Congrats team
@0xPolygon
on the $450 mn fundraise from
@Sequoia_India
.
Big for India that one of the most successful Ethereum scaling solutions came from here. Market cap ~ $13 bn.
What a phenomenal journey
@_jdkanani
&
@sandeepnailwal
!
I'm aware of the frenzy caused by recent news around
#Crypto
. I urge you to remain calm &, like always, DYOR before arriving at a rushed conclusion. Recent conversations w/ the Govt point towards a progressive approach & there is no concrete statement made which claims otherwise.
Guess whose words these are: "The first wave of the internet allowed everyone to build a website. The next wave of the internet will be more open where people can build their own
#metaverse
".
@satyanadella
#Davos
#WEF2022
"Lakhs of
#crypto
transactions are taking place on a daily basis… to trace this keep the TDS at 0.01%” - Shri Pinaki Misra, MP and Member of Standing Committee on Finance.
There are many media reports doing the rounds about the recent engagement of ED Bangalore with
@CoinSwitchKuber
. So let me clear the air.
• First of all, the last few days’ events are not about money laundering or PMLA.
Here’s what is happening:
Stripe is working with
#Polygon
for its latest push into crypto! Platforms and marketplaces powered by
@Stripe
can now instantly pay their sellers, freelancers, content creators, and service providers
#onPolygon
using USDC 👇 [1/3]
I would like to thank
@RBI
for clearing their stance on this.
I hope this circular gives clarity to all the banking institutions so that we can collectively arrive at regulating the crypto industry better.
Really appreciate the work
@singh_sequoia
&
@tejeshwi_sharma
are doing with the
@actgrants
🙏
From
@coinswitchkuber
, we would like to pledge 1 million USD to this cause. I encourage all start-ups to contribute in whatever ways possible.
We are in this together. 🇮🇳
Start-up ecosystem:
@actgrants
is stepping up its activities. We are raising >75 Cr. funds for:
Home health Management, Oxygen Solutions, Supplement medical workforce
Pls step forward to support this fight. Pls write to me tejeshwi.sharma
@sequoiacap
.com or DM me to donate.
The last few days have been tough for all of us. The meltdown of the
#Terra
ecosystem and LUNA have been rapid and devastating. After careful deliberation, we have decided to delist
#LUNA
from
@CoinSwitchKuber
.
Coindcx hitting the $1 billion dollar mark is going to be the first of many and we are super proud to see them achieving this milestone.
Kudos to
@smtgpt
,
@njrkhandelwal
@garegrat
& the whole team at
@CoinDCX
for this 🙌
At
@CoinSwitchKuber
, we have always prioritized trust, transparency and safety, and going the extra mile to do right by our users.
So today, we are publishing a summary of our
#ProofofReserves
review:
🧵👇
India has over 12,000 blockchain developers, second only to the US. They are building future-ready businesses despite the current uncertainties. I'm optimistic that this will change because the potential of Web3 is hard to ignore.
Every evolution takes a leap of faith, we are taking a giant one today with
@coinswitchkuber
turning into a
#unicorn
& becoming the largest crypto company in the country. I would like to thank
@a16z
&
@coinbase
for putting their faith in our dream.
As we head into 2022, we aim to become extremely customer-centric and build
#CoinSwitch
into a startup that makes money equal to all. I’m excited about all the things that we’re building. More as we go along!
(6/7)
Addressing some of the questions our users have asked since the FTX fiasco:
@CoinSwitchKuber
holds user assets 1:1. The funds you deposit and the crypto invest in are fully held against your name. They are not reinvested or reused by us. You can access them at any time.
The budget finally answers important questions on how crypto assets will be taxed. It talks about launching CBDC that will accelerate digitization. Improving digital payments will introduce more digital-savvy Indians to explore new forms of investing & wealth creation
#Budget2022
Ethereum Merge explained via
#IndianRailways
.
Picture a diesel-engine cargo train carrying high-value goods—gold, bank notes, artworks, luxury goods, and more. The train is of high utility and key to the economy.
We have seen wide adoption of crypto in India in the past year, regulation will be the best way forward to safeguard & support all crypto supporters in India.
I would like to thank the decision-makers who are actioning on this decision 🙏
Honoured to have been elected alongside
@smtgpt
to co-chair The Blockchain and Crypto Assets Council (BACC) of
@IAMAIForum
in Indian
#crypto
industry's endeavour to create a prosperous ecosystem that regulators and users can trust.
#MakingIndiaInvest
I probably shouldn’t be a fanboy in public, but I’m excusing myself this time.
We’re immensely proud to announce
@RanveerOfficial
as our brand ambassador! India’s Crypto journey is not just simpler, but a whole lot entertaining too.
Ab
#KuchTohBadlega
#RanveerXCoinSwitch
$7 trillion in 7 years. India can achieve this goal if we adopt new technologies.
@CoinSwitch
, we see
#Web3
as the Next Big Frontier for India . In line with
@PMOIndia
's Startup India & Digital India vision we're supporting the next wave of
#Web3
startups via
#Web3DiscoveryFund
You had questions. We’re here with answers on our proof of reserves, wallet addresses and more. Trust and transparency are of the highest importance for the crypto industry—now, more than ever before.
🧵👇
Every financial market has up and down cycles aka bull and bear phases. Since the new year,
#crypto
markets have been testing the endurance of investors. (1/10)
Many thanks for this news piece, Ritwik. I genuinely enjoyed our candid and wide-ranging conversation about investing, blockchain technology, and how
#crypto
will be a game-changer for businesses.
We are here for the long run. Trust, transparency and an unwavering commitment to do right by our users are our core values.
CoinSwitch is and has always been built to last. And we continue to serve our users.
There is a lot of attention on the Crypto ecosystem following some recent developments. Engaging, listening to, and sharing our thoughts with stakeholders and policymakers across the world is thus of even greater importance.
I'm honoured I was able to speak about crypto at
@wef
Very thankful to
#TigerGlobalManagement
for their faith in us.
We have raised Series B at a valuation of $500 million which makes us India's largest crypto exchange.
I would like to thank our users who have helped us grow & inspire us to get better everyday
#AapkaKuber
🚀
More women started their crypto journey in 2021. Again, a long way to go but really encouraging to see a 500% rise in crypto adoption among women since January 2021.
(5/7)
Crypto industry has several business models. Some are inherently riskier than others and can come undone, as recent events have shown. Right execution of business models can make or break a company.
I would like to thank
@IndiatechO
for this comprehensive two-part whitepaper series on
#Crypto
regulations and the opportunities crypto has in store for India.
I believe that more efforts in this direction will establish India’s dominance in crypto adoption.
To mitigate perceived risks from
#Crypto
@IndiatechO
has come up with a 5-point framework to regulate this industry. The framework aims to define, introduce, enable, allow and encourage necessary checks and balances. Link to the policy proposal:
Getting a lot of questions about the crypto market. While it's hard to predict which way things will move in the short term, in the long term I remain bullish about the industry's ability to innovate and create value.
We are aware of the recent security breach on the WazirX platform. We want to assure our users that their funds on
@CoinSwitch
are secure and unaffected by this incident.
We advise all our crypto investors to be mindful of potential market volatility during this time and
Why is
#Web3
important for India ?
For the first time, India has a golden opportunity to build the mainstays of the new internet.
India has built services and platforms; with Web3, we can build the backbone of the new internet itself.
Why do we not allow
#Crypto
deposits and withdrawals?
I’m often asked why CoinSwitch does not support crypto deposits and withdrawals.
Here's my honest take and a 🧵
India can be a blockchain leader if stakeholders understand its nuances.
Last week, as part of our regular outreach with Law Enforcement Agencies,
@CoinSwitchKuber
engaged with the Karnataka State Intelligence.
70 officials were in audience for this knowledge-sharing session.
In a 🐻market:
👉Don't panic — Don't make emotional decisions
👉Be a student — Study market cycles
👉Don't borrow to invest — Invest what you can afford to
👉Think long — This isn't a get-rich-quick scheme
👉Comply with taxes — Don't cut corners; manage taxes judiciously
Our discussions with different stakeholders over the last few weeks indicate that there is
- broad agreement on ensuring users are protected
- financial system stability is reinforced
- India is able to take advantage of the
#crypto
technology revolution
Super happy to announce the launch Riskometer, a feature that will help our users make more informed investment decisions on
@CoinSwitchKuber
. Here's a bit of backstory on how it was born out of a huge dilemma we faced. 🧵 👇
On May 22, 2010,
#Bitcoin
was used to purchase
#pizza
, a first-such use case for crypto. Prior to this, Bitcoin was only used for on-chain use-cases. However, Laszlo's purchase of 2 pizzas for 10,000 Bitcoins demonstrated crypto’s utility as a medium of exchange in real-world.
As
#crypto
started to become mainstream in India, we strengthened our focus on spreading awareness, improving security, and simplifying crypto asset investing.
(2/7)
An entrepreneurship wave is re-imagining India.
Had a great time speaking with young BUIDLers
@ConquestBITS
.
That 4 of the finalists were building on
#Web3
is a clear sign India is headed in the right direction.
Congratulations to all! Keep building. Success will follow.
Had an interesting interaction with
@smtgpt
, of
@CoinDCX
&
@ashish343
of
@CoinSwitchKuber
& discussed crypto regulation from each other's perspectives. If we don't act soon & create enabling frameworks, we may miss the bus on new tech & lose out on job creation for our youth.
3.4 lakh users are locked out of funds worth $900 million due to the Genesis-Gemini situation.
Such incidents are why we at
@CoinSwitch
"go slow" on some offerings. We won't expose our users to unnecessary third-party risk.
India is a land of engineers. It is so apt we celebrate
#Engineersday
—India used tech to build and solve user problems long before we institutionalized the process.
An example: The 9th Century Chand Baori in Rajasthan
India's
#CBDC
, e-Rupee, is a historic milestone.
It will reduce the cost of printing cash and solves the problem of counterfeit notes.
#Crypto
and CBDC can complement each other as they solve different problems.
Will be speaking more on this
@CNBC
at 9 am. Tune in 📺
"I live for the build years."
Top-notch report by
@MessariCrypto
. Trends to watch out for in 2023. This is so detailed — a must-read for everyone in crypto.
What blows my mind:
@twobitidiot
spent 200 hours writing it 🤯
Full report here:
India’s
#G20
Presidency is an opportunity for us to drive and influence a common global standard.
In many ways, we are at a juncture with
#Web3
and crypto similar to the early 1990s, when the internet emerged to give rise to a new business model that rewrote the old norms.
"We don't want the technology to be disturbed , we want it to survive and also be in a position for the FinTech & other sectors to benefit from it."
- FM Nirmala Sitharaman on 🇮🇳 aiming to develop a tech-driven regulatory framework for crypto during G20 Presidency.
We hope to work with the government to help bring crypto-asset taxation at par with other asset classes and participate in the central government’s vision to promote economic growth.
Crypto has for the first time found a mention in The
#EconomicSurvey
presented by Finance Minister Nirmala Sitharaman today. It highlighted the need for regulating crypto, especially a framework for centralized intermediaries.
This is in line with the approach at OECD and G20.
At five, CoinSwitch is ready for the next big leap—to be India's one-stop wealth-tech platform.
But it takes a village to raise a child. So it gives me great pleasure to welcome Ramesh Bafna to CoinSwitch.
Change is a process. Trust has to be earned.
Not long ago, I couldn't have imagined speaking about Crypto at a banking conference. Today was that day!
Had a great time at the Bank of Baroda Digital Conclave. Met amazing people and spoke about why India needs Crypto & blockchain
How’s the Indian Crypto market doing? Every time I’m asked this question, I’m reminded of a missing piece: There is no accurate measure of the Indian
#CryptoMarket
.
Historic! The US SEC approval of
#BitcoinETF
marks a monumental shift in the financial world. It's a watershed moment for crypto and will bring in a new wave of investors. Now, even the most cautious funds and the titans of Wall Street can tap into Bitcoin's potential.
⚡️Expect
We in collaboration with all major
#Crypto
exchanges in India have come together to give you a chance to safeguard your freedom.
To support us, plz visit:
We are in this together.
#IndiaWantsBitcoin
🚀
I was nervous... pacing up and down the floor, waiting for a phone call from my mother that day. It was June 2020.
A few days ago, we had shut down a profitable global product to focus purely on the Indian market. We could do that now because the Supreme Court had lifted the ban
The new CoinSwitch will empower India to invest in crypto and beyond … to diversify and grow wealth.
This isn’t just a dash of new colours. This is CoinSwitch putting on its power suit to Make Money Equal for All.
A new era at CoinSwitch starts today.
Introducing a more slicker, smoother and bolder CoinSwitch that truly reimagines investment journey like never before.
Update your app for a mind-blowing experience now! 🎊🎁
#CoinSwitch
The All-Hands meet at
@CoinSwitchKuber
is fun, rewarding and inspiring.
We recognize and learn from each other's good work. It is an opportunity to take a step back, to see the big picture, so that we continue to move forward.
Grateful to have such a wonderful team.
Two more days and it is bye-bye 2021. We’re just getting started but the journey so far has been immensely gratifying as a startup founder. Lots of gratitude to the people who helped us get here (you know how you are 🙂)
(1/7)
All things Crypto and blockchain have moved from being largely confined to the internet to being front and center of the Promenade at
#Davos2022
Stable coins. NFTs. Metverse. Decentralised identity and many Web 3 concepts making their presence felt at
@wef
.
@FinMinIndia
's notification to bring VDA transactions under
#PMLA
is a positive step in recognizing the sector.
This will strengthen our collective efforts to prevent VDAs from being misused by bad actors.
@CoinSwitch
has always prioritized KYC & responsible use of crypto.
India needs to create a classification for
#crypto
.
India needs policies to promote the digital ecosystem.
India needs a progressive regulatory framework.
India needs crypto.
#MakingIndiaInvest
Who's
#Satoshi
?
Perhaps we'll never know...
12 years ago, he sent this mail: "I've moved on to other things...", handing over the reins of
#Bitcoin
to a diverse yet committed group of developers & believers.
Fun fact: The Statue of Satoshi in Budapest honours the legend.
Super charged up after our discussion with
@Tejasvi_Surya
ji this morning. We affirmed the potential of blockchain and how India can lead the Web3.0 revolution from the front.
Thank you for your time and for sharing your encouraging thoughts. 🙏
Blockchain & Web3 can make governance & recordkeeping more transparent & accessible. More awareness is required about its transformative potential.
Glad to meet Shri
@Ashish343
of
@CoinSwitchKuber
& discuss synergies on exploring capabilities of infusing tech in administration.
Our engagement with the Enforcement Directorate - Bengaluru was NOT related to any money laundering enquiry under PMLA, as reported in some news articles.
Some very positive news for the Indian
#crypto
industry.
These are all steps in the right direction as we continue to build a prosperous crypto ecosystem for users to transact safely.
Welcoming a new day for
#Crypto
in India. We have come a long way since 3rd March 2020 & a discussion around the regulation of
#Cryptocurrency
is the best possible outcome for the traders and service providers in the very nascent industry in India. 1/6
Agile thinking leads to great products.
Hackathons are a great way to shake things up... to stay nimble and innovate. The team has no charter, no hierarchy... Just smart minds coming together to solve for India.
Congratulations, everyone at
#Switchathon23
@coinswitch
You can find all these details and more on our blog, Building Blocks.
We have also collated all the queries you—our users—have asked us over the last month or so, and answered them all as an FAQ toward the end of the article.
This picture will stay close to our hearts for years to come. Years of passion, perseverance and customer obsession has gone into the making of
@CoinSwitchKuber
. watching our first ad on IPL along with millions of Indians feels like a dream run. We are doing this for India 🇮🇳🇮🇳
📢 Celebrating National Startup Day! 🚀
🇮🇳 India's entrepreneurial spirit and technological know-how are the engines powering us.... We are rapidly climbing the GDP ladder and are today a benchmark for leveraging tech to benefit billions.
At
@PeepalCo
, we're proud to be
As an industry leader in India and one of the most compliant crypto platforms, we have been engaged in constructive dialogues with various stakeholders to help them understand our business models, best compliance practices, thereby bringing more clarity on such matters.
I know it's hard to keep perspective when the market is bearish. But just remember that this is a marathon, not a sprint— I believe crypto is building the future 🙂