Unicorn Coinswitch Kuber to diversify as wealth tech startup
According to Ashish Singhal, the company’s chief executive, Coinswitch wants to be a one-stop shop for all things investment.
“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.
At a valuation of USD 1.9 billion, the platform closed a USD 260 million Series C funding round from Andreessen Horowitz, Coinbase Ventures and existing investors like Sequoia Capital India and Tiger Global in October.
Less than 1 per cent 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.
“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.
“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.
The company does not own any cryptocurrency or a proprietary book of its won, but it’s just ‘a matching platform,” said Singhal.