CoinSwitch Kuber, India’s largest cryptocurrency unicorn, is expected to diversify into an assets tech startup that deals in US mutual funds, US stocks, fixed deposits, and bonds in order to provide its over 15 million users with more investment choices.
According to Ashish Singhal, the company’s CEO, Coinswitch aspires to be a one-stop-shop for all things investment. With cryptocurrency as the foundation of the company, they will assist their users on their investment journey. Their young users’ requirements will change over time, and they will broaden their investments so long as cryptocurrency remains a high-risk, high-reward asset class.
Singhal stated that crypto would remain at the heart of its operations even as the company develops a portfolio of investment options for its users. Their consumers put risk capital into crypto, but they also have a different packet of investment income. They want to assist their clients across asset classes. He also emphasized that Coinswitch Kuber would continue to be a crypto-first company.
At a valuation of $1.9 billion, the crypto asset platform closed a $260 million Series C funding round in October from Andreessen Horowitz (a16z), Coinbase Ventures, and existing investors such as Sequoia Capital India and Tiger Global.
Due to a lack of financial knowledge and proper pre-and post-purchase support, less than 1% of Indians invest beyond fixed deposits. Coinswitch is attempting to address this issue. They want to assist consumers in gaining access to various asset classes, instructing them on the investment strategy, and then assisting them in making their money grow in a secure environment, says Singhal.
The trading platform is also working on a suite of cryptocurrency products, many of which will be available in the forthcoming quarter. The government is working on crypto legislation, but given the complexity of crypto exchanges, the regulations may be delayed. The company is also considering entering the NFT (non-fungible token) market, albeit in a different way. In the future, the company may also establish blockchain platforms.
Singhal goes on to explain that they would definitely consider Ethereum Matic, Solana, and the rest of the blockchain. The notion is to be revolutionary, to provide Indian users with the same set of capabilities as their US contemporaries, and to build products for global use.
They obviously do not want to make any impulsive decisions. This is a complex industry that is changing on a daily basis. And they do not want to be in a position in which innovation is hampered by hurried verdicts. However, they are at a crossroads where these regulations must be issued because they will assist new entrepreneurs in establishing new crypto companies commented Singhal, Co-Chair of the Blockchain and Crypto Assets Council (BACC).
About CoinSwitch Kuber
CoinSwitch Kuber is the largest crypto trading platform in India with a user base of 10M+, in just 15 months and growing every second. Currently they make buying and selling crypto as simple as online shopping – but at CoinSwitch they are not only building a unique product, they are defining an industry.
For more information, visit https://coinswitch.co/