CoinSwitch Kuber has hit 10 million registered users in 15 months of starting India operations and plans to add more asset classes in the future.

7 million active users

Out of the company's current user base, 7 million are active users with a monthly transaction volume of ₹15,138 crores. The platform claims to be witnessing high volumes from the millennial and GenZ population, with almost 75 per cent of its user base being between the ages of 18 and 35 and the average age being 24.

Speaking to BusinessLine , Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber said, “today we are a crypto platform but in future, we want to add other asset classes onto our platform as well. Currently, a lot of users are very young and crypto is exciting for them because it's engaging and offers high-frequency trades. But over time, these users would want to diversify their portfolio and build a more comprehensive set of tools to grow their money. And we want to become an investment platform for masses in India, as we grow.”

Also read: CoinSwitch Kuber raises $25 million from Tiger Global in Series B

The company is focusing heavily on creating engagement on the app through informative videos and articles. The average user engagement rate on the CoinSwitch Kuber app is said to be about 13 and a half minutes. “Our average engagement rate is unheard of, for a fintech company, we are close to the gaming apps level of engagement. It's not just because of the market, it is because of the learnings that we provide. Anytime a user comes to our app, they learn something new about the crypto industry,” Singhal added.

Creating awareness

Given the high regulatory ambiguity in the cryptocurrency space, CoinSwitch Kuber also spends heavily in creating awareness around crypto and ensuring that when people hear crypto their first association with the word is about crypto use cases. According to Singhal, being a digital-first company, CoinSwitch does not have any other expenses apart from people, content, and brand creation. So, most of the funding raised by CoinSwitch goes into creating education around crypto and building the Indian market.

Over 55 per cent users on the platform hails from tier 2 and 3 cities, while the remaining 45 per cent are from tier 1 cities. Interestingly, CoinSwitch Kuber even has investors from tier 2 cities such as Patna, Coimbatore, Karnal Dehradun, Ghaziabad, Faridabad, Agra, Amritsar, Bhopal, Ernakulum, etc., and tier 3 cities like Machhagan, Imphal, Mohali, Rohtak among others.

On CoinSwitch Kuber, the average crypto investment is about ₹9,000 per month per user, with investors in tier 1 cities making larger trades over smaller towns. In tier 1 cities, the average monthly ticket size is about ₹11,600, in tier 2 about ₹6,600 and in tier 3 about ₹3,500 per user.

CoinSwitch Kuber began global operations in 2017 and shifted focus to India in June 2020. It is backed by Tiger Global, Ribbit Capital, Sequoia Capital and Paradigm Capital.

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