India’s largest cryptocurrency unicorn, Coinswitch Kuber, will diversify into a wealth tech startup that deals in Indian and US stocks, mutual funds, fixed deposits and bonds in a bid to offer its over 15 million users multiple investment avenues, its founder told ET.
In short, 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.
"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 government is in the process of formulating crypto legislation, but the regulations might be delayed due to the complex nature of crypto exchanges.
The company is also looking at playing in the NFT (non-fungible token) market, but in a slightly different way.
"We believe that NFTs are probably not the right investment tool, but they are an amazing tool for creators and communities. We are looking at the right use cases that will help us create amazing properties in India, " said Singhal.
In the future, the company could also delve into developing blockchain platforms.
"So, we would definitely consider Ethereum, Matic, Solana, and the rest of the blockchain... The idea is to be very innovative, to provide Indian users with the same set of capabilities that their US counterparts have and to build products out of India for use globally, " he said.