CoinSwitch.co, the worldwide aggregator of cryptocurrency exchanges, has today launched CoinSwitch Kuber, the Indian rupee (INR) cryptocurrency exchange mobile application, exclusively for the Indian market. The launch comes amid unprecedented demand for cryptocurrency products in India, with CoinSwitch Kuber having signed up over 100,000 users during the pre-launch promotion period, far exceeding the 25,000 users initially targeted.
Ashish Singhal, CEO and Co-Founder at CoinSwitch.co, said, “Following the announcement of the pre-launch of CoinSwitch Kuber in May, we have been inundated with user signups and have already reached over 100,000 users, far exceeding our initial targets. The growing appetite for crypto in India, along with recent legislative developments, provides an ideal backdrop for CoinSwitch Kuber’s launch. By offering a simplified and accessible route into crypto via a mobile application, CoinSwitch Kuber can drive crypto adoption in India. We are extremely excited to be at the forefront of user-friendly efforts to trade crypto at the best rates.”
CoinSwitch Kuber aims to remove the complexity associated with crypto and open the market up to new users. Following the product launch, any member of the public can now create an account on the platform by performing KYC/AML procedures and can deposit INR into their account using the various payment methods accepted. Users also have the facility to store, send, and receive cryptocurrencies through their account.
CoinSwitch Kuber supports over 100 cryptocurrencies for users to buy, sell and trade digital assets seamlessly with INR. CoinSwitch Kuber guarantees that users can buy cryptocurrencies at the best rates, achieved by aggregating the liquidity of top exchanges in India. Users gain access to this pooled liquidity through a simplistic interface wherein they will simply enter the INR amount and choose the cryptocurrency they wish to buy. The platform then offers a rate which auto-refreshes every 30 seconds.
Singhal concluded, “Being based in Bangalore, we have waited patiently for our chance to expand our globally recognised crypto products into the Indian market. Thanks to recent positive developments in the Indian regulatory landscape, which has already facilitated sufficient growth in the Indian cryptocurrency space, we can finally launch CoinSwitch Kuber into the market. The mobile platform provides a simple access point to this new world of finance. Enhancing the user experience, we believe, will translate to more fundamental market developments in the Indian digital currency space, which will eventually lead to cryptocurrencies being used to buy and sell everyday purchases.”