CoinSwitch Kuber disables INR deposit: Why is deposit not working in the app?

The cryptocurrency investment in India is quite hot and many apps have emerged lately promising some interesting and advanced features to provide hassle-free trading. While many apps are doing great in the market, CoinSwitch Kuber, founded in 2017, has grown at a $500 million valuation after gaining a $25 million investment from Tiger Global in series B recently. With an ever-increasing user base, the organisation is currently on the list of top 5 finance apps in India. However, a few hours back, many users started reporting the Coinswitch Kuber deposit not working issue. If you have been facing a similar issue, then do not worry, here is all you need to know about it.

Organisation responds on CoinSwitch Kuber deposit not working issue

With 120+ employees now and have more than 4.5 million users on the platform, CoinSwitch Kuber has provided users with a clean UI and UX interface in comparison to some of its competitors. The application is a great place for beginners who are not quite knowledgeable about the crypto market. However, the organisation shared a post on all its social platforms about getting the INR deposit disabled in CoinSwitch Kuber app. 

According to the social media posts, the organisation revealed that the issue about the CoinSwitch Kuber deposit not working is because of some problems faced by their banking partner’s side. The post read - "Due to some unavoidable issues at our banking partner’s side, we have currently disabled all INR deposits. We regret the inconvenience caused because of this and our team is looking at fixing this on priority. We will update here as soon as we enable the INR deposits again". Since then, the organisation hasn't responded about disabling the INR deposit app. Users hope that the problem will be resolved soon.

Apart from that, CoinSwitch Kuber serves as a boon for many new crypto investors because of its Zero Brokerage policy. While CoinSwitch Kuber charges nothing for depositing and withdrawing money to their application, they do have hidden charges. Whenever you purchase a cryptocurrency on CoinSwitch, the company deducts 1-2 per cent from the cost of the purchase. Moreover, CoinSwitch has different buying and selling price for their cryptocurrencies, which is an unusual practice.

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