CoinSwitch concludes ESOP buyback worth $2.5 million

Between January 2021 and January 2022, the registered consumer base of CoinSwitch grew from just a little greater than 10 lakh to 1.5 crore

As a part of its maiden ESOP buyback plan, cryptocurrency change CoinSwitch purchased again worker inventory possession plans (ESOPs) price $2.5 million (round ₹19 crore).

Commenting on the event, Ashish Singhal, Co-founder and CEO, CoinSwitch mentioned, “The Fairness buyback program is a small effort to acknowledge our workers’ contribution to the outstanding progress of CoinSwitch.

“Over 15 million customers belief CoinSwitch of their funding journey, making us the biggest Crypto app. We meet and exceed our targets in India due to the wonderful group and shall proceed to launch comparable liquidity occasions as a part of our dedication to creating wealth for all.”

The beginning-up had final raised $260 million in Sequence C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021.

It turned India’s most valued Crypto unicorn at a valuation of $1.9 billion. Different buyers embody Tiger World, Sequoia Capital, Ribbit Capital and Paradigm.

CoinSwitch is a16z’s first funding in an Indian start-up and Tiger World’s first funding in an Indian crypto firm.

In response to the corporate, it has grown from 20 to 500 workers in lower than two years. It additionally continues to develop its wealth-tech choices and constructing one among India’s first Web3 groups.

Between January 2021 and January 2022, the registered consumer base grew from just a little greater than 10 lakh to 1.5 crore , making CoinSwitch the biggest Crypto app in India.

The corporate is planning to to supply different asset lessons and monetary merchandise to change into a wealth-tech vacation spot.

Revealed on


March 21, 2022