Soon after SC annulled the RBI’s ban on crypto trading in March 2020, the floodgates opened up seeing a massive spike in crypto investments. Within a span of 12 months, CoinSwitch Kuber added more than 5 million new users onto its platform.
The sudden spurt in numbers which coincided with 5 long months of the bull run gave little opportunity for exchanges to innovate, expand, and launch new products.
Preparing for the Heydey
Undeterred by volatility, the hallmark of a nascent crypto market, CoinSwitch Kuber is working on multiple fronts to secure its frontiers.
Shoring up Young Talent
The fintech startup has grown from a team of 20 to nearly 120 during the pandemic. Backed by Sequoia Capital, Tiger Global, and Kunal Shah (founder of CRED), CoinSwitch Kuber is planning to add over 150 new members to its rolls by the year-end.
The startup recently onboarded Sarmad Nazki (in the picture), a former finance head at Bounce and Ola, as the Chief Financial Officer (CFO). In May, the company hired Zeeshan Ramlan, a Ph.D. research scholar and philanthropist,as its Director and Head of HR to spearhead the expansion process.
Besides, the tech team has roped in Anand Kulkarni as Senior Director to lead product development. Anand, an entrepreneur himself, holds a broad experience of working under various product roles across the globe.
Besides rapid expansion, the company is going out of its way to strengthen security. As opposed to centralized exchanges, CoinSwitch does not hold custody of user funds making it extremely safe to invest and is certainly immune from hacking.
The mid-May market crash has wiped out more than $1 trillion in a single week. The horrendous slump in prices is sharply followed by months of uncertainty.
Meanwhile, the trading volume on most Indian exchanges has more than halved since April and May when the market was at its peak.
Is it all blue? Certainly not. Experts believe that the drop in crypto trading isn’t necessarily a ‘bad’ thing. For one, it suggests that more people are now HODL’ing.
HODL, or Hold On for Dear Life, is a term ascribed to long-term investors. HODLers are considered the crème de la crème of investors who care less about short-term fluctuations. More HODLing diminishes the possibility of a big sell-out causing a further drop in value.
After all, if winter comes, can spring be far behind?
P.S: KuberVerse is an educational initiative. Anything expressed here directly or indirectly is not investment advice. And we ask you to do your own research before investing.