Top 5 Crypto Exchanges in India to Showing Significant Growth
Cryptocurrency has emerged as one of the fastest-growing digital assets, thanks to a huge bull run in late 2020 and early 2021. It offers many options for anyone wishing to make some decent money online, backed by the blockchain and enabled for trading. A recent Reserve Bank of India clarification noting that its 2018 circular prohibiting banks from dealing in “virtual currencies” is unlawful and cannot be mentioned after being set aside by the Supreme Court in 2020 has resurrected the Indian crypto business in the last month. The bitcoin industry hailed the RBI’s comments as an endorsement of the usage of bank accounts for such transactions.
Investors and traders may now use the many crypto exchanges offered by Indian crypto firms to purchase and sell various digital assets available in the market. For a modest fee, these exchange services convert government-backed cash (in India, the rupee) into the cryptocurrency of your choice and vice versa when you sell.
There are various cryptocurrencies to pick from, including Bitcoin, Ethereum, Binance, TRON, and the new Doge and Shiba Inu. On the other hand, Bitcoin and most other cryptocurrencies have recently been in a bear market as values have fallen due to Bitcoin mine shut down in China and probable governmental scrutiny. Even then, if you want to purchase the drop and invest in cryptocurrencies, there are several Indian companies and exchange platforms where you can trade digital assets such as Bitcoin, Ethereum, Dogecoin, and MATIC, among other altcoins.
In 2017, Nischal Shetty, Siddharth Menon (COO), and Sameer Mhatre, WazirX is a fast-growing cryptocurrency exchange with over 1 million members. According to the Mumbai-based business, individuals can build digital assets by purchasing, selling, or investing in crypto assets such as Bitcoin, Litecoin, Ethereum, Ripple, and others. The site was also the first to introduce an auto-matching P2P (Peer-to-Peer) engine to assist merchants in converting Indian Rupees to cryptocurrency and vice versa. WazirX’s Smart Token Fund also assists crypto investors in locating skilled traders and allowing them to manage their cryptocurrency portfolio.
WazirX is now part of the Binance Group, the world’s largest cryptocurrency exchange with 180 countries.
CoinDCX was created with the user’s experience and security in mind, offering zero-fee quick fiat to crypto conversions so that users may access a wide range of financial goods and services backed by industry-leading security and insurance protection. CoinDCX was founded in 2018 by Sumit Gupta (CEO) and Neeraj Khandelwal to become the worldwide cryptocurrency gateway. CoinDCX is India’s only cryptocurrency firm to have raised three funding rounds in less than a year. It has raised $19 million in total.
In 2020-21, the company increased its headcount from 30 to 100. By the end of 2021, it hopes to have doubled its employees. Between 2018 and 2020, it also launched its product, Insta, which facilitates fiat-crypto buying and selling and saw a month-on-month increase of over 38 percent.
BuyUcoin was founded in 2016 by Shivam Thakral, Atulya Bhat, and Devesh Aggrawal and lets users purchase, sell, trade, and store digital assets such as Bitcoin, Ethereum, and Ripple. BuyUCoin’s business model is split into two parts: percentage-based transaction commissions and margins on quick and easy trades.
The company was founded in 2017 by Ashish Singhal, Govind Soni (CTO), and Vimal Sagar (COO) as a global aggregator of cryptocurrency exchanges, with over 300 coins and 45,000 currency pairs. It introduced CoinSwitch Kuber, an India-only INR-crypto on-ramp platform, in June. Since January, the firm claims to have seen a 350 percent increase in its user base. The platform already has over 4.5 million users in India and processed $5 billion in transactions in March 2021, just ten months after its introduction. This year, it hopes to sign up 10 million new users.
The Bengaluru-based business raised $25 million in a Series B investment from Tiger Global Management in April 2021, valuing it at around $500 million. CoinSwitch Kuber had previously raised $15 million in Series A funding from Ribbit Capital, Paradigm, and Sequoia Capital India in January.
Unocoin was India’s first Bitcoin entrant, founded in July 2013 by Sathvik Vishwanath, Harish BV, Abhinand Kaseti, and Sunny Ray. Customers can buy, sell, and deal in Bitcoin and Ethereum through the Bengaluru-based business. In October 2020, the platform raised an unknown amount as part of its continuing Series A financing from investors such as Tim Draper. It has around 13 lakh subscribers; at least three lakh of them are KYC-verified. Unocoin boasts that its annual revenue is in the hundreds of crores.