CoinSwitch operates as a mobile cryptocurrency exchange platform. The platform supports trades in cryptocurrencies, including bitcoin, litecoin, ethereum, ripple, doge coin, and more. The company was founded in 2017 and is based in Bengaluru, India.
ESPs containing CoinSwitch
The ESP matrix leverages data and analyst insight to identify and rank leading companies in a given technology landscape.
The centralized crypto exchanges market refers to a segment of the cryptocurrency industry that involves trading digital assets through a centralized platform. These exchanges are owned and operated by a central authority, which manages the exchange's infrastructure, order book, and user funds. Centralized exchanges typically charge fees for trading, deposits, and withdrawals, and require users to…
Research containing CoinSwitch
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CB Insights Intelligence Analysts have mentioned CoinSwitch in 3 CB Insights research briefs, most recently on Sep 10, 2022.
Expert Collections containing CoinSwitch
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
CoinSwitch is included in 4 Expert Collections, including Unicorns- Billion Dollar Startups.
Unicorns- Billion Dollar Startups
Companies in this collection build, apply, and analyze blockchain and cryptocurrency technologies for business or consumer use cases. Categories include blockchain infrastructure and development, crypto & DeFi, Web3, NFTs, gaming, supply chain, enterprise blockchain, and more.
Excludes US-based companies
Latest CoinSwitch News
Dec 7, 2023
13 mins ago Addressing a question during the Lok Sabha on December 4, the Minister of State for Finance Pankaj Chaudhary said that 28 different virtual digital asset service providers (VDA-SPs) including WazirX, AQN Finance, Coinswitch and CoinDCX, have registered with the Financial Intelligence Unit- India (FIU-IND)– a government organization that collects financial intelligence about offenses under the Prevention of Money Laundering Act (PMLA), 2002. These organizations have registered with the FIU-IND under the anti-money laundering (AML) and countering the finance of terrorism (CFT) guidelines for virtual digital assets released in March this year. The minister also said that guidelines and reporting requirements apply to offshore crypto exchanges servicing the Indian market, and the process for registering such offshore crypto exchanges has been initiated. He said that appropriate action shall be initiated against those that fail to comply with the guidelines. Why it matters: The fact that these 28 companies registered with the FIU-IND could be seen as an attempt to establish legitimacy. Registration also assures these companies that their businesses are legally compliant and thus would not see any government action for non-compliance as mentioned by the minister. Notably, WazirX and CoinDCX were quick to register with FIU-IND, with reports of their registration breaking back in March. With others signing on as well, it will become easier for government authorities to procure data related to crypto transactions in a systematic fashion Who is required to register with the FIU-IND? The AML and CFT guidelines state that anyone providing services such as– exchange between virtual digital assets (like cryptocurrencies) and fiat currencies (like Rupee or the Dollar) exchange between one or more forms of virtual digital assets transfer of virtual digital assets safekeeping or administration of virtual digital assets financial services related to an issuer’s offer and sale of a virtual digital asset. (note: here issuer means the person who created a cryptocurrency) Starting March 10, 2023, anyone providing the above-mentioned services was required to register with the FIU-IND. As a part of this registration, they were required to disclose the account details of the banks/ financial institutions where they hold accounts for transactions and the money of their clients. Key requirements that service providers are expected to meet: Know Your Customer (KYC): Under the guidelines, crypto service providers are required to have a robust mechanism in place for complying with know-your-customer (KYC) requirements. They are expected to carry out KYC prior to onboarding customers as well as a one-time exercise in cases where KYC has not already been conducted as of the date the guidelines were issued. They must also conduct periodic KYC on existing customers at least every year. Advertisement. Scroll to continue reading. For the purpose of KYC, the companies can rely on the Permanent Account Number (PAN) or National Identity Number and official valid documents such as a passport, driver’s license, proof of possession of an Aadhaar number, and Voter ID. At any point in time when a service provider is no longer satisfied with the true identity of the customer, a Suspicious Transaction Report (STR) has to be filed with FIU-IND. Enhanced due diligence (EDD) norms: Service providers are required to examine as far as reasonably possible, the background and purpose of all complex, unusually large transactions, and all unusual patterns of transactions, which have no apparent economic or lawful purpose. These include: More frequent review of customers’ profiles/transactions Additional measures like gathering information from public sources Reasonable measures to know the customer’s source of funds, these measures must directly correspond with the assessed risk of customer and product profile Crypto service providers are also required to apply EDD norms to transactions when entering into business relationships with Politically Exposed Persons (PEPs) as defined under the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PMLR). You can read our detailed report on the guidelines here . Also read:
CoinSwitch Frequently Asked Questions (FAQ)
When was CoinSwitch founded?
CoinSwitch was founded in 2017.
Where is CoinSwitch's headquarters?
CoinSwitch's headquarters is located at 1st Flr ,Wing A, Exora Business Park, Prestige Tech ParkII, Bengaluru.
What is CoinSwitch's latest funding round?
CoinSwitch's latest funding round is Series C.
How much did CoinSwitch raise?
CoinSwitch raised a total of $300M.
Who are the investors of CoinSwitch?
Investors of CoinSwitch include Tiger Global Management, Peak XV Partners, Ribbit Capital, Paradigm, Andreessen Horowitz and 4 more.
Who are CoinSwitch's competitors?
Competitors of CoinSwitch include CoinDCX and 1 more.
Compare CoinSwitch to Competitors
Unocoin offers a bitcoin and cryptocurrency trading platform. It enables users to store, buy and sell bitcoins. It operates and serves in India. The company was founded in 2013 and is based in Tumkur, India.
Zebpay is a company that operates in the cryptocurrency exchange industry. It offers services that allow users to buy, sell, and trade a wide range of cryptocurrencies. The company primarily serves the financial technology sector. It was founded in 2014 and is based in India.
CoinDCX acts as an aggregator of cryptocurrency trading services. It offers spot trade, margin trade, coin listing, liquidity services, application programming interface (API) broker, and more. It was founded in 2018 and is based in Mumbai, India.
GuardianLink is a company that focuses on providing tech infrastructure for the digital collectible ecosystem, operating primarily in the blockchain and NFT industry. The company offers a range of services including a no-code NFT marketplace, secure Web3 wallets, and tools for launching NFT projects, all designed to facilitate NFT commerce. GuardianLink primarily serves the ecommerce industry, with a particular focus on digital collectibles and blockchain-based projects. It was founded in 2016 and is based in Chennai, India.
OKCoin International operates as a cryptocurrency exchange. The digital asset trading platform helps users buy and sell bitcoin, ethereum, miamicoin and many other crypto assets around the globe. It was founded in 2013 and is based in San Francisco, California.
WazirX provides a platform to buy, sell, and trade Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Tron (TRX), Bitcoin Cash (BCH), and more crypto assets in India.