Assertion Not checkable as stated
Singhal: FTX became global number two crypto exchange through innovation
“Still FTX became the number two player in the world you know because of their innovation, because of what they brought to the table.”
Prediction Didn’t hold up
Singhal: CoinSwitch aims to reach 100 million users in four years
“The goal of CoinSwitch is to reach hundred million users in the next four years, right? Which is a very audacious goal in a fintech ecosystem, but we believe that through the right investment we can make that happen, right?”
Prediction Not checkable as stated
Singhal: Tomorrow's Google, Facebook, and Microsoft will originate on blockchain
“Tomorrow's Google, Facebook, Microsoft, we believe would originate on blockchain, right? And hopefully would come from India, right?”
Assertion Contradicted
Singhal: CoinSwitch recorded over $10 million in profit by 2020
“In 20, 20, we almost had over ten million dollars in profit recorded”
Assertion Not checkable as stated
Singhal: CoinSwitch reached 13 million users within 17 months of India launch
“Within the first six months, got to over one and a half million users organically, then grew today about thirteen million users in just 17 months.”
Assertion Supported
Singhal: Under 10M Indians participated in crypto when Kuber scaled
“What we saw in the market was less than ten million users were part of the crypto economy in India.”
Assertion Not checkable as stated
Tiger Global issued CoinSwitch a signed term sheet within one day
“Tiger kind of approached us. It went like a breeze within a day we had the signed term sheet, everything ready, and I think the round closed by March, April”
Opinion
Singhal: Traditional crypto exchanges fail retail consumers used to modern apps
“It's meant for traders and does an amazing job for traders, but it's not do, it doesn't do a good job For our retail users who are used to, you know, Swiggy Uber and kind of Amazon and Flipkart experience, right?”
Disclosure
Singhal: CoinSwitch will expand to offer mutual funds, stocks, and bonds
“And that's why coin search wants to evolve from a crypto only company to a crypto first company today. Crypto is what we are known for, but tomorrow we want to add mutual fund stocks us equities bonds into our ecosystem, helping user diversify.”
Insight
Singhal: Crypto exchanges are not winner-take-all, but support a few top winners
“It's not winner take all. I think it's a couple of winners at the top because ultimately it's about liquidity, right? So if you have users, you have demand and supply. If you don't have users, you don't have demand and supply. So ultimately it creates that chi…”
Assertion Contradicted
Singhal: Less than 1% of Indians invest beyond fixed deposits
“Today, less than one percent of India invests beyond fixed deposits, which is a very sad number to look at, right?”
Assertion Not checkable as stated
Singhal: CoinSwitch Hit $1M Daily GMV Within a Month of Public Launch
“Within a month of our launch public launch, we were doing million dollars GMV a day, got funded by Sequoia and kind of, you know took that journey from there and you know, expanded to one 60 plus countries”
Disclosure
Singhal: Sequoia funded CoinSwitch within a week of approaching the team
“Within the 10 days of us working together, Sequoia approached us. They liked what we were doing. They liked the team. And you know, within a week or so, the entire funding happened and, you know we partnered with Sequoia and has worked with them for the past y…”
Disclosure
Singhal: CoinSwitch became profitable following Sequoia seed round
“After the Sequoia round, we never needed the money because the company became profitable, solving the right problems of the user and kind of growing not the rapid pace that we have seen in Kubert, but kind of steadily growing across.”
Disclosure
Singhal: Series A was CoinSwitch's only round requiring proactive outreach
“Series A was the only round, which was a pull rather than a push. All our funding rounds has been a push where investors came to us and kind of just happened.”
Assertion Not checkable as stated
Singhal: CoinSwitch gained 100,000 pre-launch Indian sign-ups in 12 days
“Within the 12 days that we opened our pre-launch, we had over a 100,000 users signed up before even our product was out, right?”
Assertion Not checkable as stated
Singhal: CoinSwitch achieved a K-factor of almost 0.4
“Our key factor is almost .4, which is one of the best
out there if you look at the numbers of different products out there, right?”
Prediction Held up
Singhal expects CoinSwitch to reach 1% of India's population within months
“So I think within a couple of months, we should be able to reach that one percent mark”
Assertion Supported
Singhal: CoinSwitch expanded team from 20 to 400 employees in one year
“And obviously as a founder, get to learn new qualities on how to manage a team of all 400 which one year ago was just 20 people.”
Assertion Not checkable as stated
Jeff Bezos handpicked a 20-person Amazon team led by Ashish Singhal
“Jeff Bezos himself picked like 20 people out of Amazon, put them in a room and give them an impossible task to do. And I was leading that team for prime one hour delivery launch, which most of us are so used to now of that delivery aspect, but that was very ne…”
