CoinSwitch was started in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari. It has received funding from some of the leading venture capital firms. These include Andreessen Horowitz, Tiger Global, Paradigm and Sequoia Capital. CoinSwitch claimed to be the largest crypto exchange in the country in September last year with over 10 million users and transaction volume of Rs 15,138 crore. Ramesh has about 18 years of experience in the finance sector.
Singhal, Co-Founder and CEO of the exchange, said, “I am delighted to have Ramesh join us on the next big step in our journey. He has the experience to solve problems in high-growth companies. This will help us strengthen our position. And expansion will help.” exchange Ltd. has recently launched the country’s first benchmark index, which will track the performance of the rupee-based crypto market. Called CRE8, the index will follow the movement of 8 popular crypto tokens, including Bitcoin and Ethereum.
The exchange believes that there is a need to eliminate regulatory uncertainty and protect investors in order to promote the crypto market. Last year, the Reserve Bank of India (RBI) had called for a ban on cryptocurrencies, but the central government’s imposition of tax on profits from crypto transactions is being seen as government support to the crypto industry. Crypto exchanges in the country often face difficulties in tying up with banks for transfer of funds. CoinSwitch and some other exchanges recently closed deposits in rupees through a network owned by the government. This has increased the concern of investors. Singhal says that there has been some relief from regulation on tax and advertising on crypto-related transactions.
Cryptocurrency prices in Indian exchanges