CoinSwitch Kuber, an Indian-based crypto exchange trading company, has announced its intention to attract at least 50 million crypto investors in the domestic market in a span of 2 years. According to Ashish Singhal, CoinSwitch’s CEO, and Co-owner, the crypto exchange also plans to spread awareness about investments based on cryptocurrency and means to generate wealth from them in addition to growing its network. Elaborating more on the announcement, Ashish Singhal stated,
The past 18-20 months in the COVID pandemic has taught most of us the value of money. We are here not only to solve the crypto problems for the Indian investors, but also solve the wealth management issue, with crypto being a key financial asset in their portfolio. We want to remove all the complexities in crypto trading, educate the consumers and give them a simplified experience of one-click buy and sell in crypto.
Speaking further on the current scenario the exec revealed that more than half of its users belonged to the Tier1 and Tier 2 cities with a combined base of customers from a total of 4,000 cities and that the primary aim is to build the right kind of environment for these investors. Voicing his optimism with regards to the future of the Indian cryptocurrency market he said that the next big technology company would soon emerge from the country and will revolutionize the blockchain and Web3.0 industry.
Current Indian crypto scenario
The Indian crypto market has been growing at an exponential rate and would soon be valued at $241 million by the end of 2030 and an astonishing $2.3 billion by 2026 on a global scale. Most importantly, the sector has the capacity to create approximately 8 lakh jobs in the next ten years from a mere 50,000 currently employed. At a time when the unemployment rate is shooting up to 8.86% amid rising inflation and the economic instability induced by the COVID pandemic, the current reluctance from the governing authorities might dampen the thriving crypto ecosystem in the country.
According to the online broker aggregator platform Brokerchooser, Indian crypto owners, with a total of 10.07 crore, is currently the highest in the world. This is contrary to the current ambiguity of government and regulators’ policies in the country. Although the Supreme Court of India had lifted the ban last year, crypto enthusiasts and stakeholders are betting on a more proactive and more regulatory clarity from the leaders.