Crypto trading platform CoinSwitch has surpassed 2 crore registered users, amidst a strong resurgence in user activity in India, as investors turn bullish.

Investors are bullish in the wake of the Bitcoin ETFs in the US, the possible approval of the Ethereum ETF, and the scheduled Bitcoin Halving event. The company said it is the first in India to touch the milestone.

Since the turn of 2024, user registrations on CoinSwitch have grown by 5 times as compared to the daily average user growth in 2023. In the last two weeks, the crypto trading volumes on CoinSwitch platforms have increased by 7 times, and the number of users in profit has increased by over 80 per cent.

Ashish Singhal, Co-founder of CoinSwitch, said, “Bull markets are a magnet for new users, and crypto is now on a bullish path. To be the most beginner-friendly crypto trading app has been the priority at CoinSwitch since day one. The 2-crore milestone — a majority of whom are first time crypto investors — is a validation of these efforts, as well as a reminder to keep building and iterating for the users.”

The crypto trading platform will be giving away ₹20,000 worth of Bitcoin to a lucky user every hour. CoinSwitch is a reporting entity with the Financial Intelligence Unit-India, establishing rigorous transaction monitoring checks and fully compliant with the KYC and PMLA guidelines in India.

CoinSwitch raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to become India’s most-valued crypto Unicorn at a valuation of $1.9 billion. In October 2021, the company crossed 14 million registered users in 18 months.