SUMMARY
The CoinSwitch Pro platform will allow users to view, select, check price differences and trade in multiple tokens across exchanges
It will allow users to trade crypto assets in INR across multiple exchanges with a single login
The cross-exchange platform will charge users a transaction fee for trades executed on the platform depending on the crypto exchange
Amid the surrounding scepticism among customers in the cryptocurrency segment, CoinSwitch has announced the launch of CoinSwitch Pro. The CoinSwitch Pro multi-exchange trading platform will allow users to trade crypto assets in Indian Rupees across multiple exchanges with a single login.
The KYC-compliant platform will help traders discover and leverage the price movement of crypto assets across multiple exchanges simultaneously, creating new opportunities to make profits, CoinSwitch cofounder and CEO Ashish Singhal said in a statement.
Amid the collapse of cryptocurrency exchange FTX, CoinSwitch cited an independent third-party audit firm to assure its customers that it had sufficient reserves to match customer investments. Now, CoinSwith Pro is likely a solution for recent issues of liquidity in centralised crypto exchanges after FTX’s bankruptcy.
The platform will allow users to view and select the token prices across exchanges. It will also display the 24-hour trading volume and value, thus reflecting the token’s liquidity of each platform. Furthermore, users can also check the price differences of tokens across exchanges.
That way, CoinSwitch Pro will also allow users to buy tokens on one exchange and sell them on another. It is currently only open to crypto exchanges CoinDCX and WazirX but will likely add more exchanges at a later date.
The cross-exchange platform will charge users a transaction fee for trades executed on the platform depending on the crypto exchange.
The move also comes shortly after CoinSwitch announced plans to add non-crypto assets such as US stocks and mutual funds on its trading platforms in early 2023.
Founded in 2017, CoinSwitch, a Coinbase Ventures and Andreessen Horowitz (a16z)-backed unicorn, is a global aggregator of cryptocurrency exchanges. It also owns the crypto platform CoinSwitch Kuber. In FY22, the startup claimed to have 15 Mn+ registered users on its platform with major (15X) growth coming in after January 2021.
In the $5 Bn worth crypto market in India, the startup competes with the likes of CoinDCX and WazirX.
