CoinSwitch to Diversify Into Wealth Management
CoinSwitch, a cryptocurrency exchange and aggregator platform, is set to expand into wealth-tech services in the upcoming quarter.
The company’s diminished scale is due to industry challenges, with trading volumes remaining below the 2022 peak.
CoinSwitch has attempted to attract users through its own exchange and multi-exchange platform, but heavy taxation in India has led to a 95% decline in gross crypto trading volumes since early 2022.
In December, the company formed PeepalCo to diversify its offerings, with standalone products working independently within the new parent umbrella.
CoinSwitch’s expansion plan targets less than 3% Indians getting into the stock market, offering products that may not be drastically different from market products but would make a difference in decision-making.
The company will not pursue market advisory as a segment. However, this transition could cause further stress for the company’s depleting finances. Singhal believes that reducing taxation is the only way forward for CoinSwitch to invest in the right things for the future.
(With inputs from Shikha Singh)
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