Image Source: Coinswitch.co
CoinSwitch Kuber, which uses an app to support retail investors invest in cryptocurrencies, announced on April 22 that it had raised $25 million in a Series B funding round from Tiger Global Management, valuing the company at about $500 million. Sequoia India and Ribbit Capital are among the other investors. So is CoinSwitch Kuber safe? Continue reading the article to find out.
CoinSwitch, a global aggregator of cryptocurrency exchanges, was created in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari. It unveiled Kuber, an India-focused crypto investment platform with 4.5 million users, in June 2020. According to CEO Singhal, the company's annual revenue is about $50 million.
Though bitcoin is the most well-known cryptocurrency, CoinSwitch allows users to invest in hundreds of other currencies and has benchmarked it against the Indian rupee, with investors able to put as little as Rs 100 into the burgeoning yet potentially risky asset class. Exchanges such as Binance, Cryptopia, HUOBI, KuCoin, HitBTC, and DEX enable users to select crypto coins at their preferred rates. CoinSwitch's functionality is comparable to that of Changelly and Shapeshift. It has an easy-to-use user interface and a large number of cryptocurrency pairs to choose from.
It is reasonably safe because you do not store your funds on CoinSwitch. On the website, you can only buy and convert coins in real-time. It does not keep your money for trading purposes and the risk of fraud is minimised because it does not keep your funds. However, since the exchange is unregulated, it is not completely safe for investors.
CoinSwitch appears to have a number of appealing features. It offers its users price data from around nine cryptocurrency exchanges as a cryptocurrency exchange aggregator. Coins are converted and directly transferred to users' wallets. Its anonymity feature makes it an appealing choice for investors who want to remain anonymous.
In the event of a dispute when transacting on the website, CoinSwitch has a dedicated team to assist you. You must send an email to the management team and wait 12 hours for a response. To assist users, the platform's website includes Frequently Asked Questions.