Indian Cryptocurrency Exchange Kuber CoinSwitch: No Publicity To Risky Coins
The FTX incident is the most recent shocking development to impact the cryptocurrency market, following the Terra collapse, which devastated many Indian cryptocurrency investors, and the failure of hedge funds such as Celsius and Three Arrows Capital.
Indian cryptocurrency investors are concerned because Indian exchanges are also private, do not share financial information with users, and the government has implemented aggressive cryptocurrency taxation policies. Earnings have fallen precipitously since then.
According to Ashish Singhal, co-founder and CEO of CoinSwitch Kuber, a major Indian crypto exchange, his company has no exposure to FTX and FTT, and the platform has a 1:1 ratio. User’s crypto assets will earn transaction commissions but will not be reinvested in any way.
Last year, CoinSwitch Kuber raised $260 million in a Series C round led by a16z and Coinbase Ventures. Furthermore, Sumit Gupta, CEO and co-founder of CoinDCX, another local crypto exchange, stated that his company has never exposed user funds to price risk or credit risk.
Following the demise of FTX, major cryptocurrency exchanges such as Binance, Crypto.com, and Kucoin reviewed their total reserves. The first audit of Crypto.com reveals that Shiba Inu from Meme Coin accounts for 20% of its assets. In yet another sign of the ecosystem’s distress, his crypto lender BlockFi has suspended withdrawals once more.
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