CoinSwitch, founded by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni, raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to become a crypto unicorn at a valuation of $1.9 billion. Major investors in the company are Tiger Global, Sequoia Capital India, Ribbit Capital, and Paradigm.

Singhal said five years ago, the company launched CoinSwitch to simplify crypto. "Today, we are launching CoinSwitch Pro—a powerful platform built for advanced traders," he said. Additionally, CoinSwitch has said it'll launch its first non-crypto offering by March 2023-end as part of its mission to ‘Make Money Equal for All’.

The launch of CoinSwitch Pro comes as the crypto industry in India is undergoing a rough period, with no clear government policy on its regulation, a global downturn and negative sentiments around the industry marred with scams and frauds.

The crypto industry faced a rude shock this month as Sam Bankman-Fried's FTX filed for bankruptcy in a US court on November 11. FTX, which until last month was a shining star among crypto investors and enthusiasts, collapsed dramatically overnight, wiping billions of dollars of customer deposits overnight. Its valuation was $32 billion in January this year, which has plummeted mani-fold, leaving its significant shareholders high and dry. Major investors in FTX included Paradigm, SoftBank, Sequoia Capital, Temasek, Tiger Global Management and the Ontario Teachers’ Pension Plan.

Back home, India's biggest crypto exchange WazirX is also facing an investigation for allegedly assisting 16 China-based fintech firms in money laundering. Crypto prices are trading at all-time lows. The biggest crypto Bitcoin is trading around the $16,000 mark, down 70% from its peak of $69,000 last year. Ethereum is trading around $1,200, down from $4,644 last year.

multi-exchange crypto trading platform

CoinSwitch launches multi-exchange platform to power advanced traders