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We are creating a simplified investing ecosystem: Crypto unicorn CoinSwitch

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Crypto is an emerging yet attractive asset class. It is a $1.25 trillion market globally. The India adoption story is no different with nearly 20 million unique users, over $6.6 billion in investments and more than a billion dollars in venture capital funding.

India is already the second-largest in terms of crypto adoption globally.

Crypto in India has come a long way but this is just the beginning — Crypto is a billion people industry in the making.

Govind Soni, Co-Founder and Chief Technology Officer, CoinSwitch, India’s largest crypto investing app, told IANS that their priority is to make it transparent, trustworthy and secure, and enable Indians to participate in this technology shift in a meaningful way.

Excerpts from the interview:

Q: Why is Crypto important, and how can India benefit from it?

A: Crypto is the gateway to a decentralised internet. The computing power of the billions of devices around the world can be utilised and incentivised using Crypto to build a new internet, called Web3.

India has the opportunity to take the lead in this transformation. We have the talent, users and the startup ecosystem. And we are witnessing an upskilling and migration of India’s large pool of engineers and developers to the cutting-edge and advanced field of blockchain and crypto.

All this puts India in a sweet spot. With an enabling regulatory environment, India can get a headstart and steer the direction of Web3 while it is built.

Q: Crypto has come a long way. Every day we hear news that even Wall Street giants are adopting Crypto. Why is that?

A: Institutional adoption is a sign that Crypto has well and truly grown beyond white papers to be a smart investment class. The origin of Crypto may have been based on an idea of a digital currency, but now it has evolved to become an attractive, emerging asset class.

There are several interesting use-cases being built on this technology. That is the intrinsic value of Crypto: The confidence and uptake of the underlying blockchain technology. Institutional investors understand this and have done their due diligence.

While retail investors continue to be the early adopters and torchbearers of Cryptos, growing institutional adoption underlines the fact that this is an asset class that is here to stay.

Even traditional markets are adopting and gaining exposure to Cryptos. All of this bodes well for the growth of the asset class.

Q: What about India? There is regulatory uncertainty on Crypto here. Do you see this changing and Crypto becoming a mainstream asset class here?

A: Certainly. Cryptos are an emerging asset class that speak to India’s digital-savvy population.

With regulatory clarity, institutional investors too will find the confidence to invest in and benefit from Cryptos.

As we have seen globally, Cryptos can attract significant institutional and foreign investments if regulations can enable innovations and provide the necessary guardrails. India can benefit similarly.

Innovations such as decentralised finance, or DeFi, can be an effective and fast enabler of capital for small and medium-scale businesses in India. Crypto is also paving the way for interesting applications such as decentralized social media that Indians can greatly benefit from.

Q: How is CoinSwitch protecting investors on its platform?

A: At CoinSwitch, investor protection is of utmost importance to us. While we have been using various digital platforms to inform, educate and engage with new crypto enthusiasts, we are continuously updating our app to help users make informed investing decisions.

And, numbers tell the story. The average time a user spends on our app reading, buying, selling, or trading has gone up to 27 minutes from 13 minutes in January 2021.

In line with our ongoing product feature upgrades to tighten platform security, we have launched Riskometer — our attempt to help users think twice before investing in a coin. The Riskometer provides a risk warning on coins that are highly volatile, or when the risk assessment suggests that users need to proceed with caution while investing.

We understand that ensuring compliance with relevant regulations is key to ensuring a safe, secure, and trustworthy user experience. Users on our platform can utilise their account balances (of Indian Rupees and crypto assets) to only transact on our platform or withdraw Indian Rupees. They can only deposit Indian Rupees from their verified bank account. Similarly, after selling crypto assets, users can withdraw Indian Rupees only to their verified bank account.

Q: What does cloud technology enable you to do better?

A: Amazon Web Services (AWS) allows to scale up on infrastructure and services without having any dependencies, or minimum usage commitments. AWS continues to make incremental improvements to its solutions and services, allowing us to easily deliver value to our customers. If we had to build these capabilities on our own it would have taken us significantly longer. With the shared responsibility model, security of the cloud is addressed by AWS and this helps us considerably reduce our efforts towards security and compliance. AWS account team and Enterprise Support provides proactive guidance and support as we scale our platforms. AWS is the easy answer for any internet-based ecosystem that wants to scale faster.

CoinSwitch is trusted by over 18 million registered users, making it the largest crypto investing app in India. Ours is a built-to-scale platform developed on top of AWS. Among a host of things, AWS has improved our time to market, handle spikes in traffic, and manage risks more efficiently. All of these put together help us provide a simplified and secure user experience on the app.

Crime

Man arrested for raping, murdering 80-year-old woman in Karnataka

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Kolar, June 4: A man has been arrested on charges of raping and murdering an 80-year-old woman in Srinivasapura town of Karnataka’s Kolar district.

The police have apprehended the accused, who has since been remanded to judicial custody.

The accused has been identified as 37-year-old Baba Jaan, a resident of Gaffar Khan Mohalla in Srinivasapura.

According to the police, the victim’s body was discovered on Monday evening at a garage near an open field on Mulbagal Road in Srinivasapura town.

Preliminary investigations revealed that the victim had been raped and murdered.

The victim had left home two days ago, informing her family that she would visit the church at Srinivasapura.

The woman stayed in Srinivasapura for two days, and on Monday evening, when the woman was waiting for a bus to return home, the accused targeted her.

The accused spoke to her to ensure she was alone.

He then allegedly lifted and carried her to an isolated place, where he brutally raped her before strangling her to death.

The accused also robbed Rs 15,000 from her bag.

During their investigation, the police obtained CCTV footage from a nearby shop, which captured the accused lifting the victim and hurriedly carrying her away.

While the police were gathering information, the accused returned to the crime scene to observe the unfolding events. Alert police personnel identified and apprehended him.

The accused later confessed to committing the crime to rob the victim’s money and jewellery.

The victim’s family has urged the police to “kill” the accused due to the heinous nature of the crime.

More details regarding the incident are yet to emerge.

On August 21, 2024, the Chintamani police had arrested a 28-year-old labourer for sexually assaulting a 65-year-old woman on the hospital premises in the wee hours.

Based on a complaint by the staffers at the Chintamani government hospital, the police launched a hunt and nabbed the accused.

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National

‘Attack on the roots of democracy’, SC on 2021 Bengal post-poll violence

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New Delhi, June 4: The Supreme Court has termed the 2021 post-poll violence in West Bengal against BJP party workers as a dastardly offence which was “nothing short of a grave attack on the roots of democracy”.

The observation came from a bench of Justices Vikram Nath and Sandeep Mehta as it dealt with a plea filed by the Central Bureau of Investigation (CBI) challenging the grant of bail to several accused in the post-poll violence cases.

The CBI contended that the Calcutta High Court granted bail to the respondents-accused on totally extraneous considerations, and after their release on bail, there was no possibility of a fair trial being conducted.

Ordering cancellation of bail, the Supreme Court said that the allegations against the accused were so grave that the same shook the conscience of the court. “The concerted attack on the complainant’s house was launched on the day of the election results with the sole objective of wreaking vengeance because he had supported the saffron party. This is a grave circumstance which convinces us that the accused persons were trying to terrorise the members of the opposite political party whom the accused respondents were supporting,” said the top court.

It took note of the fact that the trial has not budged an inch to date, though a charge sheet was filed way back in 2022, and this delay was mostly attributable to non-cooperation by the accused persons.

Saying that there was no possibility of a fair and impartial trial being conducted if the accused were allowed to remain on bail, the Supreme Court set aside the bail order passed by the Calcutta High Court.

“The accused respondents shall surrender before the trial Court within two weeks from today, failing which, the trial Court shall adopt coercive measures to secure their presence. Upon surrendering/being arrested, the accused respondents shall be remanded to custody,” ordered the top court.

Further, it asked the trial court to expedite the proceedings and conclude the trial within a period of six months.

The Supreme Court asked the Home Secretary and the Director General of Police of West Bengal to ensure that proper protection was provided to the complainant and all other material witnesses so that they can freely appear and depose at the trial without any fear or apprehension.

It granted liberty to the CBI or the complainant to directly report to the top court any violation of the above direction.

Following the post-poll violence, an FIR was registered against the respondents-accused in December 2021 for the offences punishable under Sections 143, 144, 147, 148, 149, 427, 326, 376 read with 511 and 34 of IPC (Indian Penal Code), 1860.

The complainant, a follower of the Hindu religion, claimed that the majority of the residents in his village belong to the other community and are the supporters of the ruling Trinamool Congress. As per the complainant, a few villagers started campaigning for the Bharatiya Janata Party (BJP) prior to the Assembly election, which drew the wrath of Trinamool supporters, and allegedly, a bomb was thrown at his tea stall.

On the date on which the election results were announced, a gang of 40-50 miscreants gathered together and started throwing bombs towards the house of the complainant.

The complainant’s house was totally vandalised and looted by the accused persons. The wife of the complainant was grabbed by the hair, her clothes were snatched away, and she was forcibly undressed. To save herself, the complainant’s wife poured kerosene oil on her person and threatened that she would set fire to herself on which the miscreants left the spot.

When the complainant and his family approached Sadaipur Police Station the next day, the officer-in-charge did not accept the complaint and advised them to leave the village.

After several writ petitions were filed before the Calcutta High Court containing allegations of non-registration of FIRs in post-poll violence cases, a CBI probe was ordered into all the cases where the allegations involved murder and crimes against women.

The CBI filed its charge-sheet against a number of assailants, including the respondents-accused, for the offences punishable under Sections 34, 148, 149, 326, 354, 511, read with 376D and 450 of IPC.

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National

After plastic found in dead elephant’s belly, TN forest division flags open waste dumping

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Chennai, June 4: After the death of a female wild elephant that ingested plastic waste, the Coimbatore Forest Division in Tamil Nadu has issued a stern appeal to local bodies to immediately stop dumping garbage along forest fringes.

The elephant, which was found dead near the Maruthamalai foothills recently, had reportedly consumed plastic bags and leftover food from an open dump yard.

Forest officials and wildlife activists have since blamed poor waste management practices by nearby civic bodies for drawing wild animals to human settlements, thereby intensifying human-wildlife conflict in the region. “Open dumping is hazardous to animal health and increases the chances of dangerous human-animal interactions,” said a forest department official.

Letters have been sent to the Block Development Officers (BDOs) of Periyanacikenpalayam and Thondamuthur, urging immediate action to halt garbage disposal along forest boundaries and clear existing waste to safeguard wildlife.

Officials warned that once wild elephants locate dump yards as food sources, they are likely to return repeatedly.

“Leftover food waste, especially with high salt content, poses serious health risks to elephants,” the official added.

While the forest department has called for urgent corrective measures from civic agencies, farmers in the region have voiced frustration over the department’s inability to prevent wild elephants from straying into agricultural lands, even those situated far from forest areas.

In response, forest authorities have intensified patrols in vulnerable zones. “We have deployed night staff to monitor and deter elephant movement near the old dump yard in Maruthamalai,” said a range officer.

Additional surveillance is being carried out in areas, including Pannimadai, Veerapandi, Varapalayam, and Thadagam, to prevent elephants from foraging in human settlements.

The department is also working alongside NGOs, volunteers, and staff from the Hindu Religious and Charitable Endowments (HRCE) Department to launch awareness drives.

A major anti-dumping campaign is scheduled for June 5 to coincide with World Environment Day. Forest officials emphasised the need for a coordinated effort between civic bodies, residents, and wildlife authorities to prevent further loss of wildlife due to negligence and promote safer coexistence between humans and animals.

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