going beyond the call of duty to ensure our...
- [The difference 30 minutes makes](https://coinswitch.co/building-blocks/coinswitch-customer-review-the-difference-30-minutes-makes/): At CoinSwitch our goal—every day—is to provide users with the best possible experience. Their problems are ours too. We even...
- [Government's First 100 Days: Priorities for Web3 and VDA sector](https://coinswitch.co/building-blocks/100-day-agenda-for-web3-vda-sector/): A large and fast-growing digital-led economy, widespread availability of highly skilled tech talent, a thriving startup ecosystem, and favorable demographics...
- ["Turning discontent into delight: This is why I love my job"](https://coinswitch.co/building-blocks/why-i-love-my-job/): A dissatisfied customer is the last thing we want, and being able to resolve the issue quickly meant a great...
- [CoinSwitch Publishes Third Edition of Proof of Reserves](https://coinswitch.co/building-blocks/coinswitch-third-edition-proof-of-reserves/): CoinSwitch's total holdings, at Rs 3,497. 22 crore, are greater than its users' holdings, at Rs 2,774. 10 crore.
- [“This needed a more personal touch…”](https://coinswitch.co/building-blocks/this-needed-a-more-personal-touch/): I knew this wouldn’t be a short call. I cleared my schedule and spent the next 45 mins taking him...
- [How global crypto regulations are progressing, and what to expect in 2024](https://coinswitch.co/building-blocks/how-global-crypto-asset-regulations-are-progressing-and-what-to-expect-in-2024/): Multilateral agencies are accelerating their response to regulate crypto assets. This CoinSwitch blog captures the range of key reports expected in 2024.
- [Unlock the Power of SmartInvest on CoinSwitch PRO](https://coinswitch.co/building-blocks/unlock-the-power-of-algo-trading-on-coinswitch-pro/): CoinSwitch Algo Trading is a powerful feature that enables users to maximize profits through expert trading strategies
- [A helping hand for a father](https://coinswitch.co/building-blocks/ally-in-need/): It wasn't just about the financial strain, it was a father's plea. I was determined to go the extra mile...
- ["You've been like a son to me”](https://coinswitch.co/building-blocks/youve-been-like-a-son-to-me/): This series celebrates our customer champions... folks who went beyond their remit to delight a customer. Here’s Chapter 1:
- [Crypto is dead, but… 🚀](https://coinswitch.co/building-blocks/crypto-is-dead-but-%f0%9f%9a%80/): Crypto is dead, but... Bitcoin is traded once every 6 seconds, and a crypto is traded every 0. 3 seconds...
- [CoinSwitch is the first Indian crypto app to reach 2 crore users!  🎉](https://coinswitch.co/building-blocks/coinswitch-is-the-first-indian-crypto-app-to-reach-2-crore-users-%f0%9f%8e%89/): CoinSwitch has become the first Indian crypto platform to reach the milestone of 2 crore registered users!
- [Not another brick in the wall — Bitcoin on Wall Street!](https://coinswitch.co/building-blocks/not-another-brick-in-the-wall-bitcoin-on-wall-street/): Bitcoin ETFs mark the mainstreaming of crypto, and, hopefully, will prompt India to create an enabling environment for crypto.
- [Budget 2024: An Opportunity to Rationalize Taxes on VDAs](https://coinswitch.co/building-blocks/budget-2024-an-opportunity-to-rationalize-taxes-on-vdas/): The Interim Budget is an opportunity for Government to support the growth of Web3 in India
- [Looking forward to 2024 😊](https://coinswitch.co/building-blocks/looking-forward-to-2024/): In 2023, we launched EARN, Innovation Zone on our PRO offering, and published our Proof of Reserves. As we enter...
- [2023 Wrap: How CoinSwitch advanced the cause of crypto regulations](https://coinswitch.co/building-blocks/2023-wrap-how-coinswitch-advanced-the-cause-of-crypto-regulations/): Chronicling key policy developments in 2023 from the cryptoverse in India, and how CoinSwitch is contributing to effective regulations for crypto assets
- [Earn Right: Blockchain-Issued Passive Income](https://coinswitch.co/building-blocks/earn-passive-income/): CoinSwitch EARN enables crypto holders to get rewards on their holdings by locking them for validation on the blockchain.
- [G20 crypto assets policy repository](https://coinswitch.co/building-blocks/g20-crypto-assets-policy-repository/): After a successful G20 Summit in New Delhi in September 2023, India will host a G20 Virtual Summit on November...
- [Taking our dreams to the moon 🚀🌙](https://coinswitch.co/building-blocks/to-the-moon/): “You can’t do big things if you’re content with doing things a little better than everyone else or a little...
- [Introducing CoinSwitch PRO Innovation Zone](https://coinswitch.co/building-blocks/innovation-zone/): Today we are launching CoinSwitch PRO Innovation Zone, to give our traders better access to the ever-evolving crypto landscape. In...
- [India's G20 Presidency: Finding common ground for a global VDA framework](https://coinswitch.co/building-blocks/20471-2/): This week marks a significant milestone in India’s strategic growth as it successfully completes the Presidency of the G20—a resounding...
- [Blockchain, Web3 and VDAs: A compendium of QnAs in Parliament](https://coinswitch.co/building-blocks/vda-qna-parliament/): Virtual Digital Assets (VDAs) have been around for more than a decade but efforts to put in place an effective...
- [A historic September 🍁](https://coinswitch.co/building-blocks/a-historic-september/): Allow me to rewind the clock a bit... by about 650 days. Crypto was on the front pages of every...
- [Enhancing Consumer Awareness and Protection in VDA sector](https://coinswitch.co/building-blocks/enhancing-consumer-awareness-and-protection-in-vda-sector/): An internationally coordinated regulatory framework for Virtual Digital Assets (VDAs) is a work in progress, with the Union Government in...
- [For the second time!](https://coinswitch.co/building-blocks/for-the-second-time/): Time really flies when you’re working hard (and having fun). Today, I realized just how fast this year is going....
- [Our Proof of Reserves](https://coinswitch.co/building-blocks/our-proof-of-reserves/): CoinSwitch transformed the crypto experience in India by simplifying the process of buying and selling crypto for millions of Indians....
- [India shows the way on using technology as a growth accelerator](https://coinswitch.co/building-blocks/india-shows-the-way-on-using-technology-as-a-growth-accelerator/): The wise words of author and thinker William Gibson, “Future is already here—it’s just not very evenly distributed” often come...
- [Blowing out the candles…🎂](https://coinswitch.co/building-blocks/blowing-out-the-candles%f0%9f%8e%82/): It’s late and the lights are still on at the CoinSwitch office in Bangalore. The smell of coffee hangs in...
- [We six. Our six.](https://coinswitch.co/building-blocks/we-six-our-six/): They say the older you get, birthdays have a sobering effect, making you more introspective and contemplative. At six years...
- [Spreading the word and demystifying Web3 for stakeholders](https://coinswitch.co/building-blocks/spreading-the-word-and-demystifying-web3-for-stakeholders/): Web3 refers to the next generation of the internet built on the ethos of decentralization and end-user ownership. Built on...
- [The only voice that matters…](https://coinswitch.co/building-blocks/the-only-voice-that-matters/): “Just because something works doesn’t mean it can’t be improved. ” Ever since I watched the movie Black Panther, I...
- [Faster trades and transparent pricing: Experience our improved crypto platform](https://coinswitch.co/building-blocks/faster-trades-and-transparent-pricing-experience-our-improved-crypto-platform/): Summary We've improved our crypto trading structure to enhance user experience. The Last Traded Price (LTP) feature provides users with...
- [April in one word…](https://coinswitch.co/building-blocks/april-in-one-word/): Shapella. What does it mean to you? Most people I know are excited or confused about it. If you were...
- [Virtual digital assets, India’s stand and the way ahead](https://coinswitch.co/building-blocks/virtual-digital-assets-indias-stand-and-the-way-ahead/): Rulemaking is an arduous task. Oftentimes, the words in a gazette take a form of their own in the real...
- [The March goes on…](https://coinswitch.co/building-blocks/the-march-goes-on/): March is always a busy time of year for us. It represents the annual closing of books, calculating taxes and...
- [Security features that ring-fence the CoinSwitch experience](https://coinswitch.co/building-blocks/security-features-that-ring-fence-the-coinswitch-experience/): CoinSwitch provides users with a simple and secure way to invest in crypto. The simplicity of the CoinSwitch app is...
- [Our due diligence on crypto assets we list](https://coinswitch.co/building-blocks/our-due-diligence-on-crypto-assets-we-list/): Few innovations promise to reshape the world the way blockchain and Virtual Digital Assets (VDAs, popularly known as crypto) do....
- [On languages, stories and…](https://coinswitch.co/building-blocks/on-languages-stories-and/): Here’s a little something about me: I grew up in Meerut, a city in Uttar Pradesh. Growing up, Hindi was...
- [हमारे वॉलेट एड्रेसिस, प्रूफ़ ऑफ़ रिज़र्व्स, और अन्य बातें](https://coinswitch.co/building-blocks/%e0%a4%b9%e0%a4%ae%e0%a4%be%e0%a4%b0%e0%a5%87-%e0%a4%b5%e0%a5%89%e0%a4%b2%e0%a5%87%e0%a4%9f-%e0%a4%8f%e0%a4%a1%e0%a5%8d%e0%a4%b0%e0%a5%87%e0%a4%b8%e0%a4%bf%e0%a4%b8/): हमसे प्रूफ़ ऑफ़ रिज़र्व्स के बारे में पूछा गया है। आज हम एक कदम आगे बढ़ रहे हैं: हम अपने...
- [CoinSwitch keeps you TDS compliant](https://coinswitch.co/building-blocks/coinswitch-keeps-you-tds-compliant/): The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman on 1 February, 2023, introduced provisions on penalty and prosecution...
- [Our efforts to refine India’s crypto taxes and regulations](https://coinswitch.co/building-blocks/refining-indias-crypto-taxes-and-regulations/): Regulations are like water. It takes the shape of its surroundings. India’s nascent but promising crypto industry is all too...
- [Tailoring Crypto Tax to India's Needs](https://coinswitch.co/building-blocks/tailoring-crypto-tax-to-indias-needs/): Crypto is a rare gem in the Indian tech landscape. Rarely has India been able to develop and scale up...
- [2022: A year of BUIDLing Crypto Regulations](https://coinswitch.co/building-blocks/a-year-of-buidling-crypto-regulations/): 2022 was a turbulent year for crypto. The crypto market experienced one of the steepest price erosions in history, as...
- [Proof of Reserves, Wallet Addresses and more… starting 2023 right](https://coinswitch.co/building-blocks/proof-of-reserves-wallet-addresses-and-more-starting-2023-right/): It’s January! The month of new resolutions and a renewed conviction to do and be better. And while the teams...
- [Our wallet addresses, proof of reserves, and more](https://coinswitch.co/building-blocks/our-wallet-addresses-proof-of-reserves-and-more/): इस पोस्ट को हिंदी में पढ़ने के लिए यहाँ क्लिक करें। We’ve been asked for our proof of reserves. A...
- [A Brand New CoinSwitch](https://coinswitch.co/building-blocks/a-brand-new-coinswitch/): One that makes it Whole and then Some! They say to always open with a joke, but there's no subtle...
- [It's time to go PRO](https://coinswitch.co/building-blocks/its-time-to-go-pro/): Our mission to Make Money Equal for All doesn't end with building a simple platform for users to trade crypto....
- [The CoinSwitch Way: Transparency on User Holdings](https://coinswitch.co/building-blocks/transparency-on-user-holdings/): CoinSwitch’s overall holdings of Indian Rupees on our books and crypto assets held in custody are greater than customer holdings, an independent review of the company’s books and custody services has confirmed.
- [How we keep our users' funds safe](https://coinswitch.co/building-blocks/how-we-keep-our-users-funds-safe/): News about recent liquidity issues in the crypto market, plunged the market into a state of FUD this past week....
- [On building our crypto roadshow](https://coinswitch.co/building-blocks/on-building-our-crypto-roadshow/): How an innocuous tweet led to the rise of Web3 meetups by CoinSwitch.
- [Bear Market Babies - How some of us are dealing with the crypto market right now](https://coinswitch.co/building-blocks/bear-market-babies/): As we wrestle the bear to try and make some gains in the crypto market. here are some thoughts from crypto investors working in CoinSwitch.
- [Buying the <s>dip</s> SIP](https://coinswitch.co/building-blocks/buying-the-sip/): The story behind our crypto SIP and how it was built.
- [Women in Web3: BUIDLing a Future](https://coinswitch.co/building-blocks/women-in-web3-buidling-a-future/): Equitable access to finance has always been our guiding force. And we believe crypto technology has the power to effect...
- [A Crypto Unicorn Story — Let’s Talk Series C Funding!](https://coinswitch.co/building-blocks/a-crypto-unicorn-story-lets-talk-series-c-funding/): Read the story behind how CoinSwitch became a unicorn and the biggest crypto company in India and what's next for us.

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# Detailed Content


## Pages

### Inside Homepage

> One destination for all things happening with CoinSwitch. Find the latest news and articles on matters that matter to us. Check the roadmap to the moon here.

- Published: 2022-07-27
- Modified: 2023-07-27
- URL: https://coinswitch.co/building-blocks/

On building our crypto roadshow Madhavi Varanasi • 22 September 2022 In Depth Madhavi Varanasi • 22 September 2022 How we're BUIDLing the future of finance. In Depth Madhavi Varanasi • 22 September 2022 On building our crypto roadshow It all started with a tweet and a cozy cafe. “We were just coming out of the 3rd Covid wave and getting back to working out of the office. I just wanted to catch up with some folks from the Web3 community to understand how the crypto space was shaping up. ” Little did Jayadevan P. K. CoinSquad Asheen Chowdhury • 15 September 2022 Bear Market Babies – How some of us are dealing with the crypto market right now Progress is not linear. Dr Maria Montessori was speaking of children’s education when she said this in 1946. But she may as well have been speaking of investments—no index of note has moved in a straight line, after all. This is especially true for crypto. An emerging asset class, crypto has grown exponentially in the We'll come to you Get stories from Building Blocks delivered to your inbox! In Depth Madhavi Varanasi • 23 August 2022 Buying the dip SIP The solutions to complex problems are often simpler than we think. How does one decide when to invest? How do you mitigate volatility? How do you beat the market? These questions have troubled many an investor. In equities markets then, and crypto now. Adarsh Pai knew this all too well. “Time for a story. Back CoinSquad Madhavi Varanasi • 8 March 2022 Women in Web3: BUIDLing a Future Equitable access to finance has always been our guiding force. And we believe crypto technology has the power to effect this change — breaking down the barriers of gender, geography, and class. It’s what our mission of Making Money Equal for All is really about. To make crypto accessible for everyone – not just the Bulletin Board Asheen Chowdhury • 6 October 2021 A Crypto Unicorn Story — Let’s Talk Series C Funding! Hello True Believer! Thank you for believing in us. Fuelled by your support and the passion shown by our incredibly dedicated team, we’ve managed to raise a Series C funding of $260 Million. This round was led by Coinbase Ventures and Andreessen Horowitz (a16z), with our previous investors Sequoia, Paradigm, Ribbit and Tiger Global

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## Posts

### CoinSwitch Cares: A User’s Guide

- Published: 2025-05-13
- Modified: 2025-05-13
- URL: https://coinswitch.co/building-blocks/coinswitch-cares-a-users-guide-desktop/
- Categories: Cares

Good times keep rolling at CoinSwitch! ‘CoinSwitch Cares’ is a one-of-a-kind ₹600-crore recovery program to help users impacted by the alleged WazirX cyber attack of July 2024. Good times keep rolling at CoinSwitch! ‘CoinSwitch Cares’ is a one-of-a-kind ₹600-crore recovery program to help users impacted by the alleged WazirX cyberattack of July 2024. The program seeks to give users an opportunity to recoup losses and provide a boost to the Indian crypto community. Affected users can recover losses, earn rewards, and confidently re-enter the market through this community-focused initiative. Users can visit the website (www. coinswitch. co/pro/coinswitch-cares), CoinSwitch mobile app, or PRO website to estimate rewards and take the first step toward financial recovery. Let’s Play by the Rules The program is open to those who have lost money in the alleged cyberattack on WazirX. Users have the option to deposit funds immediately to start earning rewards or wait for WazirX to release their funds and deposit them to CoinSwitch. Users should submit their WazirX Creditor_ID and USD balance through our portal (www. coinswitch. co/pro/coinswitch-cares), CoinSwitch mobile app, or PRO website to estimate rewards. The signup reward is capped at ₹15,000 per user, and the referral reward is capped at ₹10,000 per user. This initiative has the potential to offer significant financial relief to over 4 million affected users while rebuilding confidence in the Indian crypto ecosystem. Switch to Recovery Mode Here’s a step-by-step guide on how to enroll in the recovery program. Step 1: Use the Estimate Calculator on our website to determine your potential rewards and recovery. To do this, you must submit your WazirX Creditor ID and USD balance details, which can be found in your WazirX account by following the steps below. Step 2: Open the following link (https://wazirx. com/funds/july-18) and login to your WazirX account, if you haven’t previously. Once logged in, a screen like the one below will be visible to you. Step 3: Copy the ‘Unique Scheme Creditor ID’ from the page by clicking the Copy button and paste the same in the CoinSwitch input box. Step 4: Note the USD balance value mentioned on the page (as referenced in the screenshot) and enter it in the corresponding input box on the CoinSwitch input box. Make sure you note the USD value and not the INR value. Step 5: Register on CoinSwitch and complete the KYC process to activate your account. Existing CoinSwitch users can simply log in to start. Step 6: Now you can start earning your signup reward by depositing INR or crypto from anywhere and through referrals. Once WazirX allows withdrawals, transfers those funds to CoinSwitch to maximize your recovery benefits. Rewards and more! The rewards will be credited to the user’s CoinSwitch account regularly in INR or crypto, starting May 22, 2025. Here’s a glance at what's on offer for eligible WazirX users: Assured Signup Rewards: Eligible users can earn up to 10% of the funds deposited through this program over two years, up to Rs 15,000. Revenue redistribution:...

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### CoinSwitch Cares: A User’s Guide

- Published: 2025-05-12
- Modified: 2025-05-13
- URL: https://coinswitch.co/building-blocks/coinswitch-cares-a-users-guide-mobile/
- Categories: Cares

Good times keep rolling at CoinSwitch! ‘CoinSwitch Cares’ is a one-of-a-kind ₹600-crore recovery program to help users impacted by the alleged WazirX cyberattack of July 2024. The program seeks to give users an opportunity to recoup losses and provide a boost to the Indian crypto community. Affected users can recover losses, earn rewards, and confidently re-enter the market through this community-focused initiative. Users can visit the website (www. coinswitch. co/pro/coinswitch-cares), CoinSwitch mobile app, or PRO website to estimate rewards and take the first step toward financial recovery. Let’s Play by the Rules The program is open to those who have lost money in the alleged cyberattack on WazirX. Users have the option to deposit funds immediately to start earning rewards or wait for WazirX to release their funds and deposit them to CoinSwitch. Users should submit their WazirX Creditor_ID and USD balance through our portal (www. coinswitch. co/pro/coinswitch-cares), CoinSwitch mobile app, or PRO website to estimate rewards. The signup reward is capped at ₹15,000 per user, and the referral reward is capped at ₹10,000 per user. This initiative has the potential to offer significant financial relief to over 4 million affected users while rebuilding confidence in the Indian crypto ecosystem. Switch to Recovery Mode Here’s a step-by-step guide on how to enroll in the recovery program. Step 1: Use the Estimate Calculator in the CoinSwitch mobile app to determine your potential rewards and recovery. To do this, you must submit your WazirX Creditor ID and USD balance details, which can be found in your WazirX account by following the steps below. Step 2: Open the WazirX app and login to your WazirX account, if you haven’t already logged in. Now, click on the card at the top of the homepage, as marked in the reference image below. Step 3: Click on the ‘Recovery Token Allocation’ card on the page, as marked in the reference image below Step 4: Click on the ‘Value of Balances’ card on the page, as marked in the reference image shown below Step 5: Copy the ‘Unique Scheme Creditor ID’ from the page by clicking on the Copy button, and paste the same in the CoinSwitch input box Step 6: Note the USD balance value mentioned on the page (as referenced in the screenshot) and enter it in the CoinSwitch input box. Make sure you note the USD value and not the INR value. Step 7: Register on CoinSwitch and complete the KYC process to activate your account. Existing CoinSwitch users can simply log in to start. Step 8: Now you can start earning your signup reward by depositing INR or crypto from anywhere and through referrals. Once WazirX allows withdrawals, transfer those funds to CoinSwitch to maximize your recovery benefits. Rewards and more! The rewards will be credited to the user’s CoinSwitch account regularly in INR or crypto, starting May 22, 2025. Here’s a glance at what's on offer for eligible WazirX users: Assured Signup Rewards: Eligible users can earn up to 10% of the...

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### CoinSwitch Publishes Fifth Edition of Proof of Reserves

- Published: 2025-05-07
- Modified: 2025-05-08
- URL: https://coinswitch.co/building-blocks/coinswitch-publishes-fifth-edition-of-proof-of-reserves/
- Categories: Bulletin Board

CoinSwitch, India's largest crypto platform with over 2 crore users, continues its commitment to transparency and trust-building by publishing the fifth edition of its Proof of Reserves (POR). The latest review confirms that CoinSwitch holds sufficient cryptos and INR balances to cover all user redemptions, maintaining a ratio of 1:1 or higher. The independent verification of CoinSwitch’s crypto and INR holdings was conducted by a qualified chartered accountancy firm as per the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400). The POR review covered two CoinSwitch entities: Bitcipher Labs LLP and Nextgendev Solutions Private Limited. The review was carried out for the status of cryptos and INR held as on March 31, 2025. Key Findings CoinSwitch’s total holdings are greater than its users’ holdings (numbers as on March 31, 2025, 24:00 hrs IST): Total Customer Holdings (Crypto + INR): Rs. 2,138. 64 crore Total CoinSwitch Holdings (Crypto + INR): Rs. 2,764. 20 crore This means CoinSwitch maintains a holdings ratio of over 1:1 for both crypto and INR balances, ensuring all users can fully redeem their cryptos at any time. The higher ratio is attributed to CoinSwitch’s own assets held separately from user funds. The assets held by PeepalCo, the parent brand of CoinSwitch, are in addition to this, and not included in this POR assessment. The report also indicates a ~10% growth in customer holdings compared to the previous POR edition, primarily driven by favourable market conditions and price appreciation. As of 22nd October, 2024, Bitcoin (BTC) traded at ₹57 lakh, and has since risen to ₹80 lakh, reflecting a robust upward trend. The higher ratio is maintained for Virtual Digital Assets (VDA or crypto) separately as well: Total Customer Crypto Holdings: Rs. 2,043. 15 crore Total CoinSwitch Crypto Holdings: Rs. 2,576. 54 crore Transparency and Verifiability In an industry that thrives on trust, transparency isn't optional—it's foundational. This Proof of Reserves, now in its fifth edition, reflects our uncompromising focus on transparency, fund safety and user protection. To enable users to independently verify the findings, CoinSwitch has made public an updated list of its major crypto wallet addresses. The addresses of our major wallets are provided below (cut-off date: 6th May 2025). Further, to ensure fund safety, CoinSwitch holds over 95% of cryptos within its ecosystem of custodial wallets and our own exchange (CoinSwitchX) as shown in the image above. Some cryptos (less than 5%) are held on partner exchanges to make trading experience for our users simpler. List of Crypto Wallets The addresses of our major wallets are provided below: Tokens Link BTC https://www. blockchain. com/explorer/addresses/btc/bc1q45vlmh76nfgpf07pjwud5r2p3jwhzzs8phuxc0 BTC https://www. blockchain. com/explorer/addresses/btc/bc1qdas4sz4v52na3u6g487y9t3yvygw7nmy4w2kvt DOGE https://blockchair. com/dogecoin/address/DSGBkmQ11Nrfie2wjm7nj6bMMQoQxK5vKT ETH and ERC20 Coins https://etherscan. io/address/0x628d6380a28b8d9aE7516597Fa625934185bfeD4 BTC https://www. blockchain. com/explorer/addresses/btc/bc1q2j3nae36eq72qpyrkc4flv6wwpmamjq5knuex4 ADA https://cardanoscan. io/address/addr1q9mlllv2mh73fkdvxkdcxx4lsqrkemt0g3vgt85gg4ul56rhll7c4h0aznv6cdvmsvdtlqq8dnkk73zcsk0gs3telf5qzdkalr BTC https://www. blockchain. com/explorer/addresses/btc/bc1q3z5xcnpcyefwfaarypu4ajl40259erxxtdhwdf ETH and ERC20 Coins https://etherscan. io/address/0x0AeBb2AdCd49BF644B1675fb023B1fB241E3468F ETH and ERC20 Coins https://etherscan. io/address/0x4d7D2B9Bdd83598EE6ddDAf67FF5Ee272383bF8B ADA https://cardanoscan. io/address/addr1qxvjgzj35ay633v32u9lv2pt8an0x2d7nuunrj9g4eaxk7ueys99rf6f4rzez4ct7c5zk0mx7v5ma8eex8y23tn6ddast223g5 Sol and Sol Chain Coins https://solscan. io/account/GwJSaDzMcQgvLMXzt1a8vrBFCbgEhGm5wUq8pNi6zbAy TRX https://tronscan. org/#/address/TUqoeRTLR31m97fZpYNeVQWJEdC27xbpZa XRP https://xrpscan. com/accountrfCkQwY3nYsNtbKPAvqz45y7MWhoQj5hpJ ETH and ERC20 Coins https://etherscan. io/address/0xfA14E98cE8C534D351c3c76604a5F405D7633237 Sol and Sol Chain Coins https://solscan. io/account/9PEiRe2KtLkrWNm5bH6jFggLaq5noU9Yw4iUCNjCn7Yd VET https://vechainstats....

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### Rupee-powered crypto futures are now live on CoinSwitch!

- Published: 2025-04-29
- Modified: 2025-04-29
- URL: https://coinswitch.co/building-blocks/rupee-powered-crypto-futures-are-now-live-on-coinswitch/
- Categories: Bulletin Board

India is one of the fastest-growing crypto markets in the world—and the second-largest by value received globally. It deserves trading solutions designed for its unique needs and preferences. Today, we’re excited to launch Rupee-Powered (INR) Crypto Futures on CoinSwitch. With this update, we’re making advanced trading tools even more accessible, while removing the unnecessary friction Indian users often face. Here’s everything you need to know. What is Rupee-Powered Futures trading? With the new launch, crypto traders in India can now trade Futures directly in Indian Rupee (INR)—no more converting to USDT first. That means a smoother, faster, and more intuitive trading experience. CoinSwitch has consistently led the way in providing traders with advanced functionalities such as SmartInvest and API trading. Being a customer-first platform, the idea for CoinSwitch’s new product launch originated from a key user insight—trading in INR is more intuitive and relatable for Indian users compared to USDT, which is commonly used as the quote currency in the global crypto market. By eliminating the need to convert INR to USDT, CoinSwitch aims to streamline the trading experience and make Futures trading more accessible and user-friendly for the Indian market. What’s in it for you Real-Time Price Mapping: Users can view the Crypto-INR pair on the contract list along with the percentage changes, making it easy to track price movements. Seamless Toggle Experience: The Futures page features a toggle that enables users to switch between USDT and INR-based Futures. A helpful prompt will then appear, introducing the new INR trading option. Position Visibility: USDT and INR futures are managed separately, so users will only see positions relevant to their current currency mode. If users hold positions in the other currency, they can seamlessly switch and view them on the corresponding page. Unified Price View: All fields within positions—such as unrealized P&L and liquidation price– will now be displayed in INR along with the fees, making it easier for users to quickly assess their profits and make faster, more informed trading decisions. The new product aligns perfectly with CoinSwitch’s broader mission of providing robust, user-friendly trading tools tailored to meet the demands of India’s growing crypto community. For more information, please visit: https://coinswitch. co/pro/futures-perpetual/BTCINR

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### How global cryptoasset regulations are progressing, and what to expect in 2025

- Published: 2025-03-05
- Modified: 2025-04-29
- URL: https://coinswitch.co/building-blocks/crypto-regulations-in-2025/
- Categories: Public Policy
- Tags: CoinSwitch policy

This year is poised to be a consequential year for cryptoassets globally. As the maturity of this relatively new asset class continues to gain momentum, with increasing institutional adoption and expanding use cases across various sectors, the cryptoassets market is poised for growth, and mainstream adoption. This CoinSwitch Public Policy blog captures a range of key events expected in 2025, as well as reports to be put out by various standard-setting bodies/watchdogs, aimed at regulating different aspects of cryptoassets. It also highlights India’s efforts in understanding and regulating digital assets. A Public Policy Tracker for this year is also available at the end of this blog. Global Policy Scan The fast-paced developments following President Donald Trump’s victory in the 2024 US Presidential election has sent several policymakers across the global back to their drawing boards to reshape the policy outlook for digital assets. Soon after taking the Presidential oath, President Trump on January 23 ordered the creation of a cryptoasset working group tasked with proposing new digital asset regulations and exploring the creation of a national digital asset stockpile, making good on his promise to quickly overhaul US digital asset policy. The order also banned the creation of a US Central Bank Digital Currency (CBDC), which could compete with existing cryptoassets. The US Securities and Exchange Commission (SEC) has announced a new crypto task force, led by Commissioner Hester Peirce, dedicated to developing clear regulatory frameworks, marking a shift away from its previous enforcement-focused approach to digital assets. Meanwhile, the US isn’t the only jurisdiction poised to make regulatory progress. The European Union’s Markets in Crypto-Assets (MiCA) regulation went into full effect on 30 December 2024, making the EU the first major jurisdiction to establish a comprehensive regulatory framework for crypto. Several G20 countries and financial hubs including the United Kingdom (UK), United Arab Emirates (UAE), Singapore and Hong Kong are also actively writing rulesor fine-tuning the existing regulations creating a more conducive environment for acceptance and growth of digital assets. For instance: Hong Kong’s top financial regulator has released a new roadmapto further develop its cryptoasset industry with proper regulation as the region continues its drive to become a global virtual asset hub. The Securities and Futures Commission (SFC) has outlined 12 major initiatives to enhance the security, innovation and growth of Hong Kong’s virtual asset market under a five- pillar “ASPIRe” roadmap, which stands for Access, Safeguards, Products, Infrastructure and Relationships. Indonesia's securities regulator, which recently began to oversee the cryptoasset market, has unveiled new rules for digital assets to be approved for listing on exchanges South Korea is moving towards institutional cryptoasset adoption with a newly unveiled roadmap from the Financial Services Commission/Korea Financial Intelligence Unit (FSC and KFIU respectively). The plan will unfold in two phases starting in 2025, beginning with corporate cryptoasset transactions for liquidation purposes, followed by a pilot program allowing select institutions to trade cryptoasset under strict regulatory conditions. According to local media reports, the Financial Services Agency, Japan (JFSA) is considering classifying...

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### Union Budget 2025 brings Crypto Assets under mandatory reporting: What you need to know

- Published: 2025-02-04
- Modified: 2025-02-04
- URL: https://coinswitch.co/building-blocks/21343-2/
- Categories: Public Policy

The Indian government is taking a significant step towards tax transparency and regulatory oversight in the Virtual Digital Assets (VDAs) sector. The Finance Bill 2025, tabled in Parliament on February 1, proposes amendments to the definition of VDAs and introduces mandatory reporting requirements for crypto-asset transactions. These changes align India with global efforts to track crypto-asset transactions and ensure tax compliance. The move follows the G20’s endorsement of the OECD’s Crypto-Asset Reporting Framework (CARF), a framework which provides for the reporting and automatic exchange of information in relation to crypto-assets between tax authorities for tax compliance purposes. For crypto-asset users and businesses, these amendments could have far-reaching implications. It is essential to understand what these changes entail and how they could affect the broader industry. Let's break down the amendments and what they mean for you. The budget proposes to make it mandatory to furnish crypto-asset information. What does it mean for you? One of the key changes in the Finance Bill, 2025 is the amendment to the definition of Virtual Digital Asset (VDA) and the obligation to furnish information on crypto-assets. In 2022, clause (47A) was inserted in section 2 of the Income-tax Act, 1961 to define VDA as: (a) any information or code or number or token (not being Indian currency or foreign currency), generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value exchanged with or without consideration, with the promise or representation of having inherent value, or functions as a store of value or a unit of account including its use in any financial transaction or investment, but not limited to investment scheme; and can be transferred, stored or traded electronically; (b) a non-fungible token or any other token of similar nature, by whatever name called; (c) any other digital asset, as the Central Government may, by notification in the Official Gazette specify: Now, the Financial Bill, 2025 proposes to amend the definition by adding: (d) any crypto-asset being a digital representation of value that relies on a cryptographically secured distributed ledger or a similar technology to validate and secure transactions, whether or not such asset is included in sub-clause (a) or sub-clause (b) or sub-clause (c) The amendment to bring in crypto-asset in the VDA definition and insertion of new section 285BAA in the Income-tax Act as an obligation to furnish information on transaction of crypto-asset are in alignment to implement the Organisation for Economic Co-operation and Development (OECD)’s Crypto Asset Reporting Framework (CARF) under which India will start sharing the information from 2027 with other jurisdictions. The Bill proposes the amendments to come into effect from April 1, 2026. Obligation to furnish information on transaction of crypto-asset The Income Tax Department has published a preliminary set of FAQs on the proposed amendments. For greater clarity to our users we are sharing them below: Q1: What is cryptoasset? Ans: Crypto asset has been defined in sec 2(47A) of the Act under the existing definition of Virtual Digital Asset. Q2:...

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### Introducing CoinSwitch Cares, a ₹600-crore program to recover crypto losses

- Published: 2025-01-07
- Modified: 2025-01-07
- URL: https://coinswitch.co/building-blocks/introducing-coinswitch-cares-a-%e2%82%b9600-crore-program-to-recover-crypto-losses/
- Categories: Boardroom

Here’s a New Year gift you don’t want to miss! Today, we’re launching ‘CoinSwitch Cares,’ a ₹600-crore recovery program to aid users impacted by the alleged cyberattack on WazirX in July 2024. The program offers affected users an opportunity to recoup losses and give a boost to the Indian crypto ecosystem. Enroll in the program on the CoinSwitch Cares portal to benefit in several ways—recover losses, earn rewards, and get a chance to re-enter the market and take advantage of market momentum! Why launch ‘CoinSwitch Cares’ Users of crypto exchange WazirX were alarmed by news reports about an alleged cyberattack at the platform in July 2024. The incident led to the theft of digital assets worth over $230 million, according to WazirX. While the issue drags on, the ‘CoinSwitch Cares’ program is our initiative to help out impacted WazirX users. Who can participate in the program? The terms of the program are simple and easy to understand. Anyone who has lost money in the alleged cyberattack is eligible to participate in the program to recover the losses. Users have the option to deposit funds immediately to CoinSwitch. Further, they can deposit once WazirX releases funds and increase their rewards. Simply upload your WazirX statement on our portal for verification and join the reward program. How it works CoinSwitch Cares aims to provide financial relief to over 4 million affected users and rebuild confidence in the Indian crypto ecosystem. Crypto users in India, who have been affected by the alleged cyberattack, can deposit funds on CoinSwitch and claim rewards. Follow four simple steps to begin your recovery journey with CoinSwitch Cares. Step 1: Estimate Your Loss Use the calculator and determine your potential rewards and recovery. Step 2: Sign Up and Complete KYC Register on CoinSwitch and complete the KYC process to activate your account. Existing CoinSwitch users can simply login to start. Step 3: Deposit from Anywhere Start earning your upfront reward by depositing INR or crypto using any supported method. Step 4: Deposit from WazirX Once WazirX releases funds, transfer those funds to CoinSwitch to maximize your recovery benefits. Rewards will accrue in proportion to users’ crypto holdings and trading volumes on CoinSwitch. Apart from upfront rewards, CoinSwitch will pool trading revenue generated from this program and distribute it to the affected users in proportion to their losses. Users can sell their crypto and withdraw INR anytime. However, crypto withdrawal is not supported at this time. How Reward Mechanism works Eligible WazirX users will be enrolled in a reward mechanism that will work as follows: Assured Signup Rewards: Eligible users can earn up to 10% of the funds deposited through this program over two years. Revenue redistribution: CoinSwitch will pool trading revenue generated from this program and distribute it to the affected users in proportion to their losses. Referral Rewards: Additionally, the users can earn up to 5% of the deposited funds through their referral of other affected WazirX users. - Signup and referral rewards will start accruing from...

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### 2024 Wrap: How CoinSwitch Advanced the Cause of Cryptoasset Regulations

- Published: 2025-01-03
- Modified: 2025-01-06
- URL: https://coinswitch.co/building-blocks/2024-wrap-how-coinswitch-advanced-the-cause-of-cryptoasset-regulations/
- Categories: Public Policy

The intersection of policy and market sentiment became strikingly evident in the year 2024, as Donald Trump’s re-election to the U. S. presidency ignited a pro-crypto asset wave that pushed Bitcoin – the largest digital asset by market cap – past the $100k mark. This remarkable milestone underscored the impact of supportive administration on market dynamics and emphasised the vital role of regulations in driving innovation and bolstering confidence in the Virtual Digital Asset (VDA) sector. While the U. S. captured attention late in the year, global regulatory milestones defined 2024. Highlights included the approval of Bitcoin Exchange-Traded Funds (ETFs), the European Union’s implementation of the Markets in Crypto-Assets (MiCA) regulation, and advancements in implementing the G20 Roadmap on CryptoAssets and adopting the FATF Standards by Virtual Asset Service Providers. These developments signalled meaningful progress toward establishing a more regulated and transparent global cryptoasset ecosystem. India made a significant stride in the global crypto ecosystem this year with the announcement of its Discussion Paper on cryptoasset regulations, marking a crucial first step toward a formal regulatory framework. The CoinSwitch (CS) Public Policy team continues to educate, inform, and engage with stakeholders at all levels, shaping the policy narrative toward a constructive and robust regulatory framework for crypto-assets. Alongside this, other notable developments highlighted the increasing acceptance of virtual digital assets and the Web3 sector in India. Discussion Paper The announcement by Ajay Seth, Secretary of the Department of Economic Affairs (DEA), regarding the upcoming release of a Discussion Paper on cryptoasset regulations marks a transformative step in India’s journey toward establishing a regulatory framework for the sector. This milestone is the result of over two years of strategic advocacy by the CoinSwitch (CS) Public Policy team, in collaboration with other industry stakeholders, to drive informed dialogue and policy action. The announcement signals the government’s openness to exploring regulatory pathways that balance innovation with risk management. During the recent winter session of the Parliament, the Ministry of Finance, in response to a question on virtual digital asset (VDA) regulations, stated: “All jurisdictions, including India, are expected to evaluate their country-specific characteristics and risks, and engage with standard-setting bodies and the G20 to appropriately consider any necessary measures for crypto assets. A part of such a process may involve the publication of a Discussion Paper to obtain feedback on the stance or various stances under consideration by jurisdictions. ” At CoinSwitch, we look forward to the release of the paper and actively contributing to it. We welcome the consultative approach adopted by the Ministry of Finance on policy formulation of crypto assets. A Year of Growth in Our Engagement with the Ministry of Finance R Venkatesh (SVP & Head Public Policy) with Director & Additional Director of FIU-India at training and awareness workshop for VDASPs R Venkatesh (SVP & Head Public Policy) with Hon’ble Finance Minister Nirmala Sitharaman In 2024, the Ministry of Finance remained a key stakeholder in the sector, with CoinSwitch achieving significant milestones through its collaborations with the ministry....

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### Breaking language barriers to bridge knowledge gaps

- Published: 2024-12-02
- Modified: 2024-12-02
- URL: https://coinswitch.co/building-blocks/breaking-language-barriers-to-bridge-knowledge-gaps/
- Categories: Bulletin Board

At CoinSwitch, we believe that knowledge is the cornerstone of empowerment, especially when it comes to navigating a dynamic space like crypto. To bring the foundational principles of Bitcoin closer to the people, we’ve taken the initiative to translate the Bitcoin (BTC) Whitepaper into 10 regional Indian languages: Hindi, Bengali, Marathi, Telugu, Tamil, Gujarati, Urdu, Kannada, Odia, and Malayalam This initiative is part of our ongoing effort to democratize crypto knowledge, making it accessible to everyone- regardless of the language they speak. Why Now? Bitcoin is on a record-breaking streak, recently touching an all-time high of approximately $99,500. The U. S. ’s pro-crypto stance, coupled with a surge in institutional investments following ETF approvals, has created renewed optimism in the crypto market. This is a pivotal moment, one that could redefine financial futures. However, capitalizing on this opportunity requires more than just riding the wave of market trends. It demands informed decision-making, backed by thorough research and a clear understanding of the crypto ecosystem. The Blueprint for Bitcoin The Bitcoin Whitepaper, titled Bitcoin: A Peer-to-Peer Electronic Cash System, was penned by the enigmatic Satoshi Nakamoto in 2008. This document laid the groundwork for Bitcoin (the world’s first crypto token) and remains the definitive guide to understanding its core principles. By translating this seminal work into regional languages, we aim to bridge the knowledge gap, empowering millions across India to better understand crypto’s potential. A Step Toward a Crypto-Ready India At its core, this initiative is about more than just translation—it’s about building a crypto-ready India where knowledge is truly inclusive. By eliminating language barriers, we hope to foster a deeper, community-wide understanding of Bitcoin and blockchain technology. This, in turn, can serve as the first step toward enabling individuals to make informed financial decisions instead of just following trends. The world of crypto is evolving rapidly, and India is poised to play a significant role in its future. At CoinSwitch, we’re committed to ensuring that everyone, regardless of language or background, has the tools and knowledge they need to participate in this financial revolution. Let’s take the first step together!

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### Blockchain, Web3 and VDAs: A compendium of QnAs in Parliament (Revised)

- Published: 2024-10-29
- Modified: 2025-03-05
- URL: https://coinswitch.co/building-blocks/blockchain-web3-and-vdas-a-compendium-of-qnas-in-parliament-second-edition/
- Categories: Bookshelf
- Tags: crypto policy india

Virtual Digital Assets (VDAs), or cryptoassets, are making significant business and regulatory strides globally. Their inclusion in the Finance Track of G20 discussions during India’s G20 Presidency emphasized the need for a unified regulatory approach. This led to progress in many G20 countries, especially in areas like anti-money laundering, countering financing of terrorism, and consumer protection. In India, home to over 1,000 Web3 startups, regulatory conversations are evolving, with a Discussion Paper on VDA regulations expected soon. At CoinSwitch, we have been at the forefront of engaging with Governments — both at the Centre and States — as well as with regulators, to demystify Web3 and VDAs, build awareness and understanding, understand regulatory concerns, and work towards building a strong regulatory framework for VDAs in India. Our first-of-its-kind Parliamentary Q&As compendium on Blockchain, Web3 and VDAs, released in Q2 2023 was our effort to curate questions raised by Hon. Members of Parliament across both Houses on blockchain technology, VDAs, Web3, and the responses received from different Ministries, including Finance, IT, Commerce and Industry, during the period 2021-2023. This second edition of the booklet continues from where we left off and captures the most recent discussions in Parliament on this important sector. We thank the Lok Sabha and Rajya Sabha Secretariats for making available these Q&As via their websites, from where we were able to access and source them. We would also like to thank our Hon’ble. MPs, Ministers, and officials of the Government of India, who continue to engage with us and raise pertinent issues both inside and outside Parliament. Happy reading! Download: A compendium of QnAs in Parliament

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### CoinSwitch Publishes Fourth Edition of Proof of Reserves

- Published: 2024-10-22
- Modified: 2024-10-22
- URL: https://coinswitch.co/building-blocks/proof-of-reserves-fourth-edition/
- Categories: Transparency
- Tags: CoinSwitch Proof of Reserves

We publish our proof of reserves every year. This year, we’re publishing it for the second time. As you may recall, when the crypto exchange WazirX allegedly faced a cyber attack, a small percentage of our funds were also stuck on the exchange. To make sure that our user funds are safe, we used our own treasury and ensured that we maintain a 1:1 ratio between user holdings and CoinSwitch holdings. We had disclosed all the details at the time in a blog post here. To provide additional transparency, we are publishing the proof of reserves for the second time this year. As you know, the proof of reserves is a snapshot of our holdings, verified by a reputed third-party audit firm. This snapshot, taken on Sep 30, 2024, reaffirms that CoinSwitch holds sufficient cryptos and INR balances to cover all user redemptions, maintaining a ratio of 1:1 or higher. Just like in the past editions, this independent verification of our crypto and INR holdings was conducted by a qualified chartered accountancy firm as per the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400). The review covered two CoinSwitch entities: Bitcipher Labs LLP and Nextgendev Solutions Private Limited. Key Findings The key finding of the review is that CoinSwitch's total holdings are greater than its users' holdings (numbers as on Sep 30, 2024, 24:00 hrs IST). Total Customer Holdings (Crypto + INR): INR 1952. 81 crore Total CoinSwitch Holdings (Crypto + INR): INR 2514. 91 crore This means CoinSwitch maintains a holdings ratio of over 1:1 for both crypto and INR balances, ensuring all users can fully redeem their cryptos at any time, even in extreme scenarios. The higher ratio is attributed to CoinSwitch's own assets held separately from user funds. The assets held by PeepalCo, the parent brand of CoinSwitch, are in addition to funds shown as part of POR. The total value of customer holdings with CoinSwitch as of 30 Sep 2024 has shrunk by about 30% as compared to the previous edition of the POR. This can be attributed to the drop in crypto prices from March 31, 2024 (date of previous POR) to 30 Sep 2024 (date of current POR). The dip in INR holdings is primarily due to two reasons. Firstly, as explained earlier, we used funds from our treasury to replenish user crypto following the alleged cyber attack on WazirX. Secondly, as crypto prices have fallen, users have started using their INR balance to buy more crypto on CoinSwitch. The higher ratio is maintained for Virtual Digital Assets (VDA or crypto) separately as well. Total Customer Crypto Holdings: INR 1880. 84 crore Total CoinSwitch Crypto Holdings: INR 2245. 91 crore Transparency and Verifiability Given what has happened in the crypto industry recently, we need to be more transparent and accountable to our users. At CoinSwitch, safeguarding our users' funds is not just a responsibility—it’s the core of everything we do. We understand the trust our users place in us when...

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### FATF assessment of efforts by India’s Virtual Asset Service Providers in combating financial crimes

- Published: 2024-09-20
- Modified: 2024-09-20
- URL: https://coinswitch.co/building-blocks/fatf-india-coinswitch/
- Categories: Public Policy

The global anti-money laundering and combating the financing of terrorism (AML/CFT) watchdog – the Financial Action Task Force (FATF) -- discussed and adopted India’s Mutual Evaluation Report (MER) at its plenary in Singapore in June 2024. The report was made public on September 19. The plenary concluded that India has reached a high level of technical compliance with the FATF requirements and its AML/CFT and counter-proliferation financing regime is achieving good results. India is placed in the ‘regular follow-up’ category–the highest rating given by the global watchdog, and a distinction shared by only four other G20 countries including Italy, France and the UK. This marks a significant milestone in the nation’s efforts to combat money laundering (ML) and terrorist financing (TF). ‘Regular follow-up’ means India needs to submit a progress report on recommended actions only in 2027. India’s performance on the FATF Mutual Evaluation holds significant advantages for the country’s growing economy, as it demonstrates the overall stability and integrity of the financial system. Good ratings will lead to better access to global financial markets and institutions and increase investor confidence. It will also help in the global expansion of the Unified Payments Interface (UPI), India’s fast payment system. Over a two-year period, the Department of Revenue (DoR) spearheaded India's engagement with FATF during the mutual evaluation process. This success was driven by the exceptional efforts and invaluable contribution of a diverse, multi-disciplinary team comprising representatives from various Ministries, the National Security Council Secretariat (NSCS), State authorities, the judiciary, financial sector regulators, self-regulatory organizations, financial institutions, and businesses. This collaborative effort demonstrated India’s effective AML/CFT framework. What is Mutual Evaluation? Mutual evaluations are in-depth country reports analyzing the implementation and effectiveness of measures to combat money laundering, terrorist, and proliferation financing. The reports are peer reviews, where members from different countries assess another country. Mutual evaluation by FATF is a long and complicated process that requires an intense and coordinated effort from the assessed country. Most countries in the world have only partially succeeded in navigating the process. This is evident from the fact that 13 countries of the G20 are in enhanced follow up including the USA, China, Germany, Canada, and Japan; and South Africa is in the grey list (jurisdictions under increased monitoring). FATF Recommendations The FATF Recommendations provide a comprehensive framework of measures to help countries tackle illicit financial flows. The FATF Recommendations are also often referred to as the FATF Standards, which comprise the Recommendations themselves and their Interpretive Notes, together with the applicable definitions in the Glossary. The 40 Recommendations are divided into seven distinct areas: AML/CFT Policies and Coordination Money laundering and confiscation Terrorist financing and financing of proliferation Preventive measures Transparency and beneficial ownership of legal persons and arrangements Powers and responsibilities of competent authorities and other institutional measures International cooperation For each Recommendation, assessors should conclude the extent to which a country complies (or not) with the standard. There are four possible levels of compliance: Compliant (there are no shortcomings) Largely compliant...

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### “Every Problem Has a Solution. The Approach is to Never Give-up"

- Published: 2024-09-10
- Modified: 2024-09-10
- URL: https://coinswitch.co/building-blocks/every-problem-has-a-solution-the-approach-is-to-never-give-up/
- Categories: User Delight
- Tags: CoinSwitch customer support

At CoinSwitch, our core mission is to make every customer feel genuinely valued and supported. We’re passionate about going above and beyond to meet their needs. Here’s a story illustrating how we turn challenges into victories and stay true to our promise of exceptional service. Pradeep, a customer in urgent need of funds, had been struggling to receive the email OTP required to withdraw his money for a couple of weeks. Despite repeated attempts for weeks, he received no resolution, which only added to his stress. Enter our customer champions: Prakash and Shweta. The duo, our unsung heroes on the escalation desk, knew they had to dig deeper. They asked Pradeep to share a screen recording of the error, and that's when they cracked the case. They didn't just see a problem; they saw a pattern. Turns out it was a glitch in our systems. They didn't waste any time and flagged this issue to the tech team, making sure it got the attention it needed. Thanks to their quick thinking and sharp eyes, we were able to fix the problem and prevent more customers from getting frustrated. The Solution Prakash, Shweta, and the tech team identified a glitch with our OTP servers. They brainstormed to find the best solution and decided to reroute the OTP through our backup servers. This clever move resolved the problem, and Pradeep was finally able to receive the OTP he needed to complete his withdrawal. Was the user satisfied with the support? Pradeep was so relieved and grateful that he sent us a glowing message: “Thanks, Prakash & Shweta, and hats off to you for resolving my concern, which was pending for a long time. ” Prakash and Shweta’s quick thinking and proactive approach turned a frustrating experience into a success story. At CoinSwitch, we’re proud of our team’s ability to go above and beyond, ensuring our customers are always taken care of, no matter the challenge.

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### A note on CoinSwitch funds on WazirX

- Published: 2024-08-28
- Modified: 2024-09-09
- URL: https://coinswitch.co/building-blocks/coinswitch-funds-on-wazirx/
- Categories: Transparency
- Tags: CoinSwitch, CoinSwitch Proof of Reserves, wazirx

It's been over a month since WazirX, a major crypto exchange operating in India, claimed that a cyber attack on their platform led to the theft of $230 million (~ Rs 2000 cr) worth of funds. We have attempted to be in regular touch with WazirX since the day of the incident but have not been able to reach a solution to recover the funds that are stuck on their platform. Further, their announcement earlier this week is unclear about how a full recovery would happen. So we are now taking steps, including legal action, detailed later in this post to recover the funds stuck on WazirX. Firstly, we want to assure that all user funds are safe and secure on CoinSwitch. Given the unprecedented situation, right after the alleged incident we utilized our own treasury to make sure that we maintain at least a 1:1 ratio for every user’s crypto holding on CoinSwitch. Don’t just take our word for it; we will be publishing our proof of reserves for the second time this year for better transparency. How much funds were on WazirX? Cumulatively we have Rs 12. 4 cr in INR, Rs 28. 7 cr in ERC20 tokens, and Rs 39. 9 cr in other tokens on WazirX. This amounts to about 2% of all funds of CoinSwitch. According to the WazirX claim, only ERC20 tokens were impacted in the alleged cyber attack. That translates to less than 1 % of total CoinSwitch funds. Why do we have funds on other exchanges? As an exchange aggregator, CoinSwitch maintains a small amount of liquidity (~7%) on third-party crypto exchanges to ensure seamless trading for our users. As an exchange aggregator, CoinSwitch maintains a small amount of liquidity on third-party crypto exchanges (7%) to ensure seamless trading for our users, as previously disclosed in our Proof of Reserves (Jul 2023, May 2024). To further minimize the risk, in 2022, we launched our own exchange named CoinSwitchX through which most of our user orders are executed. So in effect, only a tiny percentage of funds exists outside of the CoinSwitch ecosystem. What did CoinSwitch do after the incident? We always have a minimum 1:1 ratio of user funds at any time. After the alleged incident, we utilized funds from our own treasury to maintain the ratio. We are able to do this because of the financial strength of our company and robust governance practices. CoinSwitch has raised about Rs 2500 crores from marquee global investors such as Andreessen Horowitz (a16z), Tiger Global, Coinbase Ventures, Sequoia Capital India, Ribbit Capital, and Paradigm. Overall, we hold funds that are 1. 51 times the user assets invested through CoinSwitch. Our total assets, which are significantly more than the user holdings, give us the ability to absorb external shocks. Why we’re forced to take legal action against WazirX From the day of the incident, we have tried to be in constant touch with the WazirX team, seeking recovery of the funds that are stuck on...

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### Web3, Blockchain and VDAs in the Budget Session of Parliament, July-August 2024

- Published: 2024-08-16
- Modified: 2024-08-16
- URL: https://coinswitch.co/building-blocks/web3-blockchain-vda-in-budget-2024/
- Categories: Public Policy
- Tags: CoinSwitch public policy, crypto policy, crypto policy india

The Budget Session of Parliament was held from July 22 to August 9, 2024. As this was the first full-fledged sitting of both Houses of Parliament after the 2024 General Elections, there were considerable expectations on what the new government’s first Budget would offer for the Virtual Digital Asset (VDA) sector. While the Economic Survey highlighted the potential of blockchain technologies, the Union Budget did not change the existing tax framework for VDAs. At CoinSwitch, alongside the Bharat Web3 Association, we continued our advocacy for tax rationalization and regulatory clarity, engaging with policymakers and Members of Parliament. This blog post details the latest policy-related developments, highlighting the key discussions. Economic Survey 2024 The Economic Survey 2023-24 was tabled in the Parliament on July 22. While there were no elaborate references to cryptoassets, the Survey highlighted the utility of blockchain multiple times. Sharing some relevant excerpts below: The world is in the midst of a fourth industrial revolution characterized by novel ways in which technology is becoming embedded within societies through ‘cyber-physical systems,’ Internet of Things (IoT), big data, nano-technology, and networks. Evolving forms of machine learning, AI, blockchains, genetic engineering, quantum computing, advanced analytics, automation, and advanced manufacturing technology are some examples of what constitutes this technological revolution. Against the backdrop of this evolving revolution, the future of job markets in India is undergoing a significant transformation, as is happening in the rest of the world. To incentivize GCCs in India, promoting specializations in higher education is essential. Focus areas should include Blockchain, Artificial Intelligence (AI), Machine Learning, Internet of Things, Cybersecurity, Cloud Computing, Big Data Analytics, Augmented Reality, Virtual Reality, 3D Printing, and Web and Mobile Development. As India looks forward to creating millions of jobs by 2030, dovetailing this transformation in the demand-supply dynamics of services is pivotal to meeting the hiring requirements in the medium term... Focus areas should include blockchain, AI, machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. Thus, the immediate task of the skilling program in India is to plan and equip itself to meet these requirements adequately. Union Budget 2024 Finance Minister Nirmala Sitharaman made history with her seventh consecutive Union Budget presentation on July 23. However, there wasn’t any good news or relief for the Virtual Digital Asset (VDA) sector. Even after repeated requests for tax rationalization for VDAs, the Budget did not offer any relief. Neither were any changes or additional tax imposed on the VDA transactions, which can perhaps be considered a relief in itself. CoinSwitch, along with industry bodies, including Bharat Web3 Association (BWA) have been asking for a reduction of TDS on VDA transfer from 1% to 0. 01%, allowing offset/carry forward of losses, and revision of the high 30% tax on gains. CoinSwitch was part of the BWA delegation that participated in the pre-budget Consultation by the Ministry of Finance. Before the Budget, R Venkatesh, Senior Vice-President, Public Policy, CoinSwitch, published an article...

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### From Confusion to Clarity…

- Published: 2024-08-08
- Modified: 2024-08-08
- URL: https://coinswitch.co/building-blocks/from-confusion-to-clarity/
- Categories: User Delight
- Tags: CoinSwitch customer support

Our customers are the driving force behind CoinSwitch. We believe in going beyond the call of duty to ensure our customers feel valued and supported. This story showcases how we deliver on that promise. Meet Ankit, our customer support champion. Always calm and collected, he’s got a knack for turning stressful situations upside down. His recent interaction with a user, Vipin, perfectly exemplifies how we transform stressful situations into positive experiences. A Misunderstanding Resolved Vipin reached out to us, visibly agitated about a discrepancy in the fees section of CoinSwitch PRO. He misunderstood a displayed amount of Rs. 4,98,666 as a mandatory fee for his next trade. Ankit quickly realized that the misunderstanding stemmed from the data presented. How did Ankit resolve the concerns? Rather than simply providing a technical explanation, Ankit took the time to understand Vipin's perspective. He patiently explained that the amount represented the volume needed for Vipin to reach the next discount bracket. If Vipin trades Rs. 4,98,666 more, he will move from the current 0-5L bracket to the 5L-20L bracket, receiving a volume-based discount. This had nothing to do with Vipin's personal trading fees. Ankit’s empathetic approach and clear communication were instrumental in alleviating Vipin’s concerns. Was the user satisfied with the support? Vipin was so impressed with Ankit’s assistance that he expressed his gratitude in the most heartfelt manner: "मैं विपिन कुमार शर्मा मुझे अंकित सिंह सर जी से बात करके अच्छा लगा मुझे उनके द्वारा दिए गए सुझाव से बहुत खुश हूं मैं अंकित सर जी को 5 🌟🌟🌟🌟🌟 देता हूं. " Ankit’s ability to turn a potentially negative situation into a positive one is a shining example of our customer-centric approach. His dedication to resolving issues and ensuring customer satisfaction is what customer service at CoinSwitch all about.

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### The difference 30 minutes makes

- Published: 2024-07-04
- Modified: 2024-07-08
- URL: https://coinswitch.co/building-blocks/coinswitch-customer-review-the-difference-30-minutes-makes/
- Categories: User Delight
- Tags: CoinSwitch customer support

At CoinSwitch our goal—every day—is to provide users with the best possible experience. Their problems are ours too. We even codified it as one of our six company values: Crazy About Customers. This series celebrates our customer champions... folks who went beyond their remit to delight a customer. Here’s Chapter 5: Meet Kavya, a cornerstone of our customer support team—a beacon of clarity and assistance for our users. When Abhiraj reached out with a perplexing query about meme coins not appearing on our platform, Kavya stepped up to the challenge, transforming a routine call into a memorable customer success story. What was the user’s initial query? Abhiraj's call initially seemed straightforward—a query about meme coins. But as we spoke, it became clear he had more on his mind. He needed guidance not just on meme coin availability, but also on setting up limit orders and managing price alert notifications effectively. These were crucial for his investment strategy. We regularly handle such detailed queries over the phone. For me, it's about maintaining clarity and patience throughout every interaction. How did Kavya resolve the concerns? Some calls are quick questions, but this one needed more time. So, I patiently walked Abhiraj through each step. Didn't just want to give answers, you know? I wanted him to get it, and feel comfortable using these features. Whether it was explaining the basics of limit orders or showing him how to set them up on our platform, I wanted him to feel comfortable and knowledgeable by the end of the call. Was the user satisfied with the support? The best part? Abhiraj's feedback after the call! He said, "The customer support staff (Kavya) was very, very helpful and tried to explain each and every thing in today's telephonic call that lasted for about 25-30 minutes. I had multiple queries related to memes availability, setting limits and orders, and allowing push notifications. I really appreciate the help extended by the CoinSwitch support team. Best of luck! " Honestly, hearing how much I helped Abhiraj made my day. It's these moments that remind me why I love being a part of CoinSwitch—helping people! If you've got any questions, no matter how big or small, don't hesitate to reach out to our support team. We're here to help you!

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### Government's First 100 Days: Priorities for Web3 and VDA sector

- Published: 2024-06-10
- Modified: 2024-06-11
- URL: https://coinswitch.co/building-blocks/100-day-agenda-for-web3-vda-sector/
- Categories: Public Policy
- Tags: CoinSwitch, CoinSwitch public policy, crypto law, crypto regulations, Indian government

A large and fast-growing digital-led economy, widespread availability of highly skilled tech talent, a thriving startup ecosystem, and favorable demographics are all the right ingredients for India to become a global leader in the Web3 and VDA sector. India is poised to be the world’s third largest economy, and Web3 holds immense potential to be a key driver of India’s digital economy dominance. Make in India, for the world. The 2023 Geography of Cryptocurrency Report shows India leading the world in grassroots crypto adoption. The recently released India’s Web3 Landscape Report 2023 by Hashed Emergent states India has one of the largest Web3 ecosystems in the world, boasting 1,000+ startups, with Bangalore being the major hub. Electric Capital’s latest Crypto Developer Report says India has 12% share of crypto developers while the UK, Germany, and France have >5%. All these data sets point to one undeniable truth: India has the potential and is destined to be the global hub of Web3 activity. However, there is an urgent need to build upon and expand the regulatory and compliance progress made over the last two years, including recognizing and defining Virtual Digital Assets (VDA) in Feb 2022, securing global consensus on regulations during India’s G20 Presidency, and granting Reporting Entity status for VDA Service Providers (VDASPs). Bearing this in mind, and driven by passion and commitment to see India assume leadership in the global Web3 and VDA space, CoinSwitch is proposing the below HODL strategy and request for inclusion in the 100-day agenda of the new government and the upcoming July 2024 Union Budget: A HODL strategy for crypto regulations Harness: In order to Harness the untapped potential of Web3 to improve the Ease of Doing Business & Ease of Living, there is a need for focused government intervention to give greater attention to the different elements that comprise the Web3 sector — entrepreneurs, developers, tech workforce, service providers etc. — and to set up Centres of excellence, focussed skill-development programs, regulatory sandboxes, etc. The mainstreaming of the Web3 sector is a crucial first step toward its recognition and growth. Operational Efficiency: The Union Budget in 2023 proposed a simplification of Know Your Customer (KYC) process. The recent Financial Stability and Development Council (FSDC) also discussed strategies for prescribing uniform KYC norms, inter-usability of KYC records across the financial sector, and simplification and digitalization of the KYC process. More than a year after the VDA sector was brought under the ambit of Prevention of Money Laundering Act, VDA service providers still don’t have C-KYC access. Besides KYC simplification, C-KYC access must be enabled at least for FIU-IND registered compliant exchanges, in order for them to fully and seamlessly comply with their compliance obligations under the FIU registration. Similarly, even after the Supreme Court verdict from 2020 (IAMAI Vs RBI), several banks deny banking services including Merchant Category Codes for VDA sector/transactions. There is an urgent need to usher in Operational Efficiency in implementing these existing provisions, for the benefit of customers, businesses...

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### "Turning discontent into delight: This is why I love my job"

- Published: 2024-06-06
- Modified: 2024-06-06
- URL: https://coinswitch.co/building-blocks/why-i-love-my-job/
- Categories: User Delight
- Tags: CoinSwitch, CoinSwitch customer care, CoinSwitch customer support, CS support, user delight

A dissatisfied customer is the last thing we want, and being able to resolve the issue quickly meant a great deal to me.

At CoinSwitch our goal—every day—is to provide users with the best possible experience. Their problems are ours too. We even codified it as one of our six company values: Crazy About Customers. This series celebrates our customer champions... folks who went beyond their remit to delight a customer. Here’s Chapter 4: In this chapter, we introduce you to Hema, a Customer Experience Analyst II at CoinSwitch, who exemplifies this value in her approach to customer service. What was the customer’s problem? “Dissatisfied with Customer Support,” the email subject line read. My heart sank a little — this is not the experience we promise our customers. I opened the email and went through it in detail. The customer, Gagandeep, was frustrated after multiple failed attempts to create a new account on CoinSwitch using a different mobile number with the same PAN. Our security protocols had prevented this, leaving Gagandeep exasperated. How did you handle the issue? I decided to call Gagandeep directly. As the phone rang, I prepared myself for what I knew would be a difficult conversation. When he answered, I could hear the frustration in his voice. "Hello, this is Hema from CoinSwitch Support. I see you've had some trouble with your account, and I’m here to help resolve it for you," I began, trying to convey empathy and readiness to assist. Gagandeep vented his frustration, explaining how he had tried multiple times to get a clear answer. He wanted to create a new account with a different mobile number using the same PAN, but just could not. I patiently explained that our policy allows only one account per PAN to maintain security and compliance. I could sense his initial resistance, but I calmly laid out his options—he could continue with his existing account or update the mobile number of his current account, without trying to create a new account altogether. He began to relax. He hadn’t realized this was a policy issue; he thought it was a system malfunction. Understanding this brought him some relief. With his consent, I updated his mobile number right there on the call by connecting with the respective teams. This process typically takes 48 working hours, but I was determined to fast-track it and not leave the customer hanging. I reassured him that his frustration was valid and apologized for the confusion and inconvenience. Was the customer happy with the resolution? By the end of our call, Gagandeep’s tone had completely shifted. He thanked me, his voice carrying a mix of relief and gratitude. “You've been really helpful, Hema,” he said. “Thank you for taking the time to explain everything. ” Hanging up, I felt a deep sense of accomplishment. A dissatisfied customer is the last thing we want at CoinSwitch, and being able to resolve the issue quickly meant a great deal to me — this is why I love my job.

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### CoinSwitch Publishes Third Edition of Proof of Reserves

- Published: 2024-05-22
- Modified: 2024-06-03
- URL: https://coinswitch.co/building-blocks/coinswitch-third-edition-proof-of-reserves/
- Categories: Transparency
- Tags: CoinSwitch customer funds, CoinSwitch POR, CoinSwitch Proof of Reserves, CoinSwitch safety, POR

CoinSwitch's total holdings, at Rs 3,497.22 crore, are greater than its users' holdings, at Rs 2,774.10 crore.

CoinSwitch, India's largest crypto platform with over 2 crore users, continues its commitment to transparency and trust-building by publishing the third edition of its Proof of Reserves (POR). The latest review confirms that CoinSwitch holds sufficient cryptos and INR balances to cover all user redemptions, maintaining a ratio of 1:1 or higher. The independent verification of CoinSwitch's crypto and INR holdings was conducted by a qualified chartered accountancy firm as per the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400). The POR review covered two CoinSwitch entities: Bitcipher Labs LLP and Nextgendev Solutions Private Limited. The review was carried out for the status of cryptos and INR held as on March 31, 2024—the closing day of the financial year. Key Findings CoinSwitch's total holdings are greater than its users' holdings (numbers as on March 31, 2024, 24:00 hrs IST): Total Customer Holdings (Crypto + INR): Rs 2,774. 10 crore Total CoinSwitch Holdings (Crypto + INR): Rs 3,497. 22 crore CoinSwitch's total holdings are greater than its users' (as on March 31, 2024, 24:00 hrs IST) This means CoinSwitch maintains a holdings ratio of over 1:1 for both crypto and INR balances, ensuring all users can fully redeem their cryptos at any time, even in extreme scenarios. The higher ratio is attributed to CoinSwitch's own assets held separately from user funds. The assets held by PeepalCo, the parent brand of CoinSwitch, are in addition to this, and not included in this POR assessment. For comparison, the total customer holdings with CoinSwitch as on March 31, 2024 has grown by 93% as compared to the previous edition of the POR. The higher ratio is maintained for Virtual Digital Assets (VDA or crypto) separately as well: Total Customer Crypto Holdings: Rs 2,609. 12 crore Total CoinSwitch Crypto Holdings: Rs 3,045. 45 crore CoinSwitch maintains a holdings ratio of over 1:1 for both crypto and INR balances BTC dominates the crypto holdings of CoinSwitch users Transparency and Verifiability “Trust is the foundation of every successful business relationship. At CoinSwitch, we understand that earning and keeping the trust of our users is paramount. Our third Proof of Reserves demonstrates our commitment to transparency and accountability — giving our customers full confidence that their assets are safe and secure with us," said Balaji Srihari, Business Head, CoinSwitch. To enable users to independently verify the findings, CoinSwitch has made public an updated list of its major crypto wallet addresses. As a best practice, CoinSwitch holds over 85% of cryptos on custodial wallets. Some cryptos are held on partner exchanges to facilitate trading. As a best practice, CoinSwitch holds over 85% of cryptos on custodial wallets Crypto Wallet Addresses The addresses of our major wallets are provided below. CoinSwitch reiterates that it does not reinvest or leverage users' assets, which are held separately from the company's own funds solely to simplify the crypto experience for Indian users. List of Major Crypto Wallets Crypto Wallet Addresses BTC bc1q0prckeamvlz62yl0aynuswj02hmpc4gy4gxtfg ETH and ERC20 Coins 0xceAE7673553c90d0a3cd1A494dA35eDe63910cBF BTC bc1qccm7ah9ad0yjt3sn78vxempqnkhak4ynk389vz...

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### “This needed a more personal touch…”

- Published: 2024-05-09
- Modified: 2024-05-09
- URL: https://coinswitch.co/building-blocks/this-needed-a-more-personal-touch/
- Categories: User Delight
- Tags: CoinSwitch, CoinSwitch customer care, CoinSwitch customer support, CoinSwitch PRO

I knew this wouldn’t be a short call. I cleared my schedule and spent the next 45 mins taking him through crypto tax...

At CoinSwitch our goal—every day—is to provide users with the best possible experience. Their problems are ours too. We even codified it as one of our six company values: Crazy About Customers. This series celebrates our customer champions... folks who went beyond their remit to delight a customer. Here’s Chapter 3: Meet Sarat Singh, our chat executive—a steady hand and a picture of calm reliability for our customers. When faced with a particularly challenging customer query on taxes, he went beyond the usual playbook; he went back to the basics. Read on to find out more. What was the customer’s problem? It was the tax filing season... I received a message from a customer named Satish who seemed totally at a loss. Usually our traders are aware of the tax regulations imposed on crypto, but this elderly gentleman was struggling to understand the complexities of crypto tax. We generally handle hundreds of taxation-related tickets on a monthly basis, which are usually resolved over text. But this one stood out as Satish was struggling with even the most basic concepts. How did you help solve the issue? I realized this case needed a more personal touch than texts. So I decided to speak to him directly over the phone. But before that, I had to speak to our legal and compliance teams and get myself up to speed on the latest updates on the taxation regulations. With this information in hand, I reached out to him over the phone. As I had expected, the voice on the other end was one of a world-weary retired person. He was glad that I had called; his doubts were many—What’s TDS? How does it work? How is it different from the regular tax? I knew this wouldn’t be a short call. I cleared my schedule, prioritized this, and spent the next 45 minutes taking him through everything related to crypto tax, tax deducted at source (TDS), the documents and submissions he had to present, and filing of taxes. Satish finally understood the root cause of his problems. He had not linked his PAN card and Aadhaar, due to which he was incurring a higher TDS as per the Government rules. Was the customer happy with the resolution? After our marathon call, something interesting happened. "This is my personal number," he said. "If you ever need help in Bangalore, just call me directly. " It was his way of wanting to repay me for my help. I felt proud to say that such assistance is what the CoinSwitch Support team is here for. And we would be ready to assist him on every step of his investment journey.

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### How global crypto regulations are progressing, and what to expect in 2024

> Multilateral agencies are accelerating their response to regulate crypto assets. This CoinSwitch blog captures the range of key reports expected in 2024.

- Published: 2024-04-29
- Modified: 2024-04-29
- URL: https://coinswitch.co/building-blocks/how-global-crypto-asset-regulations-are-progressing-and-what-to-expect-in-2024/
- Categories: Public Policy
- Tags: CoinSwitch, CoinSwitch public policy, crypto assets, crypto public policy, crypto regulations, Web3 regulations

Multilateral agencies are accelerating their response to comprehensively regulate crypto assets.

The development of regulatory and legal frameworks in the past year have been instrumental in restoring trust in digital assets. In our year-end public policy blog, we had said if 2023 was the year of learning and building, 2024 will be the year of action. The dramatic developments in the cryptoverse has been met with equally urgent response from regulators across the globe. The price of Bitcoin (BTC)—the world’s oldest and most valued crypto—surpassed $70,000 for the first time in history, boosted by the recent approval of spot Bitcoin Exchange Traded Funds (ETF) by the US Securities and Exchange Commission (SEC). The 27-nation European Union is racing toward the implementation of the Markets in Crypto Assets law. Dubai International Financial Centre (DIFC), the leading global financial center in the Middle East, Africa, and South Asia (MEASA) region has enacted the world’s first Digital Assets Law. The United Kingdom is also close to passing crypto asset laws this summer. The global standard setters and multilateral agencies are also accelerating their response to comprehensively regulate the borderless nature of this technology to mitigate risks whilst fostering innovation. This CS Public Policy blog captures the range of key reports to be put out by various standard-setting bodies/watchdogs in 2024, aimed at regulating different aspects of crypto assets. Financial Stability Board (FSB) According to the FSB Chair Klass Knot, a key focus in 2024 and beyond is on the effective implementation of the FSB’s global regulatory and supervisory framework for crypto-asset activities and markets, and for global stablecoin arrangements, which was endorsed by G20 Leaders at their New Delhi Summit last year. FSB will take forward, with SSBs and international organizations, the agreed G20 Roadmap that will support implementation of a coordinated and comprehensive policy and regulatory framework—including implementation in jurisdictions beyond the G20 and accounting for the risks specific to EMDEs. FSB will deliver a status report on the Roadmap in October when the G20 Finance Ministers and Central Bank Governors meet in Washington DC. Responding to the G20’s call, in 2024, FSB will also deliver a report on the financial stability implications of the tokenization of assets in the same meeting. Financial Action Task Force (FATF) After 13 years, the Financial Action Task Force (FATF) carried out India’s mutual evaluation in November last year. The mutual evaluation report is an assessment of a country's measures to combat money laundering and the financing of terrorism and proliferation of weapons of mass destruction. This includes an assessment of a country's actions to address the risks emanating from designated terrorists or terrorist organizations. In preparation for the evaluation, the virtual digital assets (VDA) sector was brought under the ambit of Prevention of Money Laundering Act (PMLA). CoinSwitch, trusted by over 2 crore users, is compliant with these rules and has registered with Financial Intelligence Unit-India (FIU-IND) as a reporting entity. FATF’s Plenary is scheduled to be held in June in Singapore. India’s Mutual Evaluation Report will come up for discussion at the Plenary. In March...

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### Unlock the Power of SmartInvest on CoinSwitch PRO

- Published: 2024-04-25
- Modified: 2024-08-29
- URL: https://coinswitch.co/building-blocks/unlock-the-power-of-algo-trading-on-coinswitch-pro/
- Categories: Bulletin Board
- Tags: algo trading, algo trading marketplace, CoinSwitch PRO, CoinSwitch trading, CS PRO Algo Trading

CoinSwitch Algo Trading is a powerful feature that enables users to maximize profits through expert trading strategies

Crypto trading can be intimidating—which crypto assets to choose, when to enter and when to exit, how to spot an arbitrage opportunity... the variables that make or break your profit margins aplenty. What if there is a feature that lets you trade like a PRO but with minimal effort and time? Introducing SmartInvest, a powerful feature that empowers CoinSwitch users to maximize profits by integrating expert trading strategies to their portfolio. Explore SmartInvest on CoinSwitch PRO. Users can assess and choose from various strategies offered by the expert traders on CoinSwitch PRO by comparing their historical profit, minimum investment required, the number of adopted users, and more. Once a strategy is chosen and implemented, the algorithm will execute the trades on behalf of the user automatically. The strategy developer will take a share of the profits a user generates as per the agreement. Boost League Ranking SmartInvest on CoinSwitch PRO could also provide the additional benefit of boosting a user’s trading volumes, as the strategies offered by the expert traders are designed to discover and execute market opportunities, including arbitrage, rapidly and frequently. The higher trade volumes will boost the ranking of the user on the various trading leagues on CoinSwitch. Implement in 3 Steps https://www. youtube. com/watch? v=YEukkrwMZdw Explore the Strategies: The first step is to explore the strategies created by developers and assess their profitability. You can browse through different strategies and choose the one that aligns with your investment goals. Select a Strategy: Once you have found a strategy that you like, simply click 'Explore' to select it. CoinSwitch will then reach out to you to initiate the process of starting your SmartInvest journey. Start SmartInvest: CoinSwitch will help you start your SmartInvest journey with your chosen strategy. The developers will run the script and monitor trades for profit during the agreed duration. Claim your profits via TDS refund: At the end of the strategy, you can view your final PnL along with the total profit that you have made from the strategy. Your profits will be accumulated as part of the TDS that you have paid to the government as a result of the trades executed in your strategy. You can claim your entire profit as part of your TDS refund when you file your taxes. Retain Control Integrating an SmartInvest Strategy does not mean a user is ceding control of the account—the developer cannot access the user’s wallet or withdraw funds from it, but instead the trading strategy is executed on the user’s behalf through an API. The strategy developer, as per the agreement with the user, will charge a share of the profits generated from these trades. Payment terms will be clearly outlined in the Terms and Conditions that a user signs with the developer. At any point, the user, should they choose to, can cease trading using the strategy. To stop the trading activity, simply contact us at api@coinswitch. co.

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### A helping hand for a father

- Published: 2024-04-15
- Modified: 2024-04-16
- URL: https://coinswitch.co/building-blocks/ally-in-need/
- Categories: User Delight
- Tags: CoinSwitch, CoinSwitch customer care, CoinSwitch customer support, crypto support

It wasn't just about the financial strain, it was a father's plea. I was determined to go the extra mile and resolve the situation.

At CoinSwitch our goal—every day—is to provide users with the best possible experience. Their problems are ours too. We even codified it as one of our six company values: Crazy About Customers. This series celebrates our customer champions... folks who went beyond their remit to delight a customer. Here’s Chapter 2: Meet Prakash, an operations executive at CoinSwitch who truly embodies our core values and goes the extra mile to tackle our users’ challenges every day. Recently, we had the privilege of hearing from a customer who expressed heartfelt appreciation for Prakash's help in resolving a complex issue. We caught up with Prakash to find out more. What did the customer need? One fine morning, I received a distress email from an elderly customer. He was a newly blessed father in a tight spot. He needed about ₹10,000 for his son's medical bills. His INR withdrawals on CoinSwitch had been disabled because he had not linked his PAN and Aadhaar—a regulatory requirement that unless fulfilled prevents customers from making financial transactions. I realized it wasn't just about the financial strain, it was a father's plea; he wanted nothing less than the best for his son. I could sense the urgency in his voice as he explained his situation. I was determined to go the extra mile and resolve the situation. How did you figure out the right fix for the problem? I figured out that the customer was struggling to link his Aadhaar and PAN. This is a regulatory requirement that a user has to fulfill when making financial transactions. But the elderly customer was not so well-versed with the process and had delayed this step. So I called him, explained why it is important, what the guidelines were, and guided him through the steps to follow on the official government websites to link his Aadhaar and PAN. Once this was done, I reached out to our compliance team to ensure that all the documentation was in place, after which I called the payments team to help speed up his verification process. Then came the crucial moment, and you could hear the relief in the customer’s voice. The withdrawals got the green light they'd been waiting for. We were relieved. How happy was the customer with the resolution? Suddenly, all the barriers were gone, and you could feel the weight lifted off the father's shoulders just by listening to his soft voice filled with emotions. The gratitude expressed wasn't a formality; I could see the genuine, raw emotions he had been feeling. “Prakash! I express my gratitude to you very much. I salute your whole team from the bottom of my heart. Thank you very much Prakash Rai ji. God bless you long life and all the happiness 🙏🙏💐💐💐” These words were a reminder that every transaction involves a person, a story, and a chance to make a positive impact. A reminder of why I do what I do.

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### "You've been like a son to me”

- Published: 2024-03-18
- Modified: 2024-03-18
- URL: https://coinswitch.co/building-blocks/youve-been-like-a-son-to-me/
- Categories: User Delight
- Tags: CoinSwitch, CoinSwitch PRO, customer delight, customer support, user delight

This series celebrates our customer champions… folks who went beyond their remit to delight a customer. Here’s Chapter 1:

At CoinSwitch our goal—every day—is to provide users with the best possible experience. Their problems are ours too. We even etched it in stone as one of our six company values: Crazy About Customers. This series celebrates our customer champions... folks who went beyond their remit to delight a customer. Here’s Chapter 1: Purusothaman stands as an ally for countless CoinSwitch users. He consistently goes above and beyond to resolve hurdles our users encounter daily. We had the opportunity to connect with him following a heartwarming note from a user expressing gratitude for Purusothaman's assistance in facilitating a fund withdrawal in an emergency. What was the customer’s problem? It was a busy day at work. As usual, I was dealing with customer queries when I got a call from a Telugu-speaking lady. Before I answered, I wouldn’t have known that this would be one particular moment that put into perspective the importance of solving customer queries. The customer was having trouble with an emergency withdrawal. She needed around ₹1 lakh urgently. Her son had helped her set up the account and invest an initial sum of money. However, he had sadly passed away, and she had no idea how to redo her KYC. As a standard practice, financial companies are required to do a re-KYC of longtime customers to refresh the details. Typically, withdrawals are a simple procedure. With the additional intervention of her re-KYC and uploading her documents, she seemed to be in a tough spot. How did you take charge of the situation? Since this was a sensitive issue for someone in need, I was determined to do everything in my control to ensure she could withdraw her money at the earliest. I spoke to her on call and took her through the necessary steps required to complete her re-KYC. She was able to upload her documents in due time with guidance. Once we received the documents, it was a matter of getting our approvals on time to initiate her withdrawal. Typically, the compliance team’s approval window for re-KYC is about 24 working hours. The customer needed to withdraw the funds as soon as possible. I pacified her: "Don't worry, ma'am. We're here to help you through this. Let's get that KYC sorted out, and you'll have access to your funds in no time. " I tried to ease her mind and keep the conversation light while the compliance team was working their magic. As this was a special case, they managed to approve her KYC over a call within the next hour! How satisfied was the customer with the resolution? The biggest hurdle was out of the way. She sounded anxious yet grateful, and replied, "Thank you. It's all a bit overwhelming for me. I just want to withdraw the amount. " As the compliance team came through with the positive news, I happily informed her, "Great news, ma'am! Your KYC has been approved. Now, let's proceed with the withdrawal. " Alas! It was time to withdraw...

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### Crypto is dead, but… 🚀

- Published: 2024-03-14
- Modified: 2024-03-14
- URL: https://coinswitch.co/building-blocks/crypto-is-dead-but-%f0%9f%9a%80/
- Categories: Boardroom
- Tags: 2 crore users, 2 million users, CoinSwitch, CoinSwitch PRO, Crypto trading

Crypto is dead, but… Bitcoin is traded once every 6 seconds, and a crypto is traded every 0.3 seconds on CoinSwitch.

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!

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### CoinSwitch is the first Indian crypto app to reach 2 crore users!  🎉

- Published: 2024-03-06
- Modified: 2024-03-06
- URL: https://coinswitch.co/building-blocks/coinswitch-is-the-first-indian-crypto-app-to-reach-2-crore-users-%f0%9f%8e%89/
- Categories: Boardroom

CoinSwitch has become the first Indian crypto platform to reach the milestone of 2 crore registered users!

Build in the downturn; harvest the upturn. For over 14 months, this belief kept us going at CoinSwitch. The team put their head down and built and iterated... more features on the app and on our advanced trading platform, CoinSwitch PRO. And today, a dashboard in the office projected the reward: 2,00,00,000. CoinSwitch has become the first Indian crypto platform to reach the milestone of 2 crore registered users! Over the past two months, we've seen rapid growth in app downloads, user registration, and trading volumes... . Indian crypto users have clearly turned bullish in the wake of the highly-successful Bitcoin ETF in the US, the possible approval of Ethereum ETF, and the scheduled Bitcoin Halving event. Some stats to give context: Since this New Year, our daily average new user registrations have grown by 5x as compared to 2023. In the last two weeks of February alone, our trading volumes skyrocketed by 7x. Further, a majority of our users who have stayed true to crypto during the winter are now being rewarded for their resolve: The number of users in profit has surged by over 80% on CoinSwitch. When Govind, Vimal and I started CoinSwitch in 2017, our aim was to make the crypto trading experience simple and seamless... to flatten the learning curve so that India’s digitally-savvy users can learn and adopt this emerging asset class. I’m truly grateful to be able to serve crores of Indians on this journey. Thank you for trusting us! You are our strongest supporters, and our sharpest critics. The ideas we nurture, the products we build, the updates we ship... all are solely meant to make your experience better. So keep your feedback coming! While we’re proud of how far we’ve come, we are not done yet. We will keep fighting for you, our users. We’ll keep building! 🚀🎉

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### Not another brick in the wall — Bitcoin on Wall Street!

- Published: 2024-02-13
- Modified: 2024-02-13
- URL: https://coinswitch.co/building-blocks/not-another-brick-in-the-wall-bitcoin-on-wall-street/
- Categories: Boardroom
- Tags: CoinSwitch, crypto Budget, public policy, union budget, Web3 in India

Bitcoin ETFs mark the mainstreaming of crypto, and, hopefully, will prompt India to create an enabling environment for crypto.

The year started off with a big bang, as the crypto ecosystem cheered the approval of 11 Bitcoin spot exchange traded funds (ETFS) by the U. S. Securities and Exchange Commission on January 10. The newly approved ETFs attracted over $1. 9 billion in capital inflow in the first three days of listing, signaling a strong investor interest in the asset. Long time crypto backers are still incredulous seeing old-school financial institutions like BlackRock and Fidelity Investments offering BTC ETF to its clients. This milestone represents a significant step forward in mainstreaming of crypto. While this approval is cause for celebration, it also prompts us to consider the broader implications. We at CoinSwitch view this moment not as an end in itself, but as a new chapter in the evolution of crypto. Hopefully, this prompts Indian regulators to create an enabling environment for crypto in the country. Why India needs crypto Around the world momentum is building for responsible and regulated use of crypto assets. Today, over 80% of G20 and major financial financial hubs are providing increasing regulatory clarity on crypto. India is no different. India has 12% share of crypto developers while the UK, Germany and France have about 5%. There are 1000+ Web3 startups in India, as per reports from Electric Capital and Hashed Emergent. Collectively, they have attracted over $2. 5 billion in funding over the last few years. India added the highest number (~3. 5 million) of open source developers in 2023. India must seize this opportunity to put in place a robust regulatory framework for Web3/VDAs and rationalize crypto taxation in 2024. The Interim Budget presented on February 1st, ahead of the general elections, did not alter the direct and indirect tax rates. At CoinSwitch we will continue to engage with the full range of government stakeholders on these issues. A snapshot of our wishlist across tax, compliance and policy domains that we advocate for can be found here—a recommended read as a full Budget is to be tabled later this summer by a newly-elected government. A positive step to protect consumers Few weeks ago, the Bharat Web3 Association (BWA), of which CoinSwitch is a founding member, released consumer protection guidelines for the VDA sector. The release of these comprehensive guidelines is a testament to our commitment to fostering responsible practices, and building confidence among consumers, investors, and stakeholders alike. On the product front, we have been making a series of fixes and tweaks to help ensure that you always enjoy the best experience. There are quite a few things that we’re cooking up for our true blue crypto enthusiasts, and we’ll be sharing our progress with you soon! Till then, keep watching this space for more updates. #WAGMI Team CoinSwitch

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### Budget 2024: An Opportunity to Rationalize Taxes on VDAs

- Published: 2024-01-22
- Modified: 2024-01-22
- URL: https://coinswitch.co/building-blocks/budget-2024-an-opportunity-to-rationalize-taxes-on-vdas/
- Categories: Bookshelf
- Tags: CoinSwitch policy, crypto policy, crypto taxes, public policy, TDS, VDA taxes

The Interim Budget is an opportunity for Government to support the growth of Web3 in India

The Union Budget 2022 while recognizing and defining cryptos as an asset class for the first time also introduced a three-pronged tax provision on their transactions. A high rate of 1% Tax Deducted at Source (TDS) on transfer of Virtual Digital Assets (VDAs), a flat 30% tax on gains and disallowing offsetting and carry forward of losses have had unintended consequences on the burgeoning Web3 sector in India. Some empirical studies point to a massive shift in Indian VDA users to non-compliant offshore virtual asset exchanges to trade, putting themselves and their investments at risk. Such large volumes of VDA activity by Indian users remaining outside the government radar can also potentially impact anti-money laundering and terror-financing investigations and enforcements. The Interim Budget 2024 is a fresh opportunity for the government to balance the need to have oversight on the VDA sector and also support the growth and expansion of Web3 in India. If the intention was to track all VDA transactions with 1% TDS, the same can be achieved even with 0. 01% rate. Even more now, as all VDA transactions have come under the ambit of the Prevention of Money Laundering (PMLA) Act and Rules from March 2023. Several Indian exchanges including CoinSwitch are registered with the Financial Intelligence Unit to fully comply with India’s AML/CFT rules. Besides reducing the rate of TDS, the government should consider allowing offsetting of losses with VDA gains and treating income from VDAs on par with other capital assets. Today, more than 80% of the G20 and major financial hubs are providing increasing regulatory clarity on crypto. Recognizing the growing momentum for crypto assets in India and building on its leadership position in the G20, the Government should also announce a robust regulatory framework for VDAs in the upcoming Budget. At CoinSwitch, we have consistently advocated for a friendlier tax regime and a robust regulatory framework that would foster responsible innovation and shield consumers. This will be the foundation on which India can build a global Web3 hub and help realize the nation's $5-trillion GDP goal by 2027-08. We have put together this ready-reckoner of our Interim Budget 2024 wishlist, and the rationale behind it here: Budget 2024 Wishlist

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### Looking forward to 2024 😊

- Published: 2024-01-09
- Modified: 2024-01-09
- URL: https://coinswitch.co/building-blocks/looking-forward-to-2024/
- Categories: Boardroom
- Tags: CoinSwitch, CoinSwitch annual report, crypto policy, Crypto year-end report, India's Crypto Portfolio

In 2023, we launched EARN, Innovation Zone on our PRO offering, and published our Proof of Reserves. As we enter a New Year, our teams will continue to build to make your trading experience better.

As we open the doors to a new year with new hope, aspirations, and, hopefully, success, it’s important to look back at what last year showed us. As we went through a prolonged bear market and came out of it toward the end of the year, we have been focused on building a better experience for you. To wrap up the year, we launched “India’s Portfolio 2023 - How India Invests in Crypto” our annual report. Of the 19+ million crypto users on CoinSwitch, the race for the top was hotly contested by the national capital and startup capital of India—Delhi and Bengaluru. Delhi came out on top with 8. 8% of the total crypto users based in the national capital, with Bengaluru trailing closely behind at 8. 3%. We also uncovered some insights on the demographics of our investors. So if you want to know which age group, or which city, is more invested in crypto, then check out our report. Toward a safer crypto ecosystem The dramatic developments in the cryptoverse in 2023 were met with an equally urgent and vigorous reaction from governments, policymakers and regulators. Many countries and jurisdictions, including the EU, the UK, Japan, Singapore, and the UAE took an early and decisive lead to remove regulatory arbitrage and lay the foundations to build a thriving digital assets ecosystem, without compromising on consumer protection and innovation. India, too, played its part in the cryptoverse, globally via G20 Presidency, and locally via a series of regulatory measures. We have chronicled key policy developments this year in India, and how CoinSwitch is contributing to effective regulations for crypto assets in our year-end Public Policy blog. At CoinSwitch, we remain committed to working with all stakeholders, including policymakers and regulators, to help shape effective regulations for crypto assets in India to foster innovation while mitigating risks. A year of building On the product front, we launched EARN, where users can lock in their idle crypto and earn from them. We published our proof of reserves to instill confidence in users. We also launched several new coins on the app for you to trade. Some of the riskier, early stage coins are launched in the innovation zone of our PRO offering. In 2024, our teams will be hard at work to make your trading experience better.

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### 2023 Wrap: How CoinSwitch advanced the cause of crypto regulations

> Chronicling key policy developments in 2023 from the cryptoverse in India, and how CoinSwitch is contributing to effective regulations for crypto assets

- Published: 2023-12-18
- Modified: 2023-12-19
- URL: https://coinswitch.co/building-blocks/2023-wrap-how-coinswitch-advanced-the-cause-of-crypto-regulations/
- Categories: Public Policy
- Tags: CoinSwitch public policy, crypto public policy, crypto regulations, G20, India crypto

The spectacular collapse of a large crypto asset exchange in 2022 and the subsequent whirlwind trial and conviction of its founder; the crash of a prominent crypto-friendly bank in the US; and the recent unprecedented multi-billion dollar penalty on the largest crypto asset exchange in the world for criminal compliance violations, hogged global crypto headlines in 2023. These dramatic developments in the cryptoverse were met with an equally urgent and vigorous reaction from governments, policymakers and regulators. Many countries and jurisdictions, including the EU, the UK, Japan, Singapore, and the UAE took an early and decisive lead to remove regulatory arbitrage and lay the foundations to build a thriving digital assets ecosystem without compromising on consumer protection and innovation. India, too, played its part in the cryptoverse, globally via G20 Presidency, and locally via a series of regulatory measures. There was plenty that India unpacked in 2023: Crypto asset regulatory agenda under G20 Assuming G20 Presidency for the first time, India pursued crypto assets regulations as a key agenda under the Finance Track. One major highlight of the Indian Presidency was widening the scope of the policy framework to consider the macro-financial implications of crypto assets. Consequently, G20 adopted the crypto assets roadmap proposed in the Synthesis Paper put together by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). This detailed and action-oriented roadmap is essential to achieve the common goals of macroeconomic and financial stability, and to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets. At CoinSwitch, we were instrumental in encouraging the government to use the G20 Presidency as a platform to foster a global debate on crypto regulations, and we were very happy to see India seize that opportunity. Further, we engaged with the Embassies and High Commissions of several prominent G20 members and invitee countries in India, including Germany, Canada, Japan, Australia, Mexico, and Singapore to foster knowledge sharing and find common avenues for collaboration. On the sidelines of G20, Bharat Web3 Association (BWA), an industry body of which we are a founding member, and Research and Information System for Developing Countries (RIS), under the Ministry of External Affairs, organized a roundtable discussion on ‘Virtual Digital Assets Industry: Evolving Policy and Regulatory Landscape from India and G20 Perspectives’. The roundtable provided a unique opportunity to stakeholders from both the government and the industry to engage in fruitful discussions for the orderly growth and effective regulation of the VDA sector in India. The CoinSwitch Public Policy team has carefully curated a reading list for all policy enthusiasts to easily access and analyze all important crypto-related documents/reports put out during India’s G20 Presidency. A framework for AML monitoring and reporting Our first discussion with the Department of Revenue, Union Ministry of Finance, on the important topic of anti-money laundering (AML) risks in the Virtual Digital Assets (VDA) sector in August 2022 was very productive, and from thereon, in response to requests from CoinSwitch and the industry, the Ministry issued...

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### Earn Right: Blockchain-Issued Passive Income

> CoinSwitch EARN enables crypto holders to get rewards on their holdings by locking them for validation on the blockchain.

- Published: 2023-11-21
- Modified: 2023-11-22
- URL: https://coinswitch.co/building-blocks/earn-passive-income/
- Categories: Bulletin Board
- Tags: CoinSwitch, CoinSwitch Earn, crypto earning, Earn, passive income on crypto

CoinSwitch EARN enables crypto holders to get rewards on their holdings by locking them for validation on the blockchain

Trading in crypto, in its simplest form, involves buying a crypto low and selling it high. But what if the user doesn’t want to sell the crypto yet? Can one earn a passive income from their crypto holdings? With CoinSwitch EARN, you can! CoinSwitch EARN enables crypto holders to get rewards on their holdings by locking them for validation on the blockchain. How to use EARN: Click on the EARN widget on CoinSwitch app Select the crypto to get passive income on Enter the amount to be locked-in Select the validator from the drop-down menu Confirm the order Track the rewards in the EARN ➡️ Manage section Users can cancel the EARN order and unlock their crypto any time. EARN is currently available only to Android users. How is CoinSwitch EARN different from the market? CoinSwitch EARN is blockchain governed and blockchain rewarded. On EARN, users lock-in their crypto for validation, and are rewarded in crypto directly by the blockchain. CoinSwitch does not lend or loan out users’ crypto to a third-party. This is to say, unlike many other market offerings, CoinSwitch EARN does not expose its users to counterparty risks found in lending and hypothecation programs. On CoinSwitch, users will only be offered the EARN feature for crypto assets of blockchains that follow Proof-of-Stake (PoS) consensus. Crypto assets such as Bitcoin that follow Proof-of-Work consensus are excluded. How does PoS blockchain work? PoS is a consensus mechanism where validators are chosen to create new blocks and validate transactions based on the amount of crypto they hold. Validators are selected randomly, and their likelihood of selection increases with the amount of the crypto they lock-in. The process secures the blockchain network by incentivizing validators to act honestly and maintain the integrity of the chain. In return, the blockchain rewards the validators with crypto. While anyone can be a validator of a public blockchain, it requires a certain degree of technical know-how, computing resources, and capital in the form of a minimum threshold. With CoinSwitch EARN, however, even retail users can take part in this process and get rewarded—users can simply lock-in their crypto through a validator. Users are rewarded from the total reward pool the blockchain assigns to the validator. The rewards vary for each crypto and validator. At any time, the user can cancel the order and unlock their crypto. On CoinSwitch, users can choose from two validators: Blockdaemon and Figment. These validators have been chosen after analyzing their track record, uptime, on-chain performance, and more. Key statistics of the validators like annual reward percentage and uptime are readily available on the app for users to make the right decision. Annual reward rate refers to the percentage of rewards that users will get annually on their locked-in crypto. More information about EARN here

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### G20 crypto assets policy repository

- Published: 2023-11-21
- Modified: 2024-04-02
- URL: https://coinswitch.co/building-blocks/g20-crypto-assets-policy-repository/
- Categories: Public Policy
- Tags: CoinSwitch, CoinSwitch public policy, crypto public policy, crypto regulations, G20

After a successful G20 Summit in New Delhi in September 2023, India will host a G20 Virtual Summit on November 22. This will be the first time that any country will host such a Virtual Summit, following the main Summit. The Virtual Summit will be the last major event under India’s G20 Presidency before Brazil takes over as the G20 President on December 1. One of the significant highlights—and talking point—of India’s G20 Presidency was widening the scope of the policy framework to consider the macro-financial implications of crypto assets. This was necessitated to address the full range of risks posed by crypto assets, including risks specific to Emerging Markets and Developing Economies. The Indian Presidency has been able to push toward clearer policies on crypto assets by bringing consensus on the need to broaden the scope of ongoing work on crypto assets. The G20 Finance Ministers and Central Bank Governors (FMCBG) have also adopted the detailed and action-oriented G20 policy roadmap on crypto assets. At CoinSwitch, we led the effort on behalf of the industry even before India assumed the Presidency, and we had been urging the Government to use the G20 platform to initiate discussions on global crypto assets policy and regulations amongst the world’s most powerful economies. We were therefore very pleased when the ‘global crypto assets regulatory framework’ was formally included by India under the G20 Finance track. We continue to engage with the full range of stakeholders on the issue of domestic crypto assets regulations, particularly with the Ministry of Finance. During India’s G20 Presidency, as a founding member of the Bharat Web3 Association (BWA), we have hosted events to demystify Web3 and VDAs with India’s IT ministry, Consumer Affairs Ministry, engaged with Parliamentarians from across the political spectrum to drum up support, as well as with G20 member nations to exchange policy notes, best practices and explore collaboration possibilities. G20 deliberations on crypto assets Across various cities and in different formats, all G20 stakeholders discussed multiple facets of crypto assets over the last 12 months. A rich analysis addressing wide-ranging issues surrounding the sector is now available in the public domain and will be the basis for future policy and regulatory response by member countries/jurisdictions. The CoinSwitch Public Policy team has carefully curated a reading list for all policy enthusiasts to easily access and analyze all important crypto-related documents/reports. We hope you find the G20 crypto knowledge repository useful and contribute to effective crypto policy dialogue to foster innovation subject to safeguards. As always, feel free to reach out to any member of the Public Policy team for any further information or clarification that you wish to seek. Repository: G20 Chair’s Summary and Outcome Document, First G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting Bengaluru, February 2023 The outcome document and the Chair’s summary of the first meeting of G20 FMCBG welcomes the ongoing work by the Financial Stability Board (FSB) and international standard setters to ensure that the crypto-assets ecosystem, including so-called...

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### Taking our dreams to the moon 🚀🌙

- Published: 2023-09-25
- Modified: 2023-10-11
- URL: https://coinswitch.co/building-blocks/to-the-moon/
- Categories: Boardroom
- Tags: APi Trading, Chandrayaan, CoinSwitch PRO, crypto regulations, Entrepreneurship

“You can’t do big things if you’re content with doing things a little better than everyone else or a little differently than how you did them before. ” Author and business journalist Bill Taylor couldn’t have put it better. To stand out from the crowd, you have to take bold bets—in business or life. Bold bets define startups; they disrupt the status quo, carve out a new space, and transform user experience. CoinSwitch is founded on this principle: To transform wealth creation for Indians... to make money equal for all. Personally, the stakes are even higher for my co-founders and I. Friends for decades, we have gone all in on this venture; our personal and entrepreneurial relations are hardly distinct. I spoke about this recently on Entrepreneurs’ Day. For us, bold moves aren't just the thrust at the beginning of the race. We build even when the market is retrenching. CoinSwitch PRO is a testament. Now, we are going further. Tapping into insights from users like you, we’ve enabled our beta version of API trading on PRO. Staying on top of the market is so much more convenient when you can automate your orders! Ambitious steps are not an exclusive domain of startups, of course. Five decade-old ISRO is built on such otherworldly missions. ISRO made history when Chandrayaan-3 landed on the moon. The successful mission made India the fourth country to land on the moon, and the very first to land on the southern lunar surface. At CoinSwitch, we take pride in celebrating such endeavors. Speaking of which, here are some surprising connections you may have missed. India is taking great strides in the field of crypto regulations too. The recent Finance Ministers and Central Bank Governors’ (FMCBG) meeting held at Gandhinagar, Gujarat, represented an important milestone under India’s G20 Presidency. The Financial Stability Board (FSB) presented a Global Regulatory Framework on Crypto assets and Stablecoins which will help guide the development of a comprehensive and coherent global crypto regulatory framework that supports responsible innovation. At CoinSwitch, we were especially encouraged by India’s ‘Presidency Note’ issued at the conclusion of the meeting. The note is an official document articulating India's stance and suggestions for global collaboration concerning crypto regulation. Lastly, we’re well past the halfway mark of this year. This means it is time to reveal a few big launches we’ve been working on! I’m immensely proud of the progress the team has made on these products—being a first of its kind, there is no playbook to follow. Some of these new products should be hitting your devices soon. A select few users will see a new tab on the home screen of the CoinSwitch app. If you’d like to be one of these early adopters, reply to this email or hit me up on my Twitter. As always, keep the feedback (good and bad) rolling in!

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### Introducing CoinSwitch PRO Innovation Zone

- Published: 2023-09-21
- Modified: 2023-09-22
- URL: https://coinswitch.co/building-blocks/innovation-zone/
- Categories: Bulletin Board
- Tags: CoinSwitch coin listing, CoinSwitch PRO, CoinSwitch PRO Innovation Zone, Crypto trading

Today we are launching CoinSwitch PRO Innovation Zone, to give our traders better access to the ever-evolving crypto landscape. In the Innovation Zone, we will list coins faster and earlier, just as our PRO traders had wanted. CoinSwitch PRO is built with a simple purpose: To empower India's advanced crypto traders to maximize their performance in the market. With one powerful account, PRO users can trade across multiple exchanges, access advanced real-time data, and leverage the arbitrage opportunities in the market. Since its launch, thousands of traders have made CoinSwitch PRO their destination for high-frequency crypto trading. And they provide us with valuable feedback to improve the product even further. A common request we receive is to list more coins, and faster. While CoinSwitch PRO offers a diverse range of coins for trading—over 150 as of today—we understand that our list is by no means exhaustive. This is why we are launching CoinSwitch PRO Innovation Zone. Exclusive to PRO users DYOR—or do your own research—is a common saying in the world of crypto. At CoinSwitch, we go further: We equip our users with the information and resources to do their research through our in-house blog (explore Switch), in-app content, as well as through our social media channels. Further, we actively work to minimize the risk our users are exposed to. Take, for instance, our stringent listing criteria. Our asset onboarding team evaluates crypto on various criteria—from methodology and fundamentals to community and support—to decide if and what cryptos we should list, and when. The flipside of these stringent criteria is that we are slow to list a coin on our platform. This is a deliberate choice to minimize the risk our retail users are exposed to. But the same conditions do not necessarily apply to CoinSwitch PRO. PRO’s advanced traders are equipped and experienced to take a reformed view of the risk-reward ratio of even outlier crypto assets. In fact, advanced traders often are on the lookout for such assets—and potential alphas. CoinSwitch PRO Innovation Zone will serve their needs. Why an Innovation Zone? Innovation Zone balances the need of our advanced traders to access a wider range of crypto assets and our stringent listing criteria. As a dedicated tab on CoinSwitch PRO, Innovation Zone will house crypto assets that are in their early stage or have had lower liquidity or historic trading activity in the global markets. While this heightens the volatility and alters the risk-reward ratio, the advanced traders on CoinSwitch PRO are experienced and knowledgeable to price in these factors. How to access Innovation Zone? The Innovation Zone can be found as a separate tab on CoinSwitch PRO. These coins are exclusive to PRO, and will not be available to trade on the CoinSwitch app. CoinSwitch will continue to apply a rigorous due diligence process on all coins listed in the Innovation Zone. No crypto asset will be listed that does not meet our criteria. The slightly lower threshold than for the assets exposed to retail users...

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### India's G20 Presidency: Finding common ground for a global VDA framework

- Published: 2023-09-06
- Modified: 2023-09-07
- URL: https://coinswitch.co/building-blocks/20471-2/
- Categories: Public Policy
- Tags: CoinSwitch public policy, crypto regulations, G20 Presidency, G20 Summit, public policy, VDA regulations

This week marks a significant milestone in India’s strategic growth as it successfully completes the Presidency of the G20—a resounding success for diplomacy and international collaboration. As the baton now passes to the next G20 host country, the progress India has effected at a global scale on the subject of a global regulatory framework for Virtual Digital Assets (VDAs) is commendable and leaves CoinSwitch deeply optimistic about the future. Comprising the world’s major economies, G20 is a platform for global economic cooperation. Worthy of its stature as a rising economic power, India, has steered the discussions forward through meaningful dialogues and impactful initiatives across various facets of global governance, economics, and development. The positive and progressive discussions on global VDA regulation is particularly noteworthy. Frontier technologies like VDA, with a rapidly evolving landscape, demand a coherent and well-thought-out approach. India's proactive stance in fostering dialogue and understanding in this domain, and the willingness to engage with stakeholders has moved the needle forward. As leaders in India’s vibrant VDA sector, CoinSwitch acknowledges and applauds India’s efforts to explore balanced regulations that promote innovation while safeguarding consumer and national interests. CoinSwitch Public Policy Team with (from left) Mr Uto Haroaki and Mr Ueohtani Kiichi, officials from the Embassy of Japan, New Delhi Recognizing that the success of India’s Presidency would depend not just on governmental efforts, but more so on the combination of government, industry and civil society working together on common objectives, CoinSwitch’s Public Policy team embarked early on our Track 3 diplomacy efforts, focused on global crypto-asset regulations. Meeting at the Australian Consulate-General, Bengaluru We engaged with the Embassies and High Commissions in India of several prominent G20 members and invitee countries, including Germany, Canada, Japan, Australia, Mexico, and Singapore to foster knowledge sharing and find common avenues for collaboration. These interactions were marked by open discussions on the potential of blockchain technology, VDA, and Web3 and their role in shaping the future of technology, finance and their intersection. It was heartening to see the enthusiasm and interest from diplomatic missions in understanding the nuances of this emerging space, and in sharing their national experience. The CoinSwitch Public Policy Team with Ms Doris Dietze, Federal Ministry of Finance, Germany CoinSwitch Public Policy Team with (from left) Ms Sabrina Ho, Regional Group Director (North India & Bangladesh) at Enterprise Singapore, and H. E. Ms Alice Cheng, Deputy High Commissioner and Minister Counsellor at the Singapore High Commission, New Delhi CoinSwitch believes that dialogue and cooperation are essential in crafting regulations that are not only effective but also conducive to innovation and growth. Our efforts are aimed at helping bridge the gap between industry and policymakers/regulators. To this end, CoinSwitch has been at the forefront, having discussions with domestic policymakers at various ministries like MeitY and Consumer Affairs. We also released the “Blockchain, Web3, and Virtual Digital Assets” compendium, which curates questions raised by our Hon’ble Members of Parliament and the responses issued by the various Ministries over the past two years....

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### Blockchain, Web3 and VDAs: A compendium of QnAs in Parliament

- Published: 2023-08-30
- Modified: 2023-11-09
- URL: https://coinswitch.co/building-blocks/vda-qna-parliament/
- Categories: Bookshelf
- Tags: India crypto regulations, Parliament on VDA, public policy, VDA in India

Virtual Digital Assets (VDAs) have been around for more than a decade but efforts to put in place an effective regulatory response are accelerating only now. Some nations have taken early and decisive steps on this front. In India, home to over 450+ innovative Web3 startups, regulatory actions are evolving, slowly but with certainty. Comprehensive and consensus-based VDA regulations have been included as one of the key discussion points in the Finance Track of India’s G20 Presidency. Over the last six years, CoinSwitch has been at the forefront of engaging with Governments—both at the Centre and States—as well as with regulators to demystify Web3 and VDAs with an intent to make India a home for a vibrant digital assets ecosystem. This first-of-its-kind compendium, Blockchain, Web3 and Virtual Digital Assets, is our effort to curate questions raised by our Hon’ble. Members of Parliament across both Houses on blockchain technology, VDAs, Web3, and the responses offered by different Ministries, including Finance, IT, Commerce and Industry, during the period 2021-2023. You can download the booklet (PDF) through the link at the bottom to read at your leisure. This is intended to serve as a ready reckoner for everyone interested in understanding the gamut of issues surrounding this sector and the discussions underway so far in the Parliament. A glossary of key VDA terminology is also available at the end. We thank the Lok Sabha and Rajya Sabha Secretariats for making available these Q&As via their websites, from where we were able to access and source them. We would also like to thank our Hon’ble. MPs, Ministers and officials of the Government of India, who continue to engage with us and raise pertinent issues both inside and outside Parliament. Happy reading! Download Now: A compendium of QnAs in Parliament

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### A historic September 🍁

- Published: 2023-08-29
- Modified: 2023-10-11
- URL: https://coinswitch.co/building-blocks/a-historic-september/
- Categories: Boardroom
- Tags: CoinSwitch PRO, crypto regulations, G20 Summit

Allow me to rewind the clock a bit... by about 650 days. Crypto was on the front pages of every newspaper and on TV channels. The word “ban” was splashed across headlines. Speculations abound about some bill... It was not an easy time for anyone in the crypto ecosystem. This September, crypto was once again on the front pages. The words that stood out this time were: “regulation” and “G20”. The contrast could not have been more stark. A lot of work has gone into this. India’s policymakers and regulatory bodies have shown openness and prudence in understanding the nuances in crypto... of various businesses and use-cases, of the aspirations and challenges of the users, and of the transformative potential of the technology. India’s G20 Presidency advanced the regulatory discussions on crypto through inclusive sessions on monetary policy and macroeconomic concerns. In the run-up to the Summit, CoinSwitch’s Public Policy Team also engaged with various G20 Member nations and invitees through open discussions on global crypto coordination. At CoinSwitch, we were thrilled to see it all culminating with G20 leaders unanimously welcoming the IMF-FSB Synthesis paper on crypto. The paper provides a roadmap for coordinated and comprehensive regulatory framework. If you want to deep-dive, here’s a link to the report. Each of the G20 nations would take guidance from the paper to develop a framework that accomodates their perspective and views on crypto. Speaking of varied approaches, trading strategies of retail users and advanced traders are not identical. Their money goals differ, so do their risk-tolerance. Keeping that in mind, we’ve recently launched the Innovation Zone on CoinSwitch PRO, our advanced trading platform for pro users. Exclusive to CoinSwitch PRO, Innovation Zone will provide our advanced traders with a wider range of riskier yet popular crypto assets to make the best of the market volatility. As always, make sure you DYOR before any trading decision. I am also happy to share that CoinSwitch is now part of the Alliance of Reporting Entities in India For AML/CFT (ARIFAC). This will enable us to collaborate better with other AML/CFT reporting entities in India such as banks, NBFCs, and payment aggregators to bring more transparency to the industry. At CoinSwitch, the season of festivities have come a little early. I’m also excited for the return of the Cricket World Cup! After all, it went well the last time India hosted it in 2011. Who do you think would be the standout player in 2023? Would love to hear your views on Team India’s prospects.

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### Enhancing Consumer Awareness and Protection in VDA sector

- Published: 2023-08-21
- Modified: 2023-09-06
- URL: https://coinswitch.co/building-blocks/enhancing-consumer-awareness-and-protection-in-vda-sector/
- Categories: Public Policy
- Tags: CoinSwitch app safety, Consumer Awareness, Consumer Protection, public policy

An internationally coordinated regulatory framework for Virtual Digital Assets (VDAs) is a work in progress, with the Union Government in active discussions with various stakeholders in the country and internationally through fora such as the G20, which India is currently heading. The gradual but steady progress on this front is also a reflection of the layers and nuances of the various businesses and functions involved in the ecosystem. A central focus of these discussions also is Consumer Awareness and Protection. The Financial Stability Board (FSB), an international body tasked by the G20 to coordinate the delivery of an effective regulatory, supervisory and oversight framework for VDAs, has also highlighted this—“ensuring adequate safeguarding of client assets” is one of the three areas of focus in its recent recommendations on VDA regulations. This focus on Consumer Awareness and Protection is in line with the principles we abide by at CoinSwitch. Our value “Crazy About Customers” speaks to this: To do right by the user is the North Star of everything we do at CoinSwitch. Consumer Awareness and Protection are also key focus areas of our Public Policy objectives, outreach and engagement. Toward this end, and to advance this cause, CoinSwitch’s Public Policy team helped curate a first-of-its-kind Workshop on ‘Virtual Digital Assets, Web3 and Consumer’, which was organized by the Department of Consumer Affairs (DoCA), Government of India, on July 25 in New Delhi. Department of Consumer Affairs Secretary Shri Rohit Kumar Singh (fourth from left) chairing the session on 'Virtual Digital Assets, Web3 and Consumer' at Vigyan Bhavan in New Delhi The workshop witnessed discussions on a range of issues including blockchain and Web3, evolving global regulations, key consumer-related risks and watch outs, as well as other related threats, and the need for a robust regulatory framework to mitigate these risks. The event was very well received and attended by representatives from various Ministries including the Ministry of Home Affairs, the Ministry of Finance, and the Ministry of Electronics and Information Technology. Judicial experts, consumer advocates, and officials from other central government agencies like the Enforcement Directorate (ED), Bureau of Police Research and Development (BPRD), Bureau of Indian Standards (BIS), National Informatics Centre (NIC), E-Gov Initiative & Indian Cyber Crime Coordination Centre (I4C), also actively took part in the workshop. The Department of Consumer Affairs organized a groundbreaking brainstorming session on #VirtualDigitalAssets and #Web3 today, fostering constructive dialogue with stakeholders to ensure end-to-end protection for users. Let's dive deep into the Web3 ecosystem! pic. twitter. com/OVrMaCczzf— Consumer Affairs (@jagograhakjago) July 25, 2023 Several suggestions emerged from the wide-ranging discussions: Identifying potential consumer risks and challenges associated with VDA and Web3 technologies, designing robust frameworks for data privacy and security in decentralized applications, analyzing the role of consumer education and awareness in navigating the complexities of the Web3 sector, establishing consumer-centric regulations to prevent fraud and market manipulation in the realm of VDAs. R. Venkatesh, SVP and Head Public Policy, CoinSwitch speaking at the session with Dilip Chenoy, Chairman of Bharat Web3...

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### For the second time!

- Published: 2023-07-27
- Modified: 2023-07-27
- URL: https://coinswitch.co/building-blocks/for-the-second-time/
- Categories: Boardroom

Time really flies when you’re working hard (and having fun). Today, I realized just how fast this year is going. In January, I wrote to you with some of my goals for the year, including Being more Transparent. We proved our commitment to earning your trust by publishing a detailed report of our Proof of Reserves and wallet holdings. Now, a few months later, I’m proud to say that our dedication to do right by you stands unmoved. Today, I’m sharing the second edition of our Proof of Reserves report, which confirms that our total holdings, including crypto and fiat (Indian Rupee, or INR), worth ₹1944 crore, are significantly more than our users’ total holdings. This means that every crypto that you or any of our users has ever bought on our platform is fully accounted for and can be sold, at any time. And every rupee that a user has placed with us is fully accounted for and can be withdrawn anytime. We understand that to invest in a volatile asset like crypto, you must have full visibility into the health and safety of the platform you’re investing with. It’s why we invest time and effort to conduct such independent reviews, upholding the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400). ‘To the Moon’ , a popular expression in crypto circles, took on a whole new meaning as Chandrayaan 3 took off. I see this as another way that India is securing its place on the global stage. India’s space exploration industry, while impressive, has been geared toward public good (think weather forecast and navigation) and less for commercial exploits. The Chandrayaan mission, I believe, represents an inflection point. Read my starry-eyed predictions, here. Ramakrishna Venkatesh (centre), SVP, Public Policy at CoinSwitch speaking at the 'Virtual Digital Assets, Web3 and Consumer' event organized by the Department of Consumer Affairs. At CoinSwitch, we recognize the importance of actively engaging in shaping the policies and regulations that govern the Virtual Digital Assets (VDA) and enhance consumer protection and awareness on the subject. The recent workshop held with the Department of Consumer Affairs (DOCA) on VDA and Web3 is one such initiative that our Public Policy team took a lead role in organizing. Click here for more details on the event. We’ve also upheld our commitment to nurturing the growth of the Web3 section in states by organizing hackathons and learning sessions with law enforcement agencies. Recently Vimal, my Co-Founder and COO at CoinSwitch had a wide-ranging discussion with the Karnataka Government on promoting the Web3 sector in the state. We remain, as committed as ever, to support innovation and revolutionize the VDA landscape in India and beyond. This last week was a big one at the box office. Did you catch any of the latest releases?

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### Our Proof of Reserves

- Published: 2023-07-27
- Modified: 2025-04-29
- URL: https://coinswitch.co/building-blocks/our-proof-of-reserves/
- Categories: Transparency
- Tags: CoinSwitch POR, Proof of Reserves

CoinSwitch transformed the crypto experience in India by simplifying the process of buying and selling crypto for millions of Indians. Our app provided a user-friendly interface that was highly appreciated by our users. Over 19 million Indians now trust CoinSwitch for their crypto trading. We understand that simplicity is key, especially for retail users that make up the majority of our user base. Creating wallets, managing seed phrases, and ensuring good security practices can be a demanding task. We recognized the need for a safer and simpler experience for our users and thus employed industry-grade solutions to safely and securely hold our users’ crypto assets. To demonstrate our robust practices and our commitment to protecting user funds, we published the key findings of an independent Proof of Reserves review on November 17, 2022—making CoinSwitch the first in India to do so. Additionally, we provided users with the ability to verify our holdings by making our wallet addresses public. We pledged to continue this practice of transparency and trust-building. As part of our ongoing efforts, we are now publishing the second edition of our Proof of Reserves. The latest edition confirms that CoinSwitch holds sufficient crypto assets and fiat balances (Indian Rupees) to cover all user redemptions. The review verifies that we maintain a ratio of 1:1 or higher for both crypto and INR balances. This means that even in extreme scenarios, all CoinSwitch users can fully redeem their assets. The independent review of our crypto and fiat holdings was conducted by a qualified chartered accountancy firm in accordance with the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400) for the status of cryptos and INR held as on March 31, 2023—the closing day of the financial year. The findings of this report, along with an updated list of our wallet addresses, are being published in this blog. What’s POR? Proof of reserves (POR) establishes transparency and verifiability of a crypto platform’s claimed assets. This is achieved through an independent review and on-chain validation. The independent reviewer verifies the platform’s crypto and fiat holdings (Indian Rupees) and compares them with users’ assets and balances. A ratio of 1:1 or higher means the platform holds all user assets and fiat balances, allowing users to redeem or withdraw them at any time. CoinSwitch commissioned a qualified firm to conduct our second POR. The independent review was carried out on March 31, 2023. The POR aligns with the end of the financial year and adheres to the standards prescribed by the Institute of Chartered Accountants of India (SRS 4400). To confirm the findings, users can cross-reference our wallet addresses shared in this blog post using blockchain explorers. Holdings Ratio of 1:1 or More CoinSwitch’s total holdings are greater than its users' holdings (numbers as on March 31, 2023, 24:00 hrs IST) CoinSwitch maintains a holdings ratio of 1:1 or more for crypto and fiat balances (Indian Rupees) CoinSwitch’s total holdings are greater than its users'. The INR value of the...

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### India shows the way on using technology as a growth accelerator

- Published: 2023-07-06
- Modified: 2023-09-06
- URL: https://coinswitch.co/building-blocks/india-shows-the-way-on-using-technology-as-a-growth-accelerator/
- Categories: In Depth

The wise words of author and thinker William Gibson, “Future is already here—it’s just not very evenly distributed” often come to my mind when discussing technology. At its best, technology is a high-impact growth accelerator: It increases efficiency, creates new possibilities, and helps us make a better world. The adoption of technology, however, can be painfully slow, resulting in an uneven distribution of its benefits across different regions and populations. This uneven distribution of technology has played a pivotal role in shaping our world. Access to and mastery of technology separated the superpowers from the rest... the developed from the developing nations. In the Iron Age, mastery of the metal forged the Assyrian empire; Industrial Revolution catapulted the British to the fore; and the invention of the internet and the continued mastery of internet businesses, help the US maintain a lead in the modern digital era. But history has also shown that nations have punched above their weight and transformed themselves by thoughtfully adopting technology. The remoulding of the island state of Singapore into a world-class financial center and the arid lands of Israel into a vibrant hub of startups and technology center comes to my mind. India is another shining example of a nation leveraging technology to bring about transformational change. Cut off from the advancements of the West, Indian scientists and innovators relied on ingenuity and perseverance to develop nuclear power, securing the nation's economic and strategic growth. And when the world was in the throes of an arms race to space, Indian scientists developed satellites to improve the everyday lives of millions. These scientific achievements were complemented by a concerted effort by Indian leaders to turn the country into a knowledge hub. India has more engineering colleges and universities than any other comparable nation, introduced computer languages to high-school students, and established computer centers in small towns to take technology to the masses. Efforts like these bridged the gap that otherwise slow the adoption of technology, and helped create a nation of engineers and startup founders. Today, India is a success story the world looks up to. In just over a decade, through UPI and Aadhaar, we have transformed the financial experience of everyday Indians. Transactions worth nearly 55% of India’s GDP now happen over UPI. Combining these population-scale projects with applications such as DigiLocker, India has not just leapfrogged Western powers on payments and identity management, but also laid the foundation for a digital economy of the future. And now, India has built an open e-commerce stack called ONDC to add to the triumvirate. If technological progress was to be measured in terms of impact on the number of people, then India is today a step or two ahead of even developed nations. Be it the national technology stack such as UPI and Aadhaar or the apps and services built by Indian startups, a common thread is the simplification of complex technologies and taking it to a scale that benefits millions, and not just a niche...

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### Blowing out the candles…🎂

- Published: 2023-06-30
- Modified: 2023-07-27
- URL: https://coinswitch.co/building-blocks/blowing-out-the-candles%f0%9f%8e%82/
- Categories: Boardroom

It’s late and the lights are still on at the CoinSwitch office in Bangalore. The smell of coffee hangs in the air and the floor is abuzz with the sound of excited chattering and the clack-clack of fingers typing. Suddenly, the noise dies down. It’s the moment of truth. Months of building, testing and bug quashing come down to this. In the push of a button, our new UI and brand design are live. A smile breaks out on every face. (Well, nearly every face. ) (Disclaimer: No engineers were harmed in the making of the brand new CoinSwitch app) This moment from November, 2022 is one of my favorite memories from the last 12 months. It’s been a busy month at CoinSwitch. So much so, that I almost lost sight of how significant this month is. June marks our anniversary, and this year’s our sixth. So this week, we broke convention and made Monday the best day of the week. At CoinSwitch’s 6th birthday bash, we ate, danced the night away and looked back at the amazing years that have gone by. Now, we’re back to preparing the app for all the new products and asset classes we’ll be launching soon, and this is an organization wide effort. For Engineering, Product, Business, Growth, Customer Support and every other function at CoinSwitch. Each of them has a critical role to play in helping these products reach our users. Although the party’s done, I’ve still got celebration on my mind. So here are some of our wins from last year. Here’s one: We’ve increased our funding runway to five years! That means our company is ready to face anything the market throws our way. And we can continue to push the pedal on innovation and build products that you will love. The story of how we managed to do this is something I encourage you to read. Also, I want to tip my hat to the failures we’ve had on our journey. It is our toughest days that have taught us the most. From scaling to one million users within six months of our launch in 2020, to disrupting the market with truly differentiated products like CoinSwitch PRO. I am reminded everyday that none of this would have been possible without the conviction, focus and dedication of our exceptional 500+ strong team. For a long time we operated on a shared, yet unspoken mindset. Some people called it the ‘go-getter’ attitude and others thought of themselves as ‘obsessed’. Now, we’ve managed to capture this fascinating shared code and distill it into a set of values we all abide by. Our head of HR, Zeeshan has written about what they are and how they came to be, here. Even as we evolve into a comprehensive investing destination through our upcoming mutual funds and fixed deposits product launches, our loyalty to crypto and our community remains firm. To this end, our Public Policy team continues to play an important role in engaging stakeholdersand...

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### We six. Our six.

- Published: 2023-06-28
- Modified: 2023-06-28
- URL: https://coinswitch.co/building-blocks/we-six-our-six/
- Categories: Bulletin Board

They say the older you get, birthdays have a sobering effect, making you more introspective and contemplative. At six years young, CoinSwitch has a few years to go before we reach this point, but this month, I’ve been thinking about what makes us uniquely, undeniably, us. The idea of CoinSwitch was born at a hackathon, when our founders Ashish, Vimal and Govind were jostling for a way to make crypto investing more accessible to everyone. The lifelong friends identified a significant industry-wide gap—the absence of a simple solution for buying and selling crypto. What followed is the story of how CoinSwitch came to be, as these friends turned founders, and how they turned their vision into a reality. That’s a story you may already know. The more I think about it, this particular moment in our history laid the groundwork for CoinSwitch’s culture, which evolves and grows through each of our employees everyday. The passion to solve user problems through technology, to build at scale, and keep iterating helped us grow to 1 million users within 6 months of the launch of our mobile app! This drive to innovate and make a dent in the universe kept us focussed on what mattered the most, even as we switched-on the propellants. And it continues to inspire and motivate us through the cyclical markets—bull or bear. We have come a long way. Today, we are 500-plus strong, building in crypto and beyond—multiple pods, multiple products, shared values—for a user base of 19 million and counting. While each and every one of us understands and absorbs the CoinSwitch way, we knew it was time to put our values down to words... to frame a mental model for the team and those who'll join us going forward. Before I leapfrog into that story, there’s another character you know should about. Well, less a character, and more a 5-word phrase everyone at CoinSwitch knows by heart. Make Money Equal For All These words capture why we do what we do. They inspire us to strive for greatness with everything we build, from products that make buying crypto as easy as ordering food online, to the world-class wealth tech destination we’re building for India. They are the fuel behind all our decisions. We are championing the movement to demystify and simplify financial products for everyone in India. And we mean EVERYONE. No matter their background, where they live, their bank balance or their knowledge of investments. All Indians deserve the same opportunities for wealth creation. With a razor sharp vision statement in place, articulating the principles that support its realization became all the simpler. We gathered inputs from across the organization. Ways of making this vision a reality. Of course, words like ‘Inspiration’, ‘Best’, ‘Think Big’ and more came up. But there were others we found just as interesting. Like ‘Challenge’, ‘Disagree’, ‘Innovate’, ‘Heart’, and ‘Together’. At the end of the research phase, we identified a few key themes: customer obsession, data-driven decision making, prioritizing innovation...

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### Spreading the word and demystifying Web3 for stakeholders

- Published: 2023-06-28
- Modified: 2023-07-19
- URL: https://coinswitch.co/building-blocks/spreading-the-word-and-demystifying-web3-for-stakeholders/
- Categories: Public Policy
- Tags: CoinSwitch public policy, crypto workshop, public policy, Web3 in India, Web3 workshop

Web3 refers to the next generation of the internet built on the ethos of decentralization and end-user ownership. Built on public blockchain, Web3 enables new possibilities for digital ownership, secure and verifiable transactions, decentralized governance, and data privacy. This paradigm shift can be of massive economic and technological potential for India and could truly transform our digital ecosystem. With the aim to enhance awareness around this next generation of the internet for our important Government stakeholders, the CoinSwitch Public Policy Team took the lead in supporting the Bharat Web3 Association (BWA) and the Ministry of Electronics and Information Technology (MeitY) co-host and organize the first-of-its-kind Workshop on ‘Demystifying Web3’ in Electronics Niketan, New Delhi. The CS Public Policy team led the effort and worked closely with MeitY and BWA over the last year to make this workshop a reality—from conceiving the idea to designing the program, onboarding the right speakers, aligning various internal and external stakeholders, and getting all necessary approvals. These efforts were acknowledged by the Additional Secretary, MeitY, during the inauguration of the workshop. The workshop witnessed engaging discussions on various aspects of Web3, including sessions on the basics of blockchain, VDAs and NFTs, global developments, and potential areas for collaboration between the government and industry. The event was extremely well received by participants, a large number of whom were from MeitY, the Centre for Development of Advanced Computing (C-DAC), National Informatics Centre (NIC), and other Ministries and Departments. Attendees also included representatives from academia, think tanks, and Web3 developers, who enriched the discussion with their inputs and perspective. Officials from MeitY spoke about the upcoming National Blockchain Framework which is being developed on top of the National Strategy on Blockchain released in 2021. As thought leaders in the Web3 space, our goal at CS has always been to drive meaningful conversations around Web3 and in this mission, workshops such as the one above are important to create awareness and understanding, enhance assurance and confidence, learn from each others’ experiences and build connects. Shri Bhuvnesh Kumar, Additional Secretary, MeitY; being felicitated by Smt. Sunita Verma, Scientist G and Group Coordinator, MeitY A snapshot from the Workshop. R Venkatesh, SVP and Head-Public Policy, CoinSwitch; and Director, Bharat Web3 Association being felicitated by Shri Manoj Jain, Scientist F, MeitY.

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### The only voice that matters…

- Published: 2023-05-30
- Modified: 2023-07-27
- URL: https://coinswitch.co/building-blocks/the-only-voice-that-matters/
- Categories: Boardroom

“Just because something works doesn’t mean it can’t be improved. ” Ever since I watched the movie Black Panther, I haven’t been able to get this line out of my mind. Because, we’re always striving for perfection with everything we build and are always on the lookout for ways to improve upon what we have. That’s why we’re always listening. We pay close attention to your feedback, criticisms and suggestions on the app, in conversations with our support team and even on social media. Your reviews will help us build a better, more robust product. So when users like you often raised concerns around the differences in pricing; we listened and took action. I am proud to announce a slew of improvements to make your trades smooth, transparent and hassle-free. These include a single pricing structure to reduce the confusion caused by different buy and sell prices, a clear break up of charges and fees and a lot more. To understand these changes better, give this article a read. Recently, we celebrated an important moment in crypto history. The tale of Bitcoin Pizza Day is well known in crypto circles, and one of my favorite stories to tell. It goes... On 22nd May, 2010, Laszlo Hanyecz paid 10,000 in Bitcoin to buy 2 pizzas. Back then, the value of one bitcoin was about $40, making it a relatively expensive meal. However, since his purchase, Laszlo watched the value of those pizzas grow exponentially. At BTC’s all time high, those pizzas would have been worth around 500 crore rupees! This is what I love about the crypto community. Believers are willing to stake their own assets to prove a point. The transaction Laszlo made was the first recorded exchange of digital assets for real world goods. 13 years later, we took a slice of history and had a little pizza party of our own at CoinSwitch headquarters in Bangalore! Lately, I’ve grown nostalgic about the early days of entrepreneurship. Hustling to go to market, taking any and every meeting and even the sharp sting of rejection. What I think is different now, are the opportunities available. Like CoinSwitch Ventures, which invests in the most innovative Web3 startups in India through our dedicated Web3 Discovery Fund. Over the last 6 months we’ve supported 12 promising blockchain-based startups (and counting). It’s safe to say, we are only getting started. Know of any budding founders? Tell us all about them! We’re almost halfway through this year! What have some of your biggest wins been? I’d love to hear all about them.

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### Faster trades and transparent pricing: Experience our improved crypto platform

- Published: 2023-05-11
- Modified: 2023-11-21
- URL: https://coinswitch.co/building-blocks/faster-trades-and-transparent-pricing-experience-our-improved-crypto-platform/
- Categories: In Depth
- Tags: CoinSwitch exchange, CoinSwitch pricing, CoinSwitch trade, Indian crypto exchange, matching engine

Summary We've improved our crypto trading structure to enhance user experience. The Last Traded Price (LTP) feature provides users with the most accurate price information for a crypto asset at the time of trading. Our matching engine has been improved to reduce latency and ensure faster trade execution. Users can now preview a transparent breakup of the order value and fees before executing the order, allowing for informed decision-making. This new trade structure focuses on trust, transparency, and empowers users with complete control over their trades. The path to simplicity is often the hardest. Making an intuitive consumer product is an iterative process, involving constant tinkering and tweaks. At CoinSwitch, simplicity remains the P0 for product-building. That 19 million Indians have installed and registered on the CoinSwitch app tells me we are on the right track. Staying in the right lane, however, requires constant adaptations—hands on the wheel, eyes on the road. We have made one such change to our crypto trading structure. Your favourite crypto app retains everything you have come to love, but we have juiced up the engine under the hood. It is more powerful and more robust than ever before. What do the changes mean? Users benefit from an improved crypto price discovery via LTP, or the last traded price Users can preview the transparent breakup of the order value and fees paid before it is processed Users can view the estimated price before the order and the exact market value of the trade at execution A lot has gone into the making of this new trade structure. But I won’t bore you with the technical details and the code changes that got us here. Instead, let me walk you through the most important change you will observe on the app. Last Traded Price (LTP) The last traded price is a mechanism that ensures our users discover the most accurate price information for a particular crypto asset on our app at the time of trading. Before and After: Last Traded Price Previously, users found two different prices for a crypto asset: the buy price and the sell price, as per the state of the order book at that moment. This wasn’t the simplest way to discover the price of an asset or to make a decision to purchase or sell. We know this because many of our users told us so. We heard them and fixed this. Powerful Matching-Engine We didn’t stop at LTP, though. We took the opportunity to further improve our technology stack by reducing the latency of our crypto trading platform for faster matching. Latency on a crypto exchange refers to the average time it takes for a trade to be executed after an order is placed. In other words, it’s the time between when the submission of an order by a user and its execution. And time is critical in a fast-moving market like crypto. A delay in execution could mean missed opportunities or even a higher price for the asset. So...

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### April in one word…

- Published: 2023-04-28
- Modified: 2023-06-06
- URL: https://coinswitch.co/building-blocks/april-in-one-word/
- Categories: Boardroom

Shapella. What does it mean to you? Most people I know are excited or confused about it. If you were among the confused, allow me to explain. Shapella (a combination of the words ‘Shanghai’ and ‘Capella’) is the final step in the Ethereum blockchain’s transition from a Proof of Work to a Proof of Stake consensus. My friend and co-founder, Govind, captured what this means in a thread on Twitter. Give it a read if you still have questions. This is another sign that BUIDLing continues in crypto whether it is a bull market or bear market. A few weeks ago, Bitcoin crossed the $30,000 threshold for the first time since June 2022, livening up the market after a long bear run. This is one of the many cycles the crypto market has been through in the past. And as builders who believe that the blockchain and crypto are unstoppable, we’re unfazed by these cycles. I spoke about this, and how my own personal failures shaped me, in a candid chat with Shrabonti Bagchi from the Mint Lounge. Fitness and mindfulness were some of the goals I’d set out for myself at the start of this year. So here’s a progress update: I’ve been able to exercise and meditate almost everyday for the last 4 months (with the exception of some travel). I've discovered that ever since I’ve started making a deliberate effort to prioritize my health, my productivity has gone up. I put in the same number of hours but I’ve seen a substantial improvement in my creativity and efficiency. It really goes to show that to do our best work, we must first take care of ourselves. Moving on, if I had to recommend another read for this month, it would have to be a16z’s State of Crypto report for 2023. It shows that Web3 and crypto have grown in leaps and bounds despite the bear market and the year marred by high profile scandals. It also contains the State of Crypto Index, a tool to track the health of the industry from a technological perspective. My favorite takeaway is about the pace at which ‘Zero-knowledge’ systems are developing. Simply put, Zero-knowledge systems that help blockchain-based digital tools to scale without compromising privacy. I’m excited to see the kinds of use cases it opens up for Web3. In other news, we’re in the final stages of launching new products that will help our users invest in other asset classes as well. We’ll launch it to a select set of users very soon. If you’d like to be one of them, reply to this email with your name, registered email address and phone number.

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### Virtual digital assets, India’s stand and the way ahead

- Published: 2023-04-27
- Modified: 2023-07-19
- URL: https://coinswitch.co/building-blocks/virtual-digital-assets-indias-stand-and-the-way-ahead/
- Categories: Public Policy

Rulemaking is an arduous task. Oftentimes, the words in a gazette take a form of their own in the real world, diverging from the intent. This can be particularly challenging in the case of emerging technologies, where change is rapid and constant. Consider the infamous Red Flag Act the United Kingdom introduced at the advent of motorcars. It mandated that every motorcar had to have three “drivers”: one at the wheel, the second, a fellow passenger, and the third, on foot, holding a red flag to alert oncoming horse-drawn carriages. Ostensibly established in the interest of safety, the Act only ended up strengthening the motorcar industry elsewhere in Europe. It was ultimately repealed in 1896, clearing the path for the golden era of the British motorcar industry and icons such as Rolls-Royce. The advent of new technologies, in fact, often evokes Red Flag Acts of their own. History is replete with many such laws—from the Internet to mobile phones, innovations were often curtailed. Today, there are calls for the prohibition of artificial intelligence and blockchain technologies. A Considered Approach It is, therefore, heartening to see India taking a measured approach to regulating virtual digital assets. A prominent, and far-reaching, update has been India’s recent notification extending the anti-money laundering provisions to virtual digital assets businesses and service providers. On March 7, the Union Finance Ministry, in a gazette notification, extended these activities under the Prevention of Money Laundering Act (PMLA) Act of 2002: exchange between virtual digital assets and fiat currencies; exchange between one or more forms of virtual digital assets; transfer of virtual digital assets; safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets; and participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset. This means virtual digital assets platforms carrying out the said activities will now have to register as a reporting entity with the Financial Intelligence Unit-India. The unit is the national agency to strengthen India’s efforts against money laundering and terror financing. Reporting entity platforms such as CoinSwitch are now mandated to implement know your customer, record and monitor all transactions, and report to the Financial Intelligence Unit-India as and when any suspicious activity is detected. This is a step in the right direction. Such rules are already applicable to banks, financial institutions and certain intermediaries in the securities and real estate markets. Extending them to virtual digital assets provides virtual digital assets platforms with a framework to diligently monitor and take actions against malpractices. A standardization of such norms will go a long way in making the Indian virtual digital assets sector transparent. It will also build confidence and assurance in the ecosystem, and give the government more oversight on virtual digital asset transactions, which will be a win-win for all. Reconsider Tax Rates Such risk-mitigation measures are in line with global guidelines put forward by the International Monetary Fund and the Financial Action Task Force (FATF). FATF, in...

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### The March goes on…

- Published: 2023-03-29
- Modified: 2023-06-06
- URL: https://coinswitch.co/building-blocks/the-march-goes-on/
- Categories: Boardroom

March is always a busy time of year for us. It represents the annual closing of books, calculating taxes and preparing for a new start. Speaking of taxes, I’ve noticed quite a few questions around how to file returns for your crypto transactions. We’ve made the process simpler for you on the app, and we have also published several articles and videos to help you in this process. This explains Crypto TDS in detail and this piece tells you how we’ve simplified the process. If you have any more questions, feel free to contact us at bit. ly/newcskticket. It’s also been a big month for crypto in India. On 7th March, the Indian government announced that all crypto transactions will be brought under the Prevention of Money Laundering Act or PMLA, as it’s commonly known. This is something CoinSwitch and the Bharat Web3 Association (BWA) have been asking for a long time and I see it as a positive development for the industry. It will help us weed out bad actors and create a healthier crypto ecosystem in India. I wrote about it on Twitter for you to read. I am pleased to inform you that CoinSwitch is now registered as a Reporting Entity under the rules, providing us a framework to monitor transactions and report to the authorities when we see any malpractice. Now, I’d like to address another question I hear often: What is CoinSwitch doing to keep my data and investments safe? Short answer: We’ve implemented industry leading authentication mechanisms to safeguard our community. We store your crypto in leading custodial wallets and secure your data with advanced SSL/TLS infrastructure. There’s more of where that came from, in this article. And lastly, I want to share an interesting observation from a startup-tech event I was invited to in Mumbai. Midway through my fireside chat while sharing my thoughts on how Web3 could become a force for public good, I noticed the eagerness and deep interest the Web2 industry leaders showed in crypto technology. To me, this is a sign of the great strides Web3 has made, and of the bright future that lies ahead! As the seasons turn, I hope you and your families are healthy and well!

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### Security features that ring-fence the CoinSwitch experience

- Published: 2023-03-27
- Modified: 2023-03-27
- URL: https://coinswitch.co/building-blocks/security-features-that-ring-fence-the-coinswitch-experience/
- Categories: Bulletin Board
- Tags: app safety, CoinSwitch app safety, CoinSwitch encryption, CoinSwitch security

CoinSwitch provides users with a simple and secure way to invest in crypto. The simplicity of the CoinSwitch app is something our users experience every day—at every trade. But how do we secure our platform, your data, and your assets? Very diligently, is the short answer. From user-specific PIN and 2FA (Two-Factor Authentication) to control access to the app, to SSL (Secure Sockets Layer) and TLS (Transport Layer Security) encryption protocols to protect user data and transactions, to multi-party computation (MPC) for the custodial wallets that secure users’ crypto, we apply extensive checks and guardrails to ensure users’ investment is as secure as it is seamless on CoinSwitch. This article lists some of the major security features and protocols we have implemented toward that cause. How is the CoinSwitch app secured? CoinSwitch has established a well-defined authentication mechanism for the app to prevent any unauthorized access. These include user-specific PIN or biometric authentication and two-factor authentication through SMS-based OTP. As a practice, we ask for user credentials before showing any sensitive data, nor do we store any sensitive data locally on users’ phones. We also regularly update the CoinSwitch app as and when we identify any security gaps. Users are thus strongly advised to regularly update the app from the respective app store (Play Store for Android and App Store for Apple). How is my data secured? The CoinSwitch app is secured using SSL/TLS to ensure users’ data remain protected and uncompromised. SSL or Secure Sockets Layer is a security technology that encrypts communication between a server (the CoinSwitch server) and a client (the CoinSwitch app on your phone). Specifically, we use a cryptographic protocol called TLS or Transport Layer Security to encrypt all data shared between the application and server. The TLS protocol prevents third parties from eavesdropping or tampering with data, and thus ensures the integrity of the communication between the CoinSwitch app and our server. Further, CoinSwitch has defined app permissions in such a manner that other apps installed on users’ devices do not get access to the data. This is over and above the operating system-level sandboxing restrictions that isolate apps and prevent them from malicious third-party apps. You may read more about Android’s Application Sandboxing here and Apple’s App Sandboxing here. How is the server data secured? CoinSwitch uses the industry-leading cloud services of Amazon Web Services (AWS) to securely store all data in cloud servers. AWS encrypts data stored on its servers and during transit between servers. CoinSwitch has defined proper access controls for user data on the AWS database to prevent any unauthorized access or malpractice. How is my crypto secured? CoinSwitch stores users’ crypto in custodial wallets of global repute provided by industry-leading institutions. Access to these wallets is with CoinSwitch. Further, these wallets require multi-party computation, which is to say no single individual even at CoinSwitch can execute a transaction; all transactions require a maker-checker mechanism. To ensure transparency of our custody, we have also made public our wallet addresses and...

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### Our due diligence on crypto assets we list

- Published: 2023-03-09
- Modified: 2023-07-27
- URL: https://coinswitch.co/building-blocks/our-due-diligence-on-crypto-assets-we-list/
- Categories: Transparency

Few innovations promise to reshape the world the way blockchain and Virtual Digital Assets (VDAs, popularly known as crypto) do. Decentralized, transfers value on the internet, and establishes digital ownership... crypto infuses unparalleled flexibility into finance. Flexibility can be a double-edged sword, however. Today, more than 12,000 tokens exist. A new crypto is born nearly every day, and many of them fade as fast as they rise. Some are outright sinister: According to a report by Solidus Labs, fraudsters released over 117,000 scam tokens last year to siphon off investors’ money through rug pulls. It is then critical to separate the wheat from the chaff. Investing in crypto should be a deliberate and well-thought decision. DYOR (Do Your Own Research)—this cannot be overemphasized. But we do not stop there. At CoinSwitch, investor protection is of utmost priority: We equip you to do your research and enable you to invest in crypto only after we have rigorously screened it. Investing is a personal choice, and it is not our place to recommend a crypto against another, yet as a platform to discover and buy crypto for over 19 million Indians we require a token and its founding project to meet certain standards before it is listed on our platform. Our asset onboarding team evaluates crypto on various criteria—from methodology and fundamentals to community and support—to decide if and what cryptos we should list, and when. The broad listing evaluation criteria have been detailed below this article. Do note, this is not an exhaustive list and the decision is ultimately on CoinSwitch, even if a crypto meets the below-mentioned criteria. Further, CoinSwitch reserves the right to delist a coin if it fails to satisfy our screening and monitoring standards at any point of time. Fundamentals & Methodology Crypto is an umbrella term for a diverse set of projects built on a public blockchain with cryptographic technology. No crypto is like the other—each serves a different purpose. And some none at all. CoinSwitch closely evaluates each token, its whitepaper, and other relevant documents, to assess what its use-case is, what the project intends to solve and the roadmap defined to achieve the same. Further, CoinSwitch has taken a conscious decision to not list any privacy coins. People & Team A whitepaper alone cannot paint a true picture of the potential of a crypto. The people developing the token, their expertise and credibility in the Web3 space, and the investors backing them—if any—matter just as much as technical details. Tokenomics & Liquidity The supply and distribution of tokens have the utmost impact on the market value of a crypto asset. We evaluate a crypto’s declared maximum supply, circulating supply, the distribution of the tokens among the developers and investors, and their vesting period. As a general rule, a crypto asset with an extremely low circulating supply or distribution which is highly skewed toward the developers and project investors is susceptible to fraud and thus not listed. Widespread Availability & Acceptance Crypto assets are volatile,...

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### On languages, stories and…

- Published: 2023-02-28
- Modified: 2023-06-06
- URL: https://coinswitch.co/building-blocks/on-languages-stories-and/
- Categories: Boardroom

Here’s a little something about me: I grew up in Meerut, a city in Uttar Pradesh. Growing up, Hindi was my language of choice; in conversations with family and friends, and through school and college. When I started my first job, I understood that the language of money in India is English. Strange, isn’t it? India, a country of 1. 4 billion people who speak 22 scheduled languages and many more dialects, does business in English. But a shift is underway. Indian languages are gaining prominence, as technology companies look to serve millions of Indians coming online for the first time. We’re doing our bit too. I’m proud to say that CoinSwitch is expanding its language capabilities to assist users in 5 regional languages: Marathi, Bengali, Kannada, Tamil, and Hindi. We drew inspiration from our year-end report, which highlighted a rise in crypto adoption in smaller Indian cities. This is only a small step toward speaking our users’ language as we continue to innovate and build an exciting wealth tech destination for India. We also just launched ‘Stories’: a way for you to discover the latest action in the world of finance in a couple of taps! You can check out Stories by clicking on the green-ringed button at the top of your screen. And keep your feedback rolling in so we can get better! Now, on to matters of the heart. The shortest month of the year is also my favorite time of year. Because, one exciting week in February brings together two important dates on my personal calendar: my birthday and my wedding anniversary. So this time around, I’d like to thank my better half. In the five years that my wife and I have been married, I’ve begun to see her as more than just a partner. She’s a sounding board, a friend, a confidant and a critic, all rolled into one. Her opinions help me make better decisions and she’s also helped me be a better leader. In my last email, I talked about one of my goals for the year: more transparency. Recently, I wrote about how crypto exchanges like CoinSwitch must win user’s trust by being more honest about practices and processes. You can read the piece that I wrote with Arushi Goel of the World Economic Forum here. Speaking of transparent practices, early in our journey we decided not to support crypto deposits and withdrawals. I understand this is a highly debated topic, and not everyone would agree with our choice. But as a platform built for every Indian, we make some conscious choices on what we offer to our retail users and what we don’t. I wrote more about this on LinkedIn and would love to hear your thoughts on this. That’s all from me in February. We have some exciting launches and features coming your way very soon and I must get back to helping our teams perfect them.

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### हमारे वॉलेट एड्रेसिस, प्रूफ़ ऑफ़ रिज़र्व्स, और अन्य बातें

- Published: 2023-02-10
- Modified: 2023-02-10
- URL: https://coinswitch.co/building-blocks/%e0%a4%b9%e0%a4%ae%e0%a4%be%e0%a4%b0%e0%a5%87-%e0%a4%b5%e0%a5%89%e0%a4%b2%e0%a5%87%e0%a4%9f-%e0%a4%8f%e0%a4%a1%e0%a5%8d%e0%a4%b0%e0%a5%87%e0%a4%b8%e0%a4%bf%e0%a4%b8/
- Categories: Bulletin Board

हमसे प्रूफ़ ऑफ़ रिज़र्व्स के बारे में पूछा गया है। आज हम एक कदम आगे बढ़ रहे हैं: हम अपने उन प्रूफ़ ऑफ़ रिज़र्व्स और देयताओं और वॉलेट एड्रेसिस की पूरी जानकारी दे रहे हैं, जहां से हम अपने उपयोगकर्ताओं की ओर से क्रिप्टो खरीदते और बेचते हैं। शुरुआत सबसे पहले, हम यह कहना चाहेंगे कि पारदर्शिता और जवाबदेही विश्वास की बुनियाद होती हैं। कॉइनस्विच में, हमने अपनी ज़िम्मेदारियों को हमेशा ही बहुत गंभीरता से लिया है। हमारे उपयोगकर्ता अपने निवेशों के संबंध में हम पर विश्वास करते हैं, क्योंकि हम उनकी पूंजी के बारे में सावधान और ज़िम्मेदार हैं। हम अपने उपयोगकर्ताओं की ओर से क्रिप्टो खरीदते और बेचते हैं, और इस सेवा के लिए हम एक छोटा-सा कमीशन लेते हैं। उपयोगकर्ताओं के क्रिप्टो एसेट्स पर हम पुनर्निवेश नहीं करते या उधार नहीं लेते हैं। हमारे उपयोगकर्ताओं द्वारा हमेशा सही करने के इस मंत्र से, हमें जुलाई 2022 में हमारी होल्डिंग्स का एक स्वतंत्र अध्ययन करने का फ़ैसला लेने में मदद मिली। संदर्भ: क्रिप्टो बाज़ार में गिरावट की वजह से लिक्विडेशन्स की एक श्रृंखला देखी गई थी। वोयेजर और सेल्सियस जैसी कंपनियां दिवालिया हो गईं और वोल्ड ने निकासी को निलंबित कर दिया। इस गिरावट और इसके बाद के संक्रमण ने 300 बिलियन डॉलर से ज़्यादा मूल्य का सफ़ाया कर दिया और क्रिप्टो निवेशकों का विश्वास हिला दिया। हमारे कुल क्रिप्टो और INR होल्डिंग्स को स्वतंत्र रूप से सत्यापित करने और हमारे उपयोगकर्ताओं के निवेश के साथ उनका मिलान करने की विस्तृत प्रक्रिया को एक अन्य-पक्ष की फ़र्म ने 4 नवंबर, 2022 को संचालित किया। हमें कुछ दिनों बाद रिपोर्ट मिली और इस प्रूफ़ ऑफ़ रिज़र्व्स के मुख्य नतीजों को हमने 17 नवंबर, 2022 को अपने ब्लॉग पर प्रकाशित किया। भारतीय क्रिप्टो प्लैटफ़ॉर्म द्वारा बनाई गई होल्डिंग्स की यह पहली ऐसी स्वतंत्र रिपोर्ट थी। हमारा मानना है कि INR और क्रिप्टो होल्डिंग्स पर एक स्वतंत्र रिपोर्ट यह सुनिश्चित करने का सही तरीका है कि एक क्रिप्टो प्लैटफ़ॉर्म इस समय उपयोगकर्ता की ओर से दावा किए गए एसेट्स को होल्ड करता है। स्वतंत्र रिपोर्ट (4 नवंबर को) के कुछ दिनों बाद, एफ़. टी. एक्स. धराशायी हो गया। ग्राहक की पूंजी के कथित गलत प्रबंधन और दुनिया के सबसे बड़े क्रिप्टो एक्स्चेन्जिज़ में से एक की बाज़ार में चालबाज़ी ने मुश्किल सवाल उठाए। यह विश्वास पर संकट था। उपयोगकर्ता अपने ऑन-चेन होल्डिंग्स को सत्यापित करना चाहते थे। वॉलेट एड्रेसिस प्रकाशित किए जाने की मांग ने ज़ोर पकड़ा। इस सवाल का जवाब देने में हमने समय लिया, क्योंकि हमारा मानना है कि हमारी प्रूफ़ ऑफ़ रिज़र्व्स रिपोर्ट एक स्वतंत्र अध्ययन के माध्यम से चिंताओं का जवाब देती है। इसके अतिरिक्त, 19 मिलियन उपयोगकर्ता अपने निवेशों के लिए कॉइनस्विच पर विश्वास करते हैं, और जब सुरक्षा की बात हो, तब हमने हमेशा ही सावधानी बरती है। हमने खुद से यह सवाल किया कि क्या 'वॉलेट्स' को उजागर करने से कोई सुरक्षा जोखिम हो सकता है'। यह कि हम एक एक्सचेंज एग्रीगेटर हैं, इसका मतलब यह भी है कि हमारा ट्रेडिंग डेटा और होल्डिंग्स सार्वजनिक नहीं थे, जैसा कि एक स्टैंडअलोन क्रिप्टो एक्सचेंज के...

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### CoinSwitch keeps you TDS compliant

- Published: 2023-02-09
- Modified: 2023-02-09
- URL: https://coinswitch.co/building-blocks/coinswitch-keeps-you-tds-compliant/
- Categories: Bulletin Board
- Tags: crypto tax, Crypto TDS, TDS Certificate, TDS on CoinSwitch

The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman on 1 February, 2023, introduced provisions on penalty and prosecution for non-deduction or non-payment of TDS (tax deduction at source) applied on Virtual Digital Assets. The proposed changes were introduced as amendments to Sections 271C and 276B of the Income Tax Act - the laws relating to the penalty imposed for failing to deduct or remit TDS before the applicable due date. Through these amendments, these provisions will be made applicable to TDS on VDA. What does this mean? As per the proposal—which will come into effect once the Parliament passes the Finance Bill—a user (in the case of P2P transactions) or exchange could be penalized with a fine equivalent to the TDS amount by the tax department if the applicable TDS has not been deducted. Further, the user (in the case of P2P transactions) or the exchange could face imprisonment of a minimum of 3 months to a maximum of 7 years if the deducted TDS is not deposited with the government. But fret not: On CoinSwitch, we have ensured your crypto transactions are TDS-compliant. Since 1 July, 2022, CoinSwitch has deducted TDS on all applicable transactions, and we deposit this with the tax department against your name. You can view the TDS deductions on the transaction note cum tax invoice that we provide for your transactions. You can download this on the Orders & History page in the Portfolio section of the app by following these steps: Open the CoinSwitch app Click on the Portfolio tab Go to the Orders page on the top-right corner of the screen Click on the Crypto to download the respective tax invoice https://www. youtube. com/watch? v=Lj8F4E8h0eg That’s not all. CoinSwitch also provides users with a quarterly TDS Certificate that shows all the TDS deductions made for the three months to make your tax planning easier. You can download the TDS Certificate on the Reports page by following these steps: Open the CoinSwitch app Click on Profile on the top-left corner of the screen Go to the Reports page Select the Period (Quarter and Financial Year) Click on Download TDS Certificate https://www. youtube. com/shorts/ObShyX2ZiSw You can also see these TDS deductions reflected on their Form 26AS, which is a detailed account of tax deducted at source (TDS), tax collected at source (TCS), and details about income tax refunds of a taxpayer. You can download your Form 26AS through the Income Tax Department website.

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### Our efforts to refine India’s crypto taxes and regulations

- Published: 2023-01-31
- Modified: 2023-07-19
- URL: https://coinswitch.co/building-blocks/refining-indias-crypto-taxes-and-regulations/
- Categories: Public Policy
- Tags: crypto regulations, crypto tax, tax, TDS, union budget, VDA

Regulations are like water. It takes the shape of its surroundings. India’s nascent but promising crypto industry is all too familiar with this. The Union Budget (the Finance Act 2022), for the first time, Virtual Digital Assets (VDA) and the taxes applicable to them. At the outset, clarity on the taxes should have brought greater transparency in crypto. The real-world impact, however, narrates a different story. But first, let’s recap. Last year, the union government imposed a 30% tax on gains from the transfer of virtual digital assets. There was no provision to offset any loss or carry forward it to the next financial year. Further, it levied a tax deducted at source (TDS) at the rate of 1% on every sell transaction over a certain threshold (₹10,000 for individuals and ₹50,000 for specified persons). The tax provisions came into effect on 1 April 2022, and TDS on 1 July 2022. While welcoming the clarity in defining and taxing VDA, CoinSwitch had flagged the high TDS and the lack of offset or carry forward—provisions applicable in other asset classes—as a possible challenge to compliance. A year since, data on the impact of these taxes, and the TDS in particular, show they have had the unintended consequence of incentivizing non-compliance and driving crypto transactions away from KYC-compliant, India-registered platforms to offshore entities and the grey market. This is so as the TDS has a compound effect on the liquidity in the crypto market. Applicable at every sell transaction, it locks up 1% of the capital available to high-frequency traders at every transaction. This dries up the capital available to such traders, who are the source of liquidity in the market. As it turned out, investors shifted their transactions outside the tax-compliant platforms to preserve their capital and commercial activity. Unintended Consequences This flight to foreign exchanges was first documented by a Bloomberg article published in September 2022. The report relied on data on app downloads on Google Play Store and Apple Store to draw a comparison of India’s tax-compliant exchanges against foreign exchanges. A more comprehensive study of the impact of the TDS on the Indian crypto industry was published this January by the Esya Centre, in collaboration with Taxsutra. The key findings of this study are as follows: Between February 2022 and October 2022, cumulative trade volume worth around $3,852 million (₹32,000 crore) shifted from Indian centralized VDA exchanges to foreign exchanges. Between July 2022 and October 2022, the total trade volume contributed by Indians on foreign centralized VDA exchanges was to the tune of $9,670 million (₹80,000 crore). High TDS has disincentivized tax compliance, driving users to foreign exchanges. To address this, the Esya report put forth the following recommendations: The government should consider lowering the TDS rate to curb its distortionary effect. The government to gather hard evidence on the optimal tax rate for the VDA market. The government should resort to a progressive tax structure with differentiated rates for short-term and long-term gains akin to international best...

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### Tailoring Crypto Tax to India's Needs

- Published: 2023-01-25
- Modified: 2023-05-15
- URL: https://coinswitch.co/building-blocks/tailoring-crypto-tax-to-indias-needs/
- Categories: In Depth

Crypto is a rare gem in the Indian tech landscape. Rarely has India been able to develop and scale up homegrown startups and cutting-edge tech solutions in lockstep with Western counterparts. India has had great success in the last two decades in establishing a strong IT industry and, later, an internet services industry. Yet, we have lagged behind in adopting and shaping breakthrough technologies—be it semiconductors or smartphones. On crypto, however, our startups have taken the unchartered route: To build products and services that rival global peers. Even in these early days of crypto, Indian platforms have been able to scale up and cater to the needs of millions of users. India has built unicorns in the crypto investment space as well as in the crypto infrastructure sector. This has taken shape hand-in-hand with the digital transformation of India. The result: India was ranked fourth in the world in crypto adoption on purchasing power parity terms by an international analytical firm, accounting for $172 billion in crypto transactions between July 2021 through June 2022. Last year’s Union Budget acknowledged this growing adoption by defining, for the first time, what constitutes a Virtual Digital Asset, or VDA. The Finance Act 2022 also established a tax structure for VDAs. Clarity on taxes on crypto was much needed, and the budget offered that. But beyond this relief, the crypto investors were burdened with a tax structure not comparable with other asset classes. The flat 30% tax on profits came with no basic exemption or categorization into long-term and short-term capital gains based on the period of holding, nor did it allow investors to carry forward or offset losses. More significantly, the TDS of 1% at every sell transaction had a compounding effect on high-frequency traders—the source of liquidity in the market—with capital getting locked up at every trade. Time to course correct Nearly a year on, it has become clear that these prohibitive measures have had a counterintuitive impact: Instead of bringing about more transparency and compliance in crypto transactions in India, they have unwittingly incentivized users to move to offshore exchanges and grey markets. A recent study by the Esya Centre and Taxsutra found a shift of cumulative trade volume of around ₹32,000 crores from domestic crypto startups to foreign exchanges between February and October 2022. This has serious implications: Loss of revenue to the government, loss of oversight of crypto transactions, and significantly exposing users to offshore risks. Our hope is that the government would course correct and introduce taxes that incentivize users to stay compliant and within our jurisdiction. Better taxes lead to better compliance. There is room for refinement in other provisions of the tax as well, such as the lack of basic exemption, lack of offset or carry forward, and threshold for TDS. I have explained this in detail below: Basic exemption: At present, there is no basic exemption for crypto tax. This might be too difficult for someone whose total income is less than the basic exemption...

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### 2022: A year of BUIDLing Crypto Regulations

- Published: 2023-01-13
- Modified: 2023-05-19
- URL: https://coinswitch.co/building-blocks/a-year-of-buidling-crypto-regulations/
- Categories: Transparency

2022 was a turbulent year for crypto. The crypto market experienced one of the steepest price erosions in history, as rising inflation rates and subsequent monetary tightening sent the capital markets—and tech stocks in particular—into a downward spiral. Yet, it has also been a year of BUIDLing in crypto, marked with watershed events such as the Ethereum Merge. The year will also go down in history as one of the foundational years for the evolution of regulatory guidelines for crypto, with regulators and enforcement agencies across the world stepping up to build their capacity, initiating unprecedented enforcement actions and setting the tone for potential regulations for the industry. To give you a complete picture of the evolution of crypto in India, my colleagues Sukant Dukhande, Abhishek Singh and Sumana Satyamurthy have compiled a timeline of these major events toward the end of this piece. At the outset, such regulatory actions are often viewed as a shocking development. But as someone who has worked at the intersection of technology and law for over two decades at companies such as WhatsApp, Netflix, Snapdeal, Jio, and eBay, I realise that is far from the case. Regulation always follows innovation. It’s a feature and not a bug. Placing the rules before the technology developments can do more harm than good. That said, the true value of transformative innovations often cannot be fully realized until the regulatory context takes shape. Engagements and knowledge-sharing help regulations catch up and fully grasp the technology. The year 2022 laid the foundation for this evolution in crypto, especially in India. Society adopts innovation in stages, as theorized by sociologist E. M. Rogers. While early adopters are typically comfortable using technology that’s unregulated, for innovation to reach the majority (early and late), regulations need to come in. Last year, India framed the first pieces of crypto regulations—from taxation to advertising guidelines to cybersecurity standards to KYC. All these were aimed at protecting the consumers; ensuring KYC, transparency, and traceability; and increasing tax revenue of the country. Crypto was also on the radar of various enforcement agencies, including the Enforcement Directorate and state police departments. While these engagements have not yet reached a conclusion, it is safe to say that these events are a reminder to India’s nascent yet eclectic crypto industry to be transparent and responsible, and not lure customers with false promises and irresponsible growth hacks. Investors, on their part, should double down on DYOR (Do Your Own Research). In the Indian Parliament, lawmakers asked more than 100 questions on crypto, NFT, Web3 and blockchain in 2022: This shouldn’t come as a surprise. Crypto is a new technology, and as such the lawmakers, too, are learning the nuances of the technology and the different business models it has enabled. Various government and law enforcement agencies also invested significant time and effort in building their knowledge, capabilities and tools to understand crypto. In fact, the UPSC exams in 2022 had questions on NFT and Web3. If you are a UPSC...

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### Proof of Reserves, Wallet Addresses and more… starting 2023 right

- Published: 2023-01-06
- Modified: 2023-06-06
- URL: https://coinswitch.co/building-blocks/proof-of-reserves-wallet-addresses-and-more-starting-2023-right/
- Categories: Boardroom

It’s January! The month of new resolutions and a renewed conviction to do and be better. And while the teams at CoinSwitch are already planning for the year ahead, I’d like to share some of our collective (as well as some of my personal) goals for 2023 with you: - Be more Transparent - Focus on Execution - Prioritise Fitness The past year has been turbulent—for the markets and the world in general. However, I believe that bear markets are the best time to slow down, think things through and build. And that’s what we at CoinSwitch did in 2022: We hunkered down and built. I'm excited to bring these products to you in 2023. Let’s get straight into the first goal: Be more Transparent As India’s largest crypto exchange, it is on us to build trust with our users by being more transparent. In 2023, we will aim to give you access to all information, good or bad, whenever you need it. This year we will go the extra mile to make our processes and systems crystal-clear for you. We are committed to building India’s best wealth-tech destination, and we can be the best only if you—our users—know it and believe in it. Yes, I can almost hear you go: proof of address kahan hai? Wallet address dikhao? Today I am addressing what many of you have been asking for: Our crypto wallet addresses. This on-chain validation of the assets we hold on your behalf is in addition to the summary of our Proof of Reserves report we published on November 17, 2022. You can find the details of our wallets and more here. In the article, you will find: Our wallet addresses and the total funds in them (in INR) The list of exchanges we engage with to buy and sell crypto for you The full independent report of our crypto and INR holdings conducted by a third-party firm Full transparency: that’s the mantra. And I’ll write to you once every month to give you a walk-through of how we go about building CoinSwitch into India’s top wealth-tech destination. Now, on to the 2nd goal: Focus on Execution 2022 was the year of the silent BUIDL at CoinSwitch. And now’s the time for you and the world to see the fruits of our labor. You may have already experienced the foundation of these ambitious plans: The all-new CoinSwitch app and CoinSwitch PRO... Be prepared for many more launches, products and asset classes. I’m counting on your support and feedback at every step of the way. Your inputs will help us make a product that everyone loves! The final and my personal goal for 2023 is to make fitness a priority. Between launching new products, travelling to represent CoinSwitch at events and life in general, I found myself burning the candle at both ends. It led to poor eating habits, restless sleep and a general sense of malaise. I have since started taking concrete steps to devote time to...

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### Our wallet addresses, proof of reserves, and more

- Published: 2023-01-06
- Modified: 2023-05-19
- URL: https://coinswitch.co/building-blocks/our-wallet-addresses-proof-of-reserves-and-more/
- Categories: Transparency
- Tags: Fund Safety, Proof of Reserves, wallet addresses

इस पोस्ट को हिंदी में पढ़ने के लिए यहाँ क्लिक करें। We’ve been asked for our proof of reserves. A lot. Today we are going a step ahead: Providing a complete picture of our proof of reserves and liabilities, wallet addresses, and the exchanges from where we buy and sell crypto on behalf of our users. Table of Contents: 1. The Beginning 2. Our Wallet Addresses 3. Custodial Services 4. Exchanges We Work With 5. Proof of Reserves and Liabilities Report 6. How Much Cash Do We Have 7. Next Steps 8. Frequently Asked Questions (FAQ) The Beginning First, here’s where we are coming from: Trust exists when there is transparency and accountability. At CoinSwitch, we have always taken our responsibilities very seriously. Our users trust us with their investments because we are diligent and responsible with their funds. We buy and sell crypto on behalf of our users, and we charge a small commission for this service. We do not reinvest or borrow against users’ crypto assets. This mantra of always doing right by our users guided our decision to conduct an independent study of our holdings in July 2022. The context: the crypto market had crashed and set off a chain of liquidations. Companies like Voyager and Celsius went bankrupt and Vauld suspended withdrawals. The crash, and the contagion that followed, wiped out over $300 billion in value and shook the trust of a large number of crypto investors. The exhaustive process to independently verify our total crypto and INR holdings, and matching them with our users’ investments was conducted by a third-party firm on November 4, 2022. We received the report a few days later and we published the key findings of this Proof of Reserves on our blog on November 17, 2022. It was the first such independent report of holdings conducted by an Indian crypto platform. You can read the full findings here: INMACS Report We believe an independent report on the INR and crypto holdings is the right method to ensure a crypto platform holds the assets it claims to on behalf of the user at this point. A few days after the independent report (on November 4), FTX collapsed. The alleged mismanagement of customer funds and market manipulation of what was once one of the largest crypto exchanges in the world raised tough questions. There was a crisis of trust. Users wanted to verify holdings on their own on-chain. The call to publish wallet addresses gained currency. We took time to address this question, for we believe our Proof of Reserves report addresses the concerns through an independent study. Further, CoinSwitch is trusted by 19 million users for their investments, and we have always exercised an abundance of caution when it comes to security. We asked ourselves if ‘exposing the wallets could cause any security risks’. That we are an exchange aggregator also meant our trading data and holdings were not public as would be the case for a standalone crypto exchange. So...

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### A Brand New CoinSwitch

- Published: 2022-12-15
- Modified: 2022-12-15
- URL: https://coinswitch.co/building-blocks/a-brand-new-coinswitch/
- Categories: Bulletin Board

One that makes it Whole and then Some! They say to always open with a joke, but there's no subtle way to say this: it took us more time to complete our rebranding than it did for us to acquire 18 million users. Funny (or hurtful, depending on who’s reading it) as it sounds, we’re more confident that if we are to go back and acquire the same 18 million users with this spanking-new look, it’d take us probably half of what it took originally. Because India’s most beloved crypto brand now looks much younger, cleaner and fresher. To put it in Gen Z terms, we went from a 6 to a 9. All hail the tireless efforts of our resilient brand crew, patient leaders, supremely talented tech and product crew and the ever-great agency Animal. Hail! ! ! Were we really a 6 though? Our first logo. We know what you’re thinking, “for a brand so beloved, we were pretty blue all the time”. See, the CoinSwitch “blue” will go down in history as one of the warmest colors in an industry so cold. That blue wasn’t born out of a long-term vision, but a short-term need. A need to have “something, so we can start. ” Akin to every other startup’s genesis story, we saw an opportunity, and we set out to grab it. We didn’t care how we looked, what we were wearing or how we were coming across... well, until much later. We just wanted to make crypto accessible, affordable and attainable for Indians, so forgive us if our clothes weren’t laundered, Karen! Why the change now? Because ‘Timing the Market’ Contrary to what our social media crew thinks, we didn’t do away with our blue to separate ourselves from Twitter’s ongoing blue war. In fact, our rebranding efforts started as early as April 2021. We’ve always envisioned a future for CoinSwitch that is more than crypto. The first product in our shop may have been crypto but we knew where we wanted to be all along. Since the beginning of our rebranding exercise and now, we’ve been through countless iterations of the logo, multiple catch ups to agree on new colors and far too many untimely regroupings on “naye illustrations mein maza nahi aa raha”. But as unlikely as it may seem, through all this chaos, one thing remained constant; our brief to the agency: CoinSwitch’s vision from the start has been to make money equal for all. We’re not talking about bridging the net worth between the world’s richest dude in India and that 9-5er in the city of Bangalore. We’re talking about a vision where money and investment opportunities are made accessible, affordable and achievable for everyone. For people from the colorful streets of Banaras to the high-rise dwellers in Hyderabad; from your go-to chaiwaala across the street to your chartered accountant; from your parents to your door ke rishtedaar; everyone has equal opportunity and access to investing and building wealth. Clearly a...

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### It's time to go PRO

- Published: 2022-11-23
- Modified: 2022-11-23
- URL: https://coinswitch.co/building-blocks/its-time-to-go-pro/
- Categories: Bulletin Board

Our mission to Make Money Equal for All doesn't end with building a simple platform for users to trade crypto. We are now taking a big step toward helping our users evolve in their crypto journey. A way for users to find more choices, exercise control over their trades and level up their trading experience. We’re proud to introduce the world to CoinSwitch PRO, a first-of-its-kind, rupee-powered crypto trading platform—built for advanced traders. With multiple exchange access,CoinSwitch PRO allows users to seamlessly trade crypto across the top exchanges in India, all from one account. With CoinSwitch PRO, we’ve reimagined a user’s whole trading experience. With just a single login, users can discover, compare prices across exchanges, and take advantage of arbitrage opportunities. Users can even discover the exchange with the lowest commission for each trade in real time and turn a profit. You can access CoinSwitch PRO from your mobile, but we believe it is best experienced on desktop. Humble beginnings We first studied the market and the available products. We realized that advanced traders are underserved. We asked ourselves: could there be a way for them to discover and leverage the price movement of crypto assets across multiple exchanges simultaneously, creating new opportunities to make profits? Yes, there can. And we’ll call it CoinSwitch PRO. What’s the big deal? Multiple exchanges, one account You can now accomplish what you once did with multiple tabs on your terminal, from a single screen and just one account. Say goodbye to monitoring multiple exchanges and remembering a dozen passwords. It’s a marketplace of exchanges Most traders know that different exchanges display different rates due to buyer/seller activity. Fewer traders know how to take advantage of these differences. On CoinSwitch PRO, you can make profits from arbitrage, that is, the practice of buying crypto on one exchange at the lowest price and selling it at a higher price on another. Find the lowest commissions Make the most of the lowest commissions in the industry, with just 0. 1% charged on each trade you make. And it only gets better! With our volume based discounting structure, the more you trade, the more you save! Rupee powered trading Remember the time you spent converting USD to INR before making a trade? No more! CoinSwitch PRO lists crypto from 3 exchanges in Indian Rupees, to help you make quicker decisions and trades. We could go on, but you’ll see it for yourself when you check out coinswitch. co/pro/trade. All you need to do is login with your registered CoinSwitch mobile number or set up an account in a jiffy. They say diamonds are formed under pressure. So in this bear market, we took this to heart and went about building a gem of a product!

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### The CoinSwitch Way: Transparency on User Holdings

> CoinSwitch’s overall holdings of Indian Rupees on our books and crypto assets held in custody are greater than customer holdings, an independent review of the company’s books and custody services has confirmed.

- Published: 2022-11-17
- Modified: 2022-11-17
- URL: https://coinswitch.co/building-blocks/transparency-on-user-holdings/
- Categories: Bulletin Board
- Tags: Fund Safety, Proof of Reserves, Transparency

CoinSwitch’s overall holdings of Indian Rupees on our books and crypto assets held in custody are greater than customer holdings, an independent review of the company’s books and custody services has confirmed. The summary of our Proof of Reserves report is available here. At CoinSwitch, we have always prioritized trust, transparency and safety, and going the extra mile to do right by our users. The extensive and independent review of the company’s bank accounts, payment gateways, crypto custody services as well as counterparty relations with crypto exchanges was thus carried out so that our users have full visibility into their funds and investments reserves on CoinSwitch. The review, or the agreed-upon procedures (AUP), was carried out by INMACS, a 38-year-old public limited company registered in India, that specializes in assurance, taxation, regulatory advisory, and risk management, among other services. The firm was founded by Mr. Vinod Jain, an experienced Chartered Accountant with 42 years of rich industry experience, who has also been a Member of the High Powered Committee, appointed by the Finance Ministry to simplify Income Tax Law. He was also appointed by the Union Finance Minister as an Advisor to the GST Council for reviewing GST Law. Why now? The recent collapse of the global crypto exchange FTX has been a rude awakening for the global industry, and regaining the trust of the users and outside observers should be of the highest priority for every stakeholder in the industry. The growing call for exchanges and intermediaries to show proof of reserve is thus welcome. At CoinSwitch, we believe, a representation of the crypto and fiat holdings without an independent review, however, falls short of the high standards the industry should benchmark itself against—for, in the absence of regulations that mandate such reviews, the onus is on exchanges and intermediaries to be proactive and transparent. This report is just the beginning of many such steps to come. And few come with the credibility and experience of INMACS and Vinod Jain, who has inspected the financials of medium and large-scale corporations across regulated sectors. INMACS, who was engaged by us in July 2022, conducted the Agreed-Upon Procedures (AUP) in November 2022 under the Indian Standards on Related Services (SRS 4400) issued by the Institute of Chartered Accountants of India. The inspection adhered to the International Standard (ISRS) 4400, an international standard and guidance to perform agreed-upon procedures regarding financial information. A summary of our Proof of Reserves review The details of the process followed and findings certified by INMACS are as follows: INMACS was provided with a detailed listing of crypto custody services, counter-party sources including crypto exchanges and wallet addresses from CoinSwitch, using a snapshot of web-logins on the web-portal of these sources provided by CoinSwitch. INMACS obtained individual Indian fiat currency (INR) balances with banks, payment gateways, and crypto exchanges, using snapshot of web-logins on the web-portal of these sources or banks, and payment gateways, and crypto exchanges statements of account provided by CoinSwitch. INMACS also obtained a...

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### How we keep our users' funds safe

- Published: 2022-11-14
- Modified: 2022-11-22
- URL: https://coinswitch.co/building-blocks/how-we-keep-our-users-funds-safe/
- Categories: Bulletin Board
- Tags: business model, Fund Safety

News about recent liquidity issues in the crypto market, plunged the market into a state of FUD this past week. As India's simplest crypto trading platform, we see it as our duty to reassure our users that their funds on CoinSwitch are absolutely safe. Here's an excerpt from an email we sent to them: First off, to make it clear: CoinSwitch does not have any exposure to FTX and its token, FTT. Our crypto platform is built on solid foundations and has helped us earn the trust of 1. 8 crore Indians, who trade securely with us, every day. Here is how we do it: A straightforward business model Our revenues are based on commissions from transactions, and we have ZERO leverage over your crypto. We do not reinvest or lend your crypto in any manner. 1:1 Asset holding ratio This means you can access your assets at any point and choose to trade 24 hours a day on CoinSwitch. We do not lend or borrow using your crypto. Industry leading custody services We use the world’s best custody services recognized by reputed institutions, including SOC 2 Type II and the International Organization for Standards in security. Healthy financials We have fully audited financials with robust balance sheets. We are also debt-free and have a healthy cash position. Made for Indians, by Indians You can use the CoinSwitch app only in India. This means we only serve retail investors living in the country. Keeping investor protection in mind, we proactively comply with the laws of the land, even though they are still evolving. There’s nothing more important to us than helping you build wealth simply and safely, and we constantly strive to be worthy of your trust. Edit: Since the publishing of this piece, we conducted an independent Proof of Reserves review. You can find the summary here.

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### On building our crypto roadshow

> How an innocuous tweet led to the rise of Web3 meetups by CoinSwitch.

- Published: 2022-09-22
- Modified: 2022-09-22
- URL: https://coinswitch.co/building-blocks/on-building-our-crypto-roadshow/
- Categories: In Depth
- Tags: Crypto, Culture, meetups, people

It all started with a tweet and a cozy cafe. https://twitter. com/therealjpk/status/1494132896017174528? s=20&t=KiwTy9Pq93yDmz1SAyRnDg “We were just coming out of the 3rd Covid wave and getting back to working out of the office. I just wanted to catch up with some folks from the Web3 community to understand how the crypto space was shaping up. ” Little did Jayadevan P. K. (or JPK as he’s commonly referred to) know, his tweet would set a wave of meet-ups in motion, all over the country. Jayadevan is the Senior Director of Communications & Content at CoinSwitch. Bangalore | February 27th, 2022 To JPK’s immense surprise, over 100 people registered for what was intended to be a small, informal gathering. So, on a bright Sunday morning, gather they did—at a small cafe in Bangalore. Ashish Singhal, CEO at CoinSwitch, spoke on his journey building India’s largest crypto startup. “We met a bunch of interesting startups working in fractionalized real estate, DeFi and even music. And we realized it was a great way to surface real use cases for Web3. ” Malini Goyal of Unboxing Bangalore, stopped by to say a few words about Bengaluru's hustle culture. And it’s not just the Web3 developers that showed up. “We had a great and varied turnout—everyone from artists, techies, BUIDLers and women in web3 too,” says Rozelle Laha. “It was an indication of the energy and potential of these gatherings, and a hint at what it could become. ” Roshan D’Silva, CEO at Tripvillas shared his expectations of Web3 on the travel industry. And this is where the name of these meetups was born. Block by Block (formerly Around the Block) became the moniker for these gatherings of blockchain and Web3 enthusiasts, helmed by CoinSwitch. “It’s a nod at blockchain of course, but also how we’re building this event, one block at a time,” JPK quips. Mumbai | April 22nd, 2022 “As the market leader, it’s our responsibility to give back and nurture the community, even beyond the borders of Bangalore. So while planning the next event in Mumbai, we let the theme guide us,” says Shashwath Janardhan, Project Manager at CoinSwitch. “Since Mumbai is the city of creators, we wanted to understand how Web3 is empowering them. ” And thus Enabling Creators through Web3 came to be the direction Block by Block, Mumbai embarked on. Hari Pilaka, NFT Lead at Polygon Technologies, spoke on NFTs as an evolved delivery mechanism for art. “Many of the companies and large-scale unicorns that we know and love today were once spotted at tech meetups, back in the day. And we believe a lot of the Web3 startups we’ve met at Block by Block are poised to become huge too,” adds JPK. And it’s not just Block by Block. Across the country, cities are seeing a surge in Web3 meetups, and it wouldn’t be surprising to walk into a cafe packed with Web3 enthusiasts on any day of the week. “It’s reminiscent of the early days of tech, and that’s...

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### Bear Market Babies - How some of us are dealing with the crypto market right now

> As we wrestle the bear to try and make some gains in the crypto market. here are some thoughts from crypto investors working in CoinSwitch.

- Published: 2022-09-15
- Modified: 2022-11-17
- URL: https://coinswitch.co/building-blocks/bear-market-babies/
- Categories: CoinSquad
- Tags: bear market, crypto market, people

Progress is not linear. Dr Maria Montessori was speaking of children’s education when she said this in 1946. But she may as well have been speaking of investments—no index of note has moved in a straight line, after all. This is especially true for crypto. An emerging asset class, crypto has grown exponentially in the decade or so of its existence, but this overarching growth story is made of many small ascends and tumbles. As we write this, the crypto market is on one such tumble, falling hand-in-hand with traditional assets as inflation threw a wrench into the global economic machine. Green candles have given way to the dreaded reds. So we turned to investors inside CoinSwitch to understand how they are handling the bear market. (In case you didn’t know, most of us here at CoinSwitch are crypto investors ourselves) We went around the room to see if it is all “gloom and doom” as newspaper headlines like to shout, or, like a good student of markets, they see progress as non-linear.

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### Buying the <s>dip</s> SIP

> The story behind our crypto SIP and how it was built.

- Published: 2022-08-23
- Modified: 2022-09-22
- URL: https://coinswitch.co/building-blocks/buying-the-sip/
- Categories: In Depth
- Tags: Crypto, Recurring, SIP

The solutions to complex problems are often simpler than we think. How does one decide when to invest? How do you mitigate volatility? How do you beat the market? These questions have troubled many an investor. In equities markets then, and crypto now. Adarsh Pai knew this all too well. “Time for a story. Back in 2017, hours before the infamous crypto crash of the year, I invested roughly ₹10,000 in the market. I was still in my 3rd year of college, so I made the investment and went to appear for an exam. In the next few hours, and by the time I got wind of the crash, my investment was reduced to just ₹2,000. ” https://twitter. com/NeerajKA/status/944283497073725440? s20&t=V6R_XQh7pq5WY9ZP-Kn0Mg A bitter ordeal no doubt, but a valuable lesson learned. Years later, this personal experience drove Adarsh, now a Product Manager at CoinSwitch, to walk up to his manager and pitch a solution. “My experience with equities led me to understand that the solution wasn’t too obscure or unheard of,” Adarsh says. “In fact, it’s something most retail investors and even the average layman are well acquainted with. ” The solution was simple: an SIP. And as it turned out, a recurring order product was in the works at CoinSwitch, awaiting a driving force. So Adarsh took on the role. A self proclaimed crypto nut, Adarsh has been trading in crypto since 2017, and in equities for even longer. Enough time to arrive at a few key observations: “I can tell you firsthand how stressful it is, going in with a large investment. The risk of exposing your entire investment brings a lot of anxiety and fear—ultimately resulting in lower motivation to trade,” he says simply. “The second is widely known. Equity markets make it easy for new investors to invest—with an abundance of data, trends and indications. The crypto market doesn’t answer important questions like ‘What data should I consider? ’ or ‘How much to invest? ’” This lack of information and fear of risk make for a potent combination of reasons to dissuade new investors from taking the plunge into crypto. “Everyone wants to get a bite of incredible gains but immense losses are a bitter pill to swallow. It’s what keeps those unfamiliar with crypto out. ” A complex challenge no doubt, but with a simple solution. Are Systematic Investments at odds with crypto? Crypto is fast. Crypto is now. Crypto moves at lightning speed. How does a measured, planned approach to investing work for a volatile asset like this? Surprisingly well, quips Adarsh. It’s where something as simple as an SIP comes to the rescue. They can help mitigate the risks of the market. It’s just the right solution for anyone looking to get into crypto, without the baggage of too much risk. Getting it off the ground “The really interesting stuff is what came next,” says Adarsh. “Whether we could find a product market fit. ” So they began scoping out the playing field, to...

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### Women in Web3: BUIDLing a Future

- Published: 2022-03-08
- Modified: 2022-09-22
- URL: https://coinswitch.co/building-blocks/women-in-web3-buidling-a-future/
- Categories: CoinSquad
- Tags: Culture, Web3, Women

Equitable access to finance has always been our guiding force. And we believe crypto technology has the power to effect this change — breaking down the barriers of gender, geography, and class. It’s what our mission of Making Money Equal for All is really about. To make crypto accessible for everyone – not just the experts and specialists. But it would be remiss to say we have got it all covered. Today, a mere 15% of our registered users are women. There is clearly, plenty of room to grow. But we’re taking small steps in this direction. Starting with a diverse and inclusive workforce to build a product that serves the kaleidoscope that India is. As a leader in the crypto industry in India, we also bear a great responsibility in nurturing leaders of tomorrow. Because the stakes are high: Web3. 0 is the future of the internet. But if it isn’t equitable, it won’t be sustainable. This isn’t just a reflection of good ethos, but also good business. Research has shown that companies with the greatest gender diversity generated about 34% of their revenues from innovative products and services. At CoinSwitch, we want the incredible women building the future of finance, to evolve into leaders of tomorrow. Each of them could be at different timelines, but very much on this journey. So, this Women’s Day, we’re highlighting the journey of five such BUIDLers — the first women in their teams — and what we’ve learned from them. Trust begins with Empowerment Swati Brahma is the multitasker who makes everyone else look like amateurs. She joined CoinSwitch in April 2018 when the company was just four employees old. Incidentally, she’s also CoinSwitch’s first female employee. Back then, Swati says, she moonlighted as the content writer to support staff to the marketer. “I didn’t have much idea about crypto then,” she said. “And I had some apprehensions as I was moving from a steady job to a young and crazy startup, but our founders’ confidence is infectious”. CoinSwitch has seen much growth since then — we’re now 500-plus employees strong. And Swati has grown too: now a Customer Experience Analyst within the Operations team, she believes amongst all that’s changed, one thing has remained ths same. “At CoinSwitch, there is no micromanagement. The employees are trusted with day to day operations and even with critical decisions” she said. Ownership trumps Hierarchy Dinshaw Kothari was building on blockchain before the blokes discovered it. Previously a blockchain developer at one of India’s largest IT services companies, she was the first woman to join CoinSwitch’s engineering team in December 2020. “Just the scale of things excites me about CoinSwitch. When I joined, we were celebrating 1 million users. And today, within just a couple of months, we’ve reached 15 million,” Dinshaw said. She also speaks of a greater sense of ownership. “In traditional companies, work is distributed and delegated across several departments. There is a rigid hierarchy. So as a developer, I would have...

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### A Crypto Unicorn Story — Let’s Talk Series C Funding!

> Read the story behind how CoinSwitch became a unicorn and the biggest crypto company in India and what's next for us.

- Published: 2021-10-06
- Modified: 2022-09-22
- URL: https://coinswitch.co/building-blocks/a-crypto-unicorn-story-lets-talk-series-c-funding/
- Categories: Bulletin Board
- Tags: CoinSwitch Kuber, Crypto, Funding, Great Place to Work, Unicorn

Hello True Believer! Thank you for believing in us. Fuelled by your support and the passion shown by our incredibly dedicated team, we’ve managed to raise a Series C funding of $260 Million. This round was led by Coinbase Ventures and Andreessen Horowitz (a16z), with our previous investors Sequoia, Paradigm, Ribbit and Tiger Global also investing in us. This has now propelled us to the very top as India’s most valued Crypto company at $1. 91 Billion! The story so far... It’s always a roller coaster ride for any startup like ours with innovation in their DNA, but our journey often took us to the deepest lows on the way to this incredible high. Cryptocurrency used to belong to the dark side — an alien, complex concept that so many thought of as something illegal and not to be played around with. Yet there were always those who believed in the power of Crypto, even in the darkest of times. People who took the time and effort to invest in Crypto when it was only starting to make waves, and then thought to themselves, ‘There has to be an easier way to do this. ’ This small group of people included our founders, Ashish Singhal, Sagar Vimal and Govind Soni, who took it upon themselves to create a solution. A way to bring Crypto from out of the darkness and into the light, so that even more Indians could see it as a symbol of hope rather than something to be suspicious about. Today, more than 10,000,000 people have seen the light, thanks to CoinSwitch Kuber. Through the anxiety of a potential RBI ban in the beginning of 2021 and the constant self-doubt that has plagued everyone in the Crypto industry in India, the only thing that kept us going was YOU! Growing from 1 Million users in November, 2020, to 5 million in May, 2021, to 10 million in September 2021. This acceptance is what moved us forward and helped us get to where we are today. What’s next? With this latest round of funding, we are hoping to make Crypto investment even easier, safer and faster for the people of India. Here’s how we’re planning to spend the funds: Onboarding 50 Million Indians on CoinSwitch Kuber Launching Crypto products and services like lending and staking to enable users to benefit from this decentralized technology Hiring the best talent across Tech, Product, Growth and Support Addition of new asset classes to offer multiple investment options Introducing a product for institutional clients Launching a fund for young innovators in the Crypto ecosystem Becoming a one-stop-shop for all information and knowledge about Crypto Thank you once again for your support. We hope to see bigger smiles on your face soon with loads of new features, better services and a product that will become your favourite (if it isn’t already)! Happy Trading! Team CoinSwitch

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