As home-grown crypto exchange CoinSwitch hits the 2.5 crore registered users mark, thus becoming the first crypto exchange to achieve the milestone, Ashish Singhal, Co-founder, CoinSwitch, has said the company is sustaining 2.5 crore users and the growth in volumes is not just about numbers, but about giving users the confidence to engage with crypto safely and responsibly.

"Our focus has always been on building for the long term by prioritising compliance, security, and transparency. Sustaining 2.5 crore users and the growth in volumes is not just about numbers, but about giving users the confidence that they are engaging with crypto safely and responsibly. As rules evolve, we will continue to adapt, innovate, and work closely with everyone to ensure that millions of Indians can explore this space with ease and confidence,” Singhal tells Fortune India.

CoinSwitch's milestone comes on the back of strong retail participation, with daily average spot trading volumes growing 2.4x in 2025. Founded in 2017, CoinSwitch credits its growth to its focus on safety, compliance, and transparency. 

The rise in crypto adoption in India also mirrors broader shifts in India’s financial ecosystem. A recent Goldman Sachs report projects household savings in India to generate $9.5 trillion in financial asset inflows over the next decade, driven by a transition from physical to financial assets. While a large portion of this is expected to flow into equity and other assets, digital assets are also a growing preference among modern Indian investors. 

Singhal says as the company hits the 2.5 crore users, it has always focused on solving challenges unique to India, like offering smooth Rupee-based products and making it easy for users to file taxes on crypto gains. "Looking ahead, our mission stays the same: to give every Indian the confidence to explore this new asset class safely, responsibly, and without fear.”

The company in July had launched Web3 Coins, a major step toward democratising decentralised crypto trading in India. As part of this, CoinSwitch will provide retail investors access and trade over 1,00,000 crypto tokens, including meme coins, utility tokens, and early-stage innovations, directly in Indian rupee (INR).

Crypto remains unregulated in India, though not illegal. A draft bill was introduced in 2021, but hasn’t been tabled. The government and the RBI have expressed concerns about the illicit use of crypto.

During an earlier interview with Fortune India, Singhal had said that India should begin the dialogue on bringing crypto under regulation. "A discussion paper allows us, industry leaders and users, to engage with the government. We need to understand each other’s views and work toward something workable. Regulation may be far off, but this is a solid first move.

Founded in 2017, CoinSwitch is one of India's largest crypto trading platforms. The company is backed by global investors such as Coinbase Ventures, Tiger Global, and Sequoia Capital India to the tune of $300 million, and offers 350+ coins on its platform.