CoinSwitch, the Indian crypto unicorn has completed its first ever ESOP buyback worth $2.5 million in 20 months. In the two years since it started operations, it has expanded its workforce from 50 employees to 500. It became India’s most values Crypto unicorn in September 2021, after raising $260 million in a Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z). It currently stands at a valuation of 1.9 billion. Its other investors include Tiger Global, Sequoia Capital, Ribbit Capital and Paradigm.
Ashish Singhal, co-founder and CEO, CoinSwitch, was elated by the Company’s success and said that “the Equity Buyback programme is a small effort to acknowledge our employees’ contribution to the phenomenal growth of CoinSwitch. Over 15 million users trust CoinSwitch in their investment journey, making us the largest Crypto app.”
He also expressed his gratitude toward his employees for reaching this milestone, “We meet and exceed our targets in India because of the amazing team and shall continue to launch similar liquidity events as part of our commitment to creating wealth for all.”
CoinSwitch was founded in 2017, by Ashish Singhal, Govind Soni and Vimal Sagar as a global aggregator of crypto exchanges. Its users can now choose between 90 cryptos, including Bitcoin, Ethereum and Solana. It experienced a growth in registered user base from one million to 15 million, between January 2021 to January 2022. It is dedicated toward simplifying crypto, and providing a safe and trusted platform for its customers.