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.
