Disclosure certainty 4/5 debate potential 1/5

Singhal: CoinSwitch became profitable following Sequoia seed round

Ashish Singhal · The rise of crypto with 1.5 cr+ Indian investors ft. Ashish Singhal, Founder, Coinswitch · Nov 8, 2021 · at 12:35

Ashish Singhal, founder and CEO of crypto platform CoinSwitch, discusses the company's early financial discipline and growth between 2017 and 2020.

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“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.”

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More from Ashish Singhal

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.”
Ashish Singhal Nov 8, 2021 ▶ 27:34 The rise of crypto with 1.5 cr+ Indian investors ft. Ashish Singhal, Founder, Coinswitch
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?”
Ashish Singhal Nov 8, 2021 ▶ 30:31 The rise of crypto with 1.5 cr+ Indian investors ft. Ashish Singhal, Founder, Coinswitch
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?”
Ashish Singhal Nov 8, 2021 ▶ 25:23 The rise of crypto with 1.5 cr+ Indian investors ft. Ashish Singhal, Founder, Coinswitch
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”
Ashish Singhal Nov 8, 2021 ▶ 10:32 The rise of crypto with 1.5 cr+ Indian investors ft. Ashish Singhal, Founder, Coinswitch
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.”
Ashish Singhal Nov 8, 2021 ▶ 11:23 The rise of crypto with 1.5 cr+ Indian investors ft. Ashish Singhal, Founder, Coinswitch
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.”
Ashish Singhal Nov 8, 2021 ▶ 13:23 The rise of crypto with 1.5 cr+ Indian investors ft. Ashish Singhal, Founder, Coinswitch
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