CoinSwitch

CoinSwitch

Type of site	Private
Headquarters	Bangalore, India
Area served	Worldwide
Industry	Digital Currency
Website	coinswitch.co
Launched	10th June 2017 (10th June 2017)

CoinSwitch

CoinSwitch is a cryptocurrency exchange aggregator that offers services like buying, selling, and trading cryptocurrencies. It integrates services from multiple cryptocurrency exchanges in one web platform to enable faster cryptocurrency trade without technical barriers. Founded in 2017, the platform lists over 300 cryptocurrencies, tokens, and altcoins for trade and exchange. It offers cryptocurrency interchangeability with 45,000+ pairs of cryptocurrencies over multiple cryptocurrency exchanges.

The primary objective CoinSwitch seeks to achieve as a cryptocurrency exchange marketplace is to make the process of cryptocurrency trade more customer-centric by cumulating information and facilities from different platforms at one place. It attempts to simplify the process of trade navigation for users the cryptocurrency investment market. Due to limited liquidity with exchanges, the price of a cryptocurrency varies across exchanges. CoinSwitch allows user to compare rates across multiple exchanges and choose their preferred price from within one window. The platform endeavours to accomplish its objective by removing the trading limits on cryptos, offering information about every coin and the ability to compare the prices from multiple exchanges at one place.

History

The platform was launched in June 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari, two Amazon and NSIT alumni, who serve as its CEO and CTO respectively. The team operates out of Bangalore, India.

CoinSwitch has dealt in the trade and exchange of digital assets such as cryptocurrencies, altcoins, and tokens. It operates as a coin exchange aggregator, listing the rates of cryptocurrency by comparing them across exchanges. It is a Bangalore-based startup and functions as an aggregated marketplace for a wide variety of cryptocurrencies.

In early 2018, it was reported that American Venture Capital firm Sequoia Capital had finalized an investment of $1.5 million in CoinSwitch.

In April 2018, the Reserve Bank of India instructed all banks in the country to withdraw support to cryptocurrency exchanges or individuals dealing in cryptocurrencies. While headquartered in India, CoinSwitch remained largely unaffected by the ruling since it facilitated trade between different cryptocurrencies and not fiat currencies, which the ban impacted. Sharan Nair, Senior Vice President at Coinswitch reiterated that “this is not a ban on exchanges or cryptocurrencies”, but simply a ban on financial institutions in the country from supporting cryptocurrency trade.

In May 2018, it was reported that trade volumes on the platform were upwards of 1 million USD per day. CoinSwitch also announced support for credit card transactions when buying cryptocurrencies on its platform.

In July 2018, cryptocurrency wallet Guarda announced CoinSwitch as its new exchange partner. The partnership would allow Guarda wallet users to exchange their cryptocurrencies from directly within their wallet, using the CoinSwitch portal.

In August 2018, CoinSwitch announced the launch of its Custom Instant Exchange, a tool designed to allow website owners to integrate a customised cryptocurrency exchange on their web pages. Website owners would receive 50% of all transaction fees, while the exchange process itself would operate in-page without any redirects.

On 22 August 2018, Tron founder Justin Sun announced on Twitter that the TRX cryptocurrency (one of the global top 10 cryptocurrencies by market capitalization at the time ) was now supported on CoinSwitch, reiterating CoinSwitch’s claims of the platform doing daily trade volumes of $1 million. CoinSwitch added 9 more cryptocurrencies to its portal. Earlier in the month, CoinSwitch had announced the addition of 14 other digital assets on the platform.

Products and Services

The CoinSwitch portal

The CoinSwitch website provides information about the platform’s referral program, news, a listing of its products, supported coins, and customer support section. The homepage comprises of a simple diagrammatic explanation of the working of the cryptocurrency trade processes. This is followed by a section of the latest reviews. The concluding segment of the page is devoted to FAQs and support.

Wallet integrations

CoinSwitch is a non-custodial exchange platform. Users can use any cryptocurrency wallet to perform trades. However, the platform has partnered with a few wallets for storing cryptocurrencies. Its wallet integrations include Exodus, Guarda Wallet , and NEM.

Exchange integrations

CoinSwitch has integrated with a number of cryptocurrency exchange platforms to facilitate crypto trade at the best rates. Its current exchange integrations include IDEX , KuCoin , HitBTC, Cryptopia, Bittrex, Changelly, Shapeshift, Changer and ChangeNow.

Custom Instant Exchange

In August 2018, the CoinSwitch platform began offering website owners the ability to build their own cryptocurrency exchange website. Called the Custom Instant Exchange, the feature creates a personalized exchange portal integration on websites without any customized coding requirement from the web developers' end. Some of the exchanges built using this feature are Altcoin Flow, Coin Crunch, Komodo, Reddcoin, and ShopOky. Website owners gain 50% of all the transactions completed on their exchange portals as revenue. This revenue is paid out in Bitcoin (BTC). CoinSwitch’s official website claims that it takes 2 minutes to complete the Instant Exchange setup on a website.

Several cryptocurrency portals have utilized this feature to setup their exchange websites. These include Skycoin, Particl, ArtByte, and Gobyte among others.

Coins Info Pages

In addition to allowing users to buy and sell cryptocurrencies, CoinSwitch offers detailed information on cryptocurrencies available on its platform. Users can look up background, technology future trends and other details for the coins listed on its portal. This segment provides information such as the coin’s perceived benefits, unique features, roadmap, and more information that a cryptocurrency trader or investor may need before placing trade orders. It also offers details pertaining to the purchase and storage of the concerned coin.

Recognition

CoinSwitch has been recognized in the media as a suitable substitute for ShapeShift. It has received coverage from major cryptocurrency news portals including The Cointelegraph, Bitcoin.com, CCN, BitcoinExchangeGuide, and Blockonomi.

This article "CoinSwitch" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:CoinSwitch. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.

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