One of the most influential Crypto industry Unicorns named CoinSwitch has finished the first ESOP buyback valued at about $2.5 M. The milestone was achieved just in 20 months of its operational launch in India. The CEO of CoinSwitch states that it is a trivial step to appreciate the efforts of its employees for the company’s growth.
The estimated number of employees getting ESOP is, however, less. So it was speculated by a Spokesperson of the Cointswitch. In last two years, the company headcount has increased significantly from a small number of 20 to 500. Coinswitch now has more than 500 employees in India till March.
The company also gets support from several established names like Tiger Global, Ribbit Capital, Coinbase Ventures, etc. The company was founded in 2017by Singhal and Govind Soni. The company’s user base went from 1M to 15M in one year. CoinSwitch will also bring several other assets and financial securities. However, not just CoinSwitch is witnessing exponential growth but also its competitors like WazirX, CoinDCX, etc.
WazirX has launched its new feature called BUIDL With WazirX. It enables crypto ventures to create exchanges. It is an initiative by the company to promote crypto entrepreneurs.
Indian Crypto Industry
India falls under one of the fastest-growing crypto industries. All the new ventures in the crypto industry are currently going through a good phase. According to a report of Chainanalysis, the growth rate of India’s crypto industry was around 641% from July 2020 to June 2021. According to the reports, India’s Decentralised Finance(DeFi) activities are much higher than Vietnam and Pakistan.
The report of Joel John from LedgerPrime firm stated that India holds more than four times more crypto investors than equity investors. There are more than 20 M Indians who are participating in crypto investment. CREBACO says that the crypto investment went up from $1 B to $10 B from 2013 to 2021.
