CoinSwitch to launch stock trading platform

CoinSwitch plans to launch an Indian stock trading platform named Cryptocurrency exchange It has set its sights on traditional investment products.

With the proposed launch, the crypto unicorn will compete 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 of CoinSwitch, said, “Over 19 million Indians have started their investment journey on our platform with crypto. We aim to grow alongside them by offering a variety of asset classes on our platform to simplified wealth technology tailored to their requirements. Includes It has multiple asset classes like Fixed Deposits, Mutual Funds, Indian Equities, etc.”

CoinSwitch plans to apply for an exchange broker license with Securities and Exchange Board of India (SEBI). Also in talks with Non Banking Financial Corporations (NBFCs) And banks to provide fixed deposits. However, the company has not confirmed or denied this development, as per reports.

According to reports, CoinSwitch has shifted its focus to Indian equities after its plans to enable retail investment in US equities were put on hold following an increase in taxes collected at source (TCS) on foreign transfers under the Liberated Transfers Scheme (LRS).

The company said that its vision has always been to develop a platform with a wealth of technology tailored for Indians.

“To be clear, as a technology company, our approach will be to become an enabling platform. We aim to become a multi-asset platform by the end of this fiscal year. We hope to deliver the CoinSwitch experience to a seamless, reliable and secure platform across multiple asset classes that provides an easy-to-use experience that simplifies investment.