India’s largest cryptocurrency unicorn, Coinswitch Kuber, will multiply into a wealth tech startup that deals in Indian and US stocks, mutual funds, fixed deposits. In short it means that Coinswitch wants to be a one-stop shop for all things investment, according to Ashish Singhal, the company's chief executive.
"We will help our users on their investment journey with crypto as the basis of the company. Our young users’ needs will evolve over time, and they will diversify their investments as long as crypto remains a high-risk, high-reward asset class, " Singhal said.
Singhal, however, said crypto would still be at the centre of its operations even as it creates a basket of investment opportunities for its users.
"Our users put their risk capital into crypto, but they also have a separate packet of investment income. We want to help our users across asset classes, “he said.
He put force on the fact that Coinswitch Kuber would remain a crypto-first company.
"Our fortunes are tied to crypto. If crypto dies, we die, "Singhal said.
In October, the crypto asset platform closed a $260 million Series C and Less than 1% of Indians invest beyond fixed deposits due to a lack of financial knowledge and proper pre-purchase and post-purchase support, Singhal said.
"Coinswitch is looking to solve that problem. We want to help users gain access to different asset classes, educate them on the investment process and then help them make their money grow in a safe environment, “he said.
The company is also looking forward in the NFT (non-fungible token) market and might, In the future also delve into developing blockchain platforms.