The Indian crypto exchange has launched an innovative app called CoinSwitch Pro to allow users to access and trade crypto assets using the country’s national currency, the Rupee, with a single login.
Trading Crypto Assets Through Multiple Platforms
According to the company’s statement, with the new CoinSwitch Pro, users can explore and access different crypto tokens. They can also utilize arbitrage opportunities to manage a diversified investment portfolio.
In addition, the platform is a multi-exchange system with the flexibility to allow users to access and trade virtual coins seamlessly. CoinSwitch’s CEO, Ashish Singhal, noted that the firm believes that the Indian crypto space does not fully cater to the needs of its users.
Singhal further said that crypto traders are underserved, which makes it challenging for most to discover the limitless opportunities the digital asset space has to offer
The development of CoinSwitch Pro will help traders discover and control the price direction of crypto assets across several exchanges simultaneously, increasing their chances of creating further profits.
As widely reported by various media outlets, CoinSwitch plans to launch its non-crypto service at the end of March 2023. However, the exchange provided little detail about its next move.
The firm became a unicorn in September 2021 after successfully raising $260 million in a Series C funding round involving Coinbase Ventures and Andreessen Horowitz. The funding phase saw CoinSwitch’s valuation reached $1.9 billion last year.
Since then, the Indian crypto exchange has been a part of other funding drives in the country’s digital asset ecosystem. In August, CoinSwitch launched a Web3 startup fund (the Web3 Discovery Fund) to curate portfolio unicorns.
The fund has an initial capital of $10 million to support early-stage startups in the Indian crypto space. While commenting on the funding project, the CoinSwitch CEO explained that India needs more Web3 startups to help solve real-world problems.
The aim is not just to fund enterprises but also to mentor and equip them to hit the ground running, Singhal added.
India’s Hostile Crypto Regulations
Like most of its counterparts, the Indian government has taken a hard stance against the growth of the digital asset industry. The country’s regulator has already launched a strict tax regime that makes it challenging for exchanges to operate.
However, in response to the chaos triggered by the government’s rules, crypto exchanges have introduced a series of long-term investment products. These products are designed to counter the plunge in the prices of crypto assets.
There has been a decline in crypto-related businesses across the country due to heavy taxation. In addition, experts believe that the current broader crypto market conditions and the government’s aggressive regulations make it difficult for exchanges to navigate.
Following India’s 30% tax implementation in April 2022, trading volumes in crypto have dropped by 70%. As a result, the tax and other regulatory requirements have forced some exchanges to move out of the country while others switch to offering new services.
CoinSwitch is one of the businesses that has created new ideas to counter the rising heat triggered by regulatory decisions.
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