After months of uncertainty, crypto startups such as CoinSwitch, CoinDCX and WazirX are riding a surge in market momentum, fuelled by Bitcoin’s record-breaking run and a friendlier global regulatory climate. The founders FE spoke to said that the conversation has moved from survival to scale, as users are returning and volumes swelling.
“The first half of FY24 was a bit uncertain. People were still reeling from the volatility of the previous year. But as things moved forward, we started to see the tide turn,” Ashish Singha, co-founder of CoinSwitch, told FE. Between January and December 2024, the company saw user registrations rise 2.5 times and trading volumes jump 6.5 times. It also expects to reach profitability at scale soon. “The landscape is still evolving, but the direction is becoming clearer. Compared to where we were even a year ago, there is far more structure in the ecosystem now, and that gives us confidence to build responsibly,” Singha added.
Bitcoin surpassed $1,21,000 mark in July
Bitcoin crossed the $1,21,000 mark for the first time on July 14, beating previous peaks between May and January. Ether, the second-largest cryptocurrency, touched a five-month high of $3,048.23. “The global bull run, a clear pro-crypto stance from world leaders like Donald Trump, and growing institutional participation from giants like BlackRock are pushing crypto into the mainstream. We have always believed this moment would come, and we were ready for it,” Sumit Gupta, co-founder of CoinDCX, said.
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DCX Group sees surge in volumes
DCX Group, which includes CoinDCX India, BitOasis in the UAE and Bahrain, and Okto, has registered annualised revenue of Rs 1,179 crore, supported by Rs 13.7 lakh crore in annualised transaction volumes. In the first half of FY25, it logged Rs 23,497 crore in spot trading volume, up 37% year-on-year; 19 million registered users, a 30% rise; and over 200,000 active crypto SIPs (systematic investment plans), up 1,071%. Gupta also pointed out to the growing traction in Tier-2 cities such as Faridabad and Nashik.
Similarly, WazirX is upbeat despite challenges. “Broader crypto sentiment remains favourable. We believe the hyper-bull market, like those of 2017 or 2021, is still ahead. The current year reminds us of 2016 or 2020. We are positioning WazirX to be ready when the next hyper-bull cycle arrives,” a spokesperson said. The firm is emerging from a cyber attack in July 2024 and is in the final phase of restructuring.
Globally, regulations have firmed up in the UAE, Hong Kong and Singapore, while Europe’s Markets in Crypto-Assets (MiCA) Regulation came into force at the end of 2024. In the US, the GENIUS Act — the Guiding and Establishing National Innovation for US Stablecoins Act — was signed on July 18 this year and has created the first federal framework for regulating payment stablecoins.
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In India, cryptocurrency startup founders said that policy conversations have moved from whether to regulate crypto to how to do it.
“A few years ago, there were serious conversations about banning the industry altogether. Today, we have well-defined guidelines around anti-money laundering, KYC, advertising, and, of course, taxation,” Gupta said.
Investor sentiment has also improved, though with a sharper focus on trust, compliance and innovation. Web3 startups in India — that focus on building blockchain-based applications and platforms — raised $564 million in 2024, a 109% jump from the previous year, according to the India Web3 Landscape Report 2024 by Hashed Emergent. “Crypto winter didn’t kill optimism, it just killed the hype. The blind speculative frenzy is over, and what’s left is a quieter, more grounded optimism. Investors are not anti-crypto, they are just done funding fantasy,” Milan Sharma, founder and MD, 35North Ventures, said.
Beyond exchanges, sectors such as Web3 infrastructure, real-world asset tokenisation, stablecoins, developer tools, and decentralised platforms integrating AI are drawing interest. Some firms, like CoinDCX through its BitOasis acquisition, are expanding into regions with friendlier regulation. Since joining hands, BitOasis has seen trades rise 30%, volume 40%, and revenue 50%.
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