Crypto trading platform CoinSwitch says its user base grew 14x in 2021

NEW DELHI: CoinSwitch Kuber on Tuesday said it saw 14 times growth in its user base in 2021. Over 1.4 crore Indians used CoinSwitch compared with 10 lakh at the beginning of the year, the company said in a statement.

The crypto trading app also saw strong growth in app usage per minute per user and transaction volume during the year as prices of crypto assets surged significantly.

“Catering primarily to retail investors, CoinSwitch registered a 3,500 per cent rise in transaction volumes as more Indians started their crypto investing journey as crypto-assets became mainstream worldwide. Most traded crypto assets on our platform include BTC, DOGE, ETH, MATIC and ADA,” said CoinSwitch.

An average user spent 27 minutes on the app to buy, trade, and sell crypto assets and read informative articles on the platform, double from 13 minutes at the beginning of the year. This number was driven by users reading articles on Kuberverse, which is a learning initiative from CoinSwitch.

Women were also not behind in making crypto investments, data shows. As of today, 15 per cent of CoinSwitch total user base comprises women. Cities like Delhi, Kolkata, Pune, Mumbai, Lucknow, Patna became early crypto adopters.

“Nearly 60 per cent of our user base is less than 28 years old. While many Indians are starting their asset investing journey, increasingly 45-year old plus stock market enthusiasts are experimenting with this high-risk, high reward asset class,” the company said.

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