Since crypto app CoinSwitch launched in mid-2020, the company has gathered over 20 million users in its “crypto journey,” co-founder Ashish Singhal said. Singhal is also the Group CEO of CoinSwitch’s parent, PeepalCo.
CoinSwitch’s wide adoption helped create another product in November 2022: CoinSwitch PRO, an advanced crypto-trading platform with more complex features such as API trading, which lets traders set up bespoke strategies and automate executions. The platform also provides access to multiple exchanges on a single account.
This interview has been edited for clarity and brevity.
What sets you apart from other crypto platforms?
We remove complexities like on-ramping, currency conversion, swapping, as well as safe storage of crypto. On CoinSwitch, users can simply buy and trade in their choice of crypto in Indian rupees.
They provide us the moat of a network effect, allowing us to not just serve the new users of crypto but also identify as and when Indian users become more sophisticated in their trading journey. These learnings and user feedback led us to build CoinSwitch PRO.
What are your top asks when it comes to crypto regulations and tax policies in India?
Our asks have been consistent: Allow offsetting and carrying forward losses, reducing the tax deducted at source on virtual digital assets from 1% to 0.01%, and treating income from virtual assets on par with other capital assets.
The 2023 G20 Summit was a great example of India’s intent and leadership on this subject, when it adopted a crypto regulatory roadmap and brought virtual digital assets under the ambit of the Prevention of Money Laundering Act. India should now use this momentum to introduce a robust regulatory framework for crypto and Web3.
You are a “second-innings” founder. What was your biggest learning from your first e-commerce startup’s failure?
The experience taught me a lot — from the importance of marketing to distribution.
These learnings have helped us build CoinSwitch to what it is today. When we started out, we actively focussed on user outreach. We also built a 24/7 live chat for crypto as an inbound channel to answer any and all doubts Indian users had on crypto, regardless of whether it resulted in business or not. This helped us establish a relationship with users, and helped them trust us. The trust we were able to build then holds us steady even now.
