CoinSwitch is planning to provide Indian stock trading service as the cryptocurrency exchange has set its eyes on conventional investment products.
With the proposed launch, the crypto unicorn will be competing with new-age players such as Zerodha, Upstox, and Groww as well as traditional giants such as ICICI Securities, HDFC Securities and Kotak Securities.
Ashish Singhal, Co-founder and CEO, CoinSwitch, said, “More than 19 million Indians have initiated their investment journey on our platform with crypto. We aim to grow alongside them by offering a diverse range of asset classes on our wealth tech platform that are simplified, and tailored to their requirements. This includes multiple asset classes such as fixed deposits, mutual funds, Indian Stocks, etc.”
CoinSwitch is planning to apply for a stockbroker’s licence with the Securities and Exchange Board of India(SEBI). It is also in talks with non-banking financial companies (NBFCs) and banks for offering fixed deposits. However, the company has neither confirmed nor denied this development, per reports.
According to reports, CoinSwitch has turned its focus to Indian stocks after its plans to enable retail investment in the US stocks were shelved after the hike in tax collected at source (TCS) on foreign remittances under the liberalised remittance scheme (LRS).
The company said that its vision has always been to develop a wealth-tech platform tailored specifically for Indians.
“To be clear, as a tech company, our approach will be to become an enabling platform. We are aiming to become a platform that offers multiple assets by the end of this financial year. We hope to provide the CoinSwitch experience of a seamless, reliable, and secure platform across the multiple asset classes that delivers a user-friendly experience that simplifies investing,” Singhal further noted.