Ashish Singhal, the co-founder and CEO of CoinSwitch, stands at the forefront of India’s cryptocurrency revolution. His journey from a small town in Uttar Pradesh to leading a $2 billion crypto unicorn is a story of vision, resilience, and innovation. With over 20 million users, CoinSwitch has become India’s largest crypto platform, making digital assets accessible to millions.
Humble Beginnings in Uttar Pradesh
Ashish Singhal was born into a middle-class family in a small town in Uttar Pradesh. Growing up, he observed the lack of opportunities for financial growth in his community. Many Indians, especially in smaller towns, had limited access to investment options beyond traditional savings. This reality sparked a desire in Ashish to create tools that could empower people to build wealth.
His early life instilled a strong work ethic and a problem-solving mindset. Determined to make a difference, Ashish pursued higher education at Netaji Subhas Institute of Technology, a prestigious institution in India. There, he developed technical skills in computer science, laying the groundwork for his future in technology and entrepreneurship.
Building a Strong Foundation in Tech
Before founding CoinSwitch, Ashish Singhal built an impressive career in the tech industry. He held leadership roles at global giants like Amazon and Microsoft, where he gained deep insights into technology, operations, and product development. These experiences honed his ability to navigate complex systems and deliver innovative solutions.
Ashish Singhal later joined Livspace, a home interiors startup, where he further sharpened his entrepreneurial skills. His time in the startup ecosystem exposed him to the challenges and opportunities of building a business from the ground up. A standout in problem-solving, Ashish competed in hackathons across India, winning every major competition he entered. These victories showcased his technical prowess and boosted his confidence to tackle ambitious projects.
Discovering the Potential of Cryptocurrency
Ashish Singhal’s fascination with cryptocurrency began in 2014 when he read the Bitcoin whitepaper. Intrigued by its potential to reshape the financial ecosystem, he started trading crypto to better understand the market. During this time, he noticed a significant issue: crypto prices varied widely across different exchanges, making it challenging for traders to get the best deals.
This discovery sparked an idea. In 2017, Ashish teamed up with Govind Soni and Vimal Sagar Tiwari to address this gap. Together, they founded CoinSwitch, a platform designed to aggregate crypto prices across multiple exchanges. Their goal was simple: to provide users with a clear, efficient way to trade cryptocurrencies. What started as a hack to solve a pricing problem soon evolved into a full-fledged platform that would transform India’s crypto landscape.
The Rise of CoinSwitch
CoinSwitch launched in 2017 as a global aggregator of cryptocurrency exchanges. The platform quickly gained traction for its ability to simplify crypto trading. However, Ashish and his team saw even greater potential in the Indian market. In June 2020, they introduced CoinSwitch Kuber, an INR-to-crypto on-ramp platform that allowed users to buy and trade crypto directly in Indian rupees.
This move was a game-changer. By removing complexities like currency conversion and on-ramping, CoinSwitch Kuber made crypto accessible to millions of Indians. The platform’s user-friendly interface, strong KYC-compliant ecosystem, and focus on user feedback fueled its rapid growth. Within months of its launch, CoinSwitch achieved profitability—a rare milestone for startups in the competitive crypto space.
By 2022, CoinSwitch had become India’s largest cryptocurrency platform, with over 20 million registered users. The company’s valuation soared to approximately $2 billion, earning it the status of India’s most valued crypto unicorn. For many users, CoinSwitch was their first foray into financial investing, often bypassing traditional options like fixed deposits.
Expanding the Vision with CoinSwitch PRO
Ashish Singhal’s commitment to innovation didn’t stop with CoinSwitch Kuber. In November 2022, the company launched CoinSwitch PRO, an advanced trading platform designed for sophisticated users. This platform offered features like API trading and multi-exchange trading with a single login, catering to traders seeking more complex strategies.
CoinSwitch PRO strengthened the company’s position as a leader in the Indian crypto market. By offering both beginner-friendly and advanced platforms, Ashish ensured that CoinSwitch could serve a diverse user base, from first-time investors to seasoned traders.
Leadership and Industry Advocacy
Ashish Singhal’s leadership style is defined by a focus on trust, transparency, and customer-centricity. He believes that building a loyal user base requires simplifying complex processes and prioritizing security. CoinSwitch’s 24/7 live chat support and robust security measures reflect this philosophy, earning the trust of millions.
Beyond CoinSwitch, Ashish plays a significant role in shaping India’s crypto industry. As co-chair of the Blockchain and Crypto Assets Council (BACC), part of the Internet and Mobile Association of India (IAMAI), he advocates for regulatory clarity. He has called for policies that allow offsetting and carrying forward losses, reduce the tax deducted at source (TDS) on virtual digital assets from 1% to 0.01%, and treat crypto income like other capital assets.
Ashish Singhal recognizes that cryptocurrencies are still in a nascent stage in India. He believes that innovators and regulators must collaborate to create a framework that protects customers while fostering innovation. His optimism about the industry’s future was reinforced by the 2023 G20 Summit, which adopted a crypto regulatory roadmap and brought virtual digital assets under the Prevention of Money Laundering Act.
Overcoming Challenges
Ashish Singhal’s journey has not been without obstacles. As a second-innings founder, he experienced the failure of an earlier e-commerce startup. This setback taught him critical lessons about marketing and distribution, which he applied to CoinSwitch’s growth strategy. His ability to learn from failure and adapt has been a key driver of his success.
The crypto industry itself presents challenges, including regulatory uncertainties and market volatility. Ashish has navigated these by focusing on compliance and user trust. CoinSwitch’s KYC-compliant ecosystem and transparent operations have helped it stand out in a crowded market.
A Vision for the Future
Looking ahead, Ashish Singhal aims to deepen CoinSwitch’s impact on India’s financial ecosystem. He envisions a future where crypto is a mainstream investment option, leveling the playing field between virtual and traditional assets.
Ashish Singhal’s long-term goal is to drive financial inclusion across India. Through initiatives like CoinSwitch PRO and educational resources, he is working to make crypto accessible to both beginners and advanced users. His commitment to innovation and customer protection will likely shape the future of crypto in India.
