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In the next two years, the company plans to reach 50 million Indian crypto users: CEO of CoinSwitch Kuber.

Cryptocurrencies are poised to explode in India, according to Ashish Singhal, co-founder and CEO of CoinSwitch Kuber, a leading crypto exchange.

In the next two years, the company hopes to onboard at least 50 million Indian consumers, educating them about cryptocurrency investments and assisting them in building wealth.

CoinSwitch Kuber, which has more than 15 million users in India, has become a new unicorn and the country's most valuable crypto company, valued at $1.9 billion.

"The Covid epidemic has taught most of us the value of money during the last 18-20 months. We're here to help Indian investors not only with their crypto issues, but also with their wealth management, as crypto is a key financial asset in their portfolio "In an interview with IANS, Singhal said.

CoinSwitch, founded in 2017 by Singhal, Govind Soni, and Vimal Sagar, began operations in India in June 2020.

The exchange has seen enormous growth at a time when the sector is eagerly awaiting the passage of the crypto bill (due to be debated during Parliament's winter session) so that all stakeholders may go forward with confidence.

The cryptocurrency business has been rapidly expanding, and it is predicted to reach $241 million in India by 2030 and $2.3 billion globally by 2026. By 2030, the cryptotech industry has the potential to employ more than 8 lakh people, up from nearly 50,000 now.

"We want to simplify crypto trading by removing all the complexity, educating users, and providing them with a one-click buy and sell experience," Singhal added.

"We've come to India to collaborate with the government, to agree with its vision, and to assist build policies that benefit the industry, particularly those working with crypto and Blockchain technology," he continued.

In recent months, India has seen a surge in the popularity of cryptocurrency exchanges and platforms. CoinSwitch Kuber has grown to become India's largest crypto exchange in just 15 months of existence.

According to Singhal, the next big IT company will be based on Web 3.0 and Blockchain and will be based in India.

"We're always on the lookout for new people to join our community. More than half of our users are from Tier 2 and Tier 3 cities. Our platform is used by investors from over 4,000 places. The goal now is to develop the correct set of answers for investors to better understand the industry "Singhal stated.

CoinSwitch Kuber raised more than $260 million in a Series C fundraising round led by Andreessen Horowitz (a16z), Coinbase Ventures, and existing investors earlier this month. A16z, an American venture capital firm, made its first investment in an Indian unicorn with this investment.

It plans to use the new capital to hire the greatest personnel, including leaders and specialists in engineering, product, analytics, and growth, in order to shape India's crypto business.

"I believe we have solved the investment issue because we have provided a platform for others to participate. Now we need to figure out how to bring crypto into the mainstream. Even if you don't intend to engage in cryptocurrency, you should be aware of it since it is the direction in which the world is headed "IANS quoted Singhal as saying.

CoinSwitch Kuber currently offers one-click purchases of over 80 digital coins.

"Because 95% of folks that come onto our platform are buying Bitcoin, the crypto investment is much more than just Bitcoin. We're telling investors that there's a whole new world out there waiting to be discovered, if only they had the right education. Many people who join our platform realise that the world of cryptocurrency is much larger than they thought, and this is what we teach them "Singhal explained.