CoinSwitch Pro, a KYC-compliant, multi-exchange trading platform that aims to allow users to trade crypto assets in local currency across multiple exchanges with a single login, was launched by homegrown crypto-investing app, CoinSwitch. Since different exchanges have different rates due to differing buyer/seller activities, CoinSwitch Pro is positioned to allow users to profit from that by buying crypto from the one with the lowest price and selling it on another exchange. The company claims that CoinSwitch Pro is the first trading platform in India to support cross-exchange trading or arbitrage.
“CoinSwitch Pro will help Indians trade crypto assets on a KYC-compliant platform in a way never seen before. We believe crypto traders are currently underserved by products in India. With CoinSwitch Pro, we want to take the trading experience to the next level — help traders discover and leverage the price movement of crypto assets across multiple exchanges simultaneously, creating new opportunities to make profits,” said Ashish Singhal, co-founder and CEO, CoinSwitch in a prepared statement.
In a separate blog post explaining CoinSwitch Pro, the company states that CoinSwitch Pro will feature a single portfolio to manage all investments which is to suggest that users won’t need to open multiple accounts on multiple exchanges anymore, ultimately resulting in quicker trades.
CoinSwitch goes on to state that users only need to complete their “Know Your Customer (KYC) once to access multiple exchanges”.
“To encourage traders, CoinSwitch Pro also has volume-based discounts. This means that you can get an additional discount on the trading fee of 0.1 percent when you start bringing in more trading volumes,” the blog post adds. In addition to volume-based discounts, Coinbase Pro also includes a “Refer & Earn” option promising additional gains.
Founded by Ashish Singhal, Vimal Sagar Tiwari, and Govind Soni, CoinSwitch raised $260 million (roughly Rs. 2,110 crore) in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to become a crypto unicorn at a valuation of $1.9 billion (roughly Rs. 15,425 crore).
The company counts Tiger Global, Sequoia Capital India, Ribbit Capital, and Paradigm, among other blue-chip investors. CoinSwitch is also set to launch its first non-crypto offering by the end of March 2023.