Coinswitch, a cryptocurrency exchange platform, is planning a dramatic foray into the Indian stock trading industry. With the intention of competing with other tech-driven brokerage firms like as Zerodha and Upstox. Coinswitch intends to provide more possibilities for investors’ financial portfolios.
In an interview with Moneycontrol, Coinswitch CEO Ashish Singhal discussed the company’s ambitious objectives. Coinswitch plans to launch seven additional products, including fixed deposits, bonds, exchange-traded funds (ETFs), and others, according to Singhal. This strategic expansion comes at a time when cryptocurrencies have suffered difficulties in recent years. This is despite Bitcoin’s recent price recovery.
The company wishes to obtain a stockbroker license in order to aid its entry into the Indian stock market. They must first register with India’s Securities and Exchange Board (SEBI). Furthermore, the company is in talks with non-banking financial institutions and banks. They wish to build relationships in order to give investors a plethora of investment opportunities.
The decision by Coinswitch to focus on Indian stocks derives from delays in their ambitions to offer to trade in US stocks. The hike in foreign remittance tax rates under the Liberalised Remittance Scheme (LRS) in the 2023 Budget forced the company to shift its focus to the Indian market.
NEWS: 🇮🇳🚨 Crypto investment platform @Coinswitch plans foray into Indian stocks trading
— Walletor (@walletorapp) June 19, 2023
Singhal envisions Coinswitch as a holistic wealth-tech platform that can meet a variety of investment needs. The company intends to provide new goods, including stock trading services. They want to complete this by the end of the year. They stressed that this smart approach will provide a solid basis for Coinswitch. The company wants to diversify into other asset classes and become India’s go-to destination.
Coinswitch’s debut in the Indian stock trading market will add a new participant to an already crowded field. Along with traditional stock brokerages, these DeFi technology-driven platforms have amassed a sizable market share.
To summarize, Coinswitch’s entry into the Indian stock trading market is a significant step forward in the company’s evolution. Coinswitch seeks to secure its position as a leading wealth-tech platform in India, catering to the increasing demands of investors in the digital era. They intend to accomplish this by providing investors with a broader selection of financial products and services.