, March 21 Crypto unicorn, CoinSwitch has completed its first-ever ESOP buyback worth $2.5 million ( ₹19 crore approx.).
In less than two years, CoinSwitch has grown from 20 to 500 employees as it expands its wealth-tech offering and builds a Web3 team. In September 2021, CoinSwitch raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) at a valuation of $1.9 billion. Other investors include Tiger Global, Sequoia Capital, Ribbit Capital, Paradigm.
“The Equity Buyback program is a small effort to acknowledge our employees’ contribution to the phenomenal growth of CoinSwitch. Over 15 million users trust CoinSwitch in their investment journey, making us the largest Crypto app. We meet and exceed our targets in India because of the amazing team and shall continue to launch similar liquidity events as part of our commitment to creating wealth for all,” said Ashish Singhal, Co-founder and CEO, CoinSwitch.
Registered user base
Between January 2021 and January 2022, the registered user base grew from a little more than 1 million to 15 million. The company now plans to provide on its platform other asset classes and financial products to be the wealth-tech destination for every Indian.
Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar as a global aggregator of crypto exchanges, CoinSwitch today enables users to choose from over 90 cryptos, including Bitcoin, Ethereum, and Solana. The company started its India operations in June 2020.
Published on
March 21, 2022
