CoinSwitch To Offer Mutual Funds, FDs
The value of cryptocurrencies has declined significantly over the last few years. Furthermore, the Indian government has imposed a 1% TDS on cryptocurrency trading. As a result, trading volumes and user activity on several Indian cryptocurrency exchanges have decreased. In light of India’s declining crypto business, Ashish Singhal, CEO of CoinSwitch, discussed his future strategy with Business Today.
CEO of Coinswitch , Mr. Ashish Singhal said, At heart, we will always be a crypto-first investing platform. But the problem that we are trying to solve is bigger. Just about 3 per cent of Indians actively invest in stocks; the participation rate in mutual funds is also similar. For India to have true economic participation, the retail participation in markets should be much higher… more Indians should be investing. Our objective is to bridge this gap, to empower Indians to invest, and to help them build wealth. To this end, we have scaled our tech-stack, and we have hired industry experts to be part of our leadership team. We have always been compliant with the laws of the land. All our investment products, be it crypto or beyond, will be fully compliant with the existing rules and standards. We will share the details as and when we announce our new products.
(With inputs from Shikha Singh)
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