ETtechTiger Global-backed cryptocurrency platform CoinSwitch on Wednesday announced the launch of CoinSwitch Pro, a multi-exchange trading platform for advanced crypto traders.
While the CoinSwitch app allows users to buy and sell cryptocurrencies with a trade limit of Rs 2.5 lakh per order, the new desktop-only platform allows traders a limit of Rs 10 lakh per order.
Further, while the mobile app selects the exchange on which a particular order is placed, the CoinSwitch Pro platform allows users to select the exchange to place a trade.
“CoinSwitch Pro will help Indians trade crypto assets on a KYC-compliant platform in a way never seen before,” said Ashish Singhal, cofounder and CEO of CoinSwitch. “We believe crypto traders are currently underserved by products in India.”
He said the new platform will take the trading experience to the next level and “help traders discover and leverage the price movement of crypto assets across multiple exchanges simultaneously, creating new opportunities to make profits”.
The new product has been launched at a time when the cryptocurrency market is in a bear phase, and companies in the space are focusing on building new products to augment their revenues.
Earlier this week, ET reported that crypto players are looking to diversify their offerings and de-risk amidst an uncertain regulatory environment in India.
CoinSwitch is planning to add non-crypto asset classes such as US stocks and mutual funds on its trading platforms by March 2023.
CoinSwitch Pro allows users to trade on different exchanges such as WazirX and CoinDCX — meaning, users can buy on one exchange and sell on another, thereby opening the possibility of arbitrage gains.
The unicorn, which is funded by Sequoia Capital, Coinbase Ventures and Andreessen Horowitz among others, reported a revenue of Rs 71 crore in 2020-21, up from Rs 13 crore in the year prior to that.
Changpeng Zhao, CEO of Binance, the world’s biggest crypto exchange by volume, had last week said he didn’t think the crypto environment in India was very friendly, and that the exchange business in the country was not viable.
“To be honest, I don’t think India is a very crypto-friendly environment... If you are going to tax 1% on each transaction, there are not going to be that many transactions,” Zhao was quoted as saying by TechCrunch, at a conference organised by the publication.
“A user could trade 50 times a day and they will lose like 70% of their money,” he had said. “There is not going to be any volume for an order-book type of exchange. So, we don’t see a viable business in India today. We just have to wait. We are in conversation with a number of industry associations and influential people and trying to put some logic there.”
The recent collapse of FTX, one of the world’s biggest crypto exchanges, put the spotlight on the liquidity situation of various exchanges in the space, with users demanding enhanced transparency requirements.
While the CoinSwitch app allows users to buy and sell cryptocurrencies with a trade limit of Rs 2.5 lakh per order, the new desktop-only platform allows traders a limit of Rs 10 lakh per order.
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“CoinSwitch Pro will help Indians trade crypto assets on a KYC-compliant platform in a way never seen before,” said Ashish Singhal, cofounder and CEO of CoinSwitch. “We believe crypto traders are currently underserved by products in India.”
He said the new platform will take the trading experience to the next level and “help traders discover and leverage the price movement of crypto assets across multiple exchanges simultaneously, creating new opportunities to make profits”.
The new product has been launched at a time when the cryptocurrency market is in a bear phase, and companies in the space are focusing on building new products to augment their revenues.
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Earlier this week, ET reported that crypto players are looking to diversify their offerings and de-risk amidst an uncertain regulatory environment in India.
CoinSwitch is planning to add non-crypto asset classes such as US stocks and mutual funds on its trading platforms by March 2023.
CoinSwitch Pro allows users to trade on different exchanges such as WazirX and CoinDCX — meaning, users can buy on one exchange and sell on another, thereby opening the possibility of arbitrage gains.
The unicorn, which is funded by Sequoia Capital, Coinbase Ventures and Andreessen Horowitz among others, reported a revenue of Rs 71 crore in 2020-21, up from Rs 13 crore in the year prior to that.
Changpeng Zhao, CEO of Binance, the world’s biggest crypto exchange by volume, had last week said he didn’t think the crypto environment in India was very friendly, and that the exchange business in the country was not viable.
“To be honest, I don’t think India is a very crypto-friendly environment... If you are going to tax 1% on each transaction, there are not going to be that many transactions,” Zhao was quoted as saying by TechCrunch, at a conference organised by the publication.
“A user could trade 50 times a day and they will lose like 70% of their money,” he had said. “There is not going to be any volume for an order-book type of exchange. So, we don’t see a viable business in India today. We just have to wait. We are in conversation with a number of industry associations and influential people and trying to put some logic there.”
The recent collapse of FTX, one of the world’s biggest crypto exchanges, put the spotlight on the liquidity situation of various exchanges in the space, with users demanding enhanced transparency requirements.
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