Latest news with #BalajiSrihari
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Business Standard
07-05-2025
- Business
- Business Standard
CoinSwitch's fifth PoR shows ₹625 crore surplus over customer holdings
Crypto exchange platform CoinSwitch on Wednesday announced its fifth edition of proof of reserves (PoR) data, stating that the company's overall holdings of crypto and Indian currency balances were higher than those of its customers. The company's total reserves, including crypto and INR balances, were recorded at Rs 2,764.20 crore, while customer holdings stood at Rs 2,138.64 crore as of March 2025. The company's reserves represented a surplus of Rs 625.56 crore. When it came to the holdings of virtual digital assets alone, the company said that crypto user holdings were recorded at Rs 2,043.15 crore, whereas CoinSwitch's total crypto asset holdings stood at Rs 2,576.54 crore. PoR is the 'proof' that a financial entity has the holdings it claims to have. A PoR audit is published by crypto firms to inform customers that a custodian or a crypto platform is adequately liquid and that users can withdraw their funds at any time. It provides transparency on both the user's and the crypto exchange's holdings. In the third edition of the proof of reserves published last year, the company's crypto holdings stood at Rs 3,497.22 crore, whereas user holdings in the same basket were Rs 2,774.10 crore. 'This proof of reserves, now in its fifth edition, reflects our uncompromising focus on fund safety and user protection. We will continue to lead by example in bringing accountability and trust to India's crypto space,' said Balaji Srihari, vice-president, CoinSwitch. CoinSwitch has more than 20 million registered users. It was founded in 2017.
United News of India
30-04-2025
- Business
- United News of India
CoinSwitch launches INR-based Crypto Futures
Mumbai, Apr 30 (UNI) CoinSwitch, country's largest crypto trading platform has launched INR-based crypto Futures. This new feature enables Futures trading directly in INR, eliminating the need for USDT conversion, making the overall trading experience more seamless and efficient. On the announcement, Balaji Srihari, Vice President, CoinSwitch, said that 'India is one of the fastest-growing crypto markets in the world and second largest by value received, globally. It deserves solutions that reflect its unique needs and user behavior. With the addition of INR-based crypto futures on CoinSwitch, we're taking a step toward building a platform that's truly tailored for Indian users – removing unnecessary friction and making advanced trading tools more accessible than ever before.' This development stems from a key user insight – trading in INR is more intuitive and relatable for the Indian users as compared to USDT, which is commonly used as the quote currency in the global markets. By eliminating the need to convert INR to USDT, CoinSwitch aims to streamline the trading experience and make futures trading more accessible and user-friendly for the Indian market. UNI JS-NV ARN
News18
23-04-2025
- Business
- News18
XRP Becomes Most-Traded Crypto In India During January-March 2025, Surpasses Even Bitcoin: Report
XRP accounted for 13.3% of total trades on the platform during Q1 2025, marking a dramatic rise of eight positions since December 2024, as per a CoinSwitch data. Ripple (XRP) has emerged as the most-traded cryptocurrency in India during the January-March 2025 quarter, surpassing even Bitcoin, according to the latest report by CoinSwitch, India's largest crypto trading platform. XRP accounted for 13.3% of total trades on the platform during Q1 2025, marking a dramatic rise of eight positions since December 2024. This surge dethroned Shiba Inu from the top spot and reflects renewed trader interest in XRP amid evolving global market conditions. Bitcoin, which has long been the most preferred crypto among Indian investors, was the second most-traded token, commanding 8.4% of total trades, while Dogecoin followed closely at 6.4%, as per the CoinSwitch data. 'This shift indicates a more dynamic trading behavior, with Indian traders increasingly exploring beyond the traditional heavyweights," said Balaji Srihari, vice president at CoinSwitch. 'Bitcoin remains a long-term favourite, but we're seeing increased activity in tokens like Ripple and Solana, alongside meme coins like PEPE and BONK." In March, US President Donald Trump announced the Crypto Strategic Reserve, including Bitcoin, Ethereum, XRP, Solana, and Cardano. Other notable coins on the most-traded list included: – Solana (5.6%) – Ethereum (4.4%) – PEPE (3.1%) Meanwhile, BONK, once a strong contender, slipped to the bottom of the top 10 with 1.1% of trades, down from sixth place — highlighting the rapidly changing preferences of Indian crypto traders. While XRP ruled the trading charts, Bitcoin continues to dominate investor holdings, making up 6.9% of total crypto assets held by Indian investors. Dogecoin (6.6%) and Ethereum (5.2%) followed, underscoring their sustained appeal for long-term investment. Interestingly, PEPE entered the top 10 holdings list for the first time, reflecting increased interest in emerging assets. Other popular long-term assets included Shiba Inu, Ripple, Cardano, Polygon, Internet Computer, and Solana. India's Crypto Landscape Matures The findings, based on trading patterns across 310 listed coins, indicate a maturing and diversifying investor base in India. With more young investors engaging in high-risk, high-reward assets like meme coins, and others sticking to blue-chip tokens for stability, India's crypto market is becoming increasingly layered. The report covers trading and investment trends between January 1 and March 31, 2025, and comes amid global discussions around crypto regulation and institutional participation. First Published:
Time of India
22-04-2025
- Business
- Time of India
XRP overtakes Bitcoin in trading surge, PEPE enters top 10: What's driving India's new crypto bets?
India 's crypto market is changing fast. While Bitcoin is still the most popular coin to hold, Ripple ( XRP ) has become the most traded coin in the first quarter of 2025. Meme coin PEPE also made its way into the top 10 coins held by investors, according to new data from CoinSwitch . The Q1 2025 report is based on trading and investment activity across 310 coins on the CoinSwitch platform. The data shows that Indian investors are mixing safe bets like Bitcoin and Ethereum with riskier coins like PEPE and POPCAT. Ripple becomes India's most traded coin Ripple (XRP) made a big jump to the top of the trading chart, making up 13.3% of total trades between January and March. This is a sharp rise from its earlier position in December. XRP is now traded more than both Shiba Inu and Bitcoin. Crypto Tracker TOP COIN SETS NFT & Metaverse Tracker 16.42% Buy Crypto Blue Chip - 5 6.86% Buy BTC 50 :: ETH 50 6.20% Buy Web3 Tracker 5.99% Buy DeFi Tracker 5.76% Buy TOP COINS (₹) Solana 12,183 ( 3.61% ) Buy Bitcoin 7,687,508 ( 3.37% ) Buy Ethereum 140,294 ( 1.58% ) Buy BNB 51,737 ( 0.85% ) Buy XRP 181 ( 0.73% ) Buy 'Coins like Ripple and Solana are surging in trading activity, likely driven by recent global developments,' said Balaji Srihari, Vice President at CoinSwitch. 'There's a clear shift happening.' Did you Know? The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors. View Details » Bitcoin (8.4%) and Dogecoin (6.4%) followed Ripple in trading volumes, while newer names like POPCAT (1.6%) climbed into the top 10, displacing former favourites like BONK. Live Events Bitcoin still leads in holdings Bitcoin remains the most held coin by Indian investors at 6.9%. It's followed by Dogecoin (6.6%) and Ethereum (5.2%). But the most surprising entry this quarter is PEPE, which now holds a 1.9% share in investor portfolios, replacing Loopring. This shows that younger, risk-taking investors are now choosing newer coins. Other top-held coins include Shiba Inu (4.2%), Ripple (3.5%), Cardano (3.3%), Polygon (2.9%), Internet Computer (2.8%), and Solana (2.3%). Meme coins are now serious picks 'Meme coins like PEPE and BONK are gaining traction, especially among young investors who are open to high-risk, high-reward opportunities,' Srihari noted. 'It's a reflection of how fast-evolving and layered the Indian crypto community is becoming.' Indian crypto investors are now balancing long-term trust in well-known coins with short-term interest in trending tokens. With new rules for the market expected soon, more changes could come in the next quarter.
