CoinSwitch Kuber, a cryptocurrency exchange, which reached a valuation of $ 1.9 billion earlier this month, may soon make a foray into stock trading, as part of its plan to diversify its portfolio of financial services, key sources familiar with the development told Business Today.in.
The diversification of its investment services portfolio comes at a time when Indian stock markets have seen a record number of retail investors trading on exchanges since the start of the COVID-19 pandemic.
The bullish run of the markets has also sparked interest in the startup ecosystem with a group of unicorns already offering stock trading services on their platform.
Read also: CoinSwitch Kuber Is India’s Second Crypto Unicorn After $ 260 Million Funding
Business Today.in previously reported that another investment technology unicorn, Groww, may enter cryptocurrency trading, subject to clarity on digital token regulations.
Although countries like China have banned virtual currencies, India has doubled its investments in cryptocurrencies, with transaction volumes and number of investors reaching record highs this year.
Crypto startup CoinSwitch Kuber has hired former Paytm senior vice president Krishna Hegde, who will play a pivotal role in expanding the business beyond crypto and integrating traditional financial products on the platform.
The crypto exchange recently raised $ 260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to become India’s most beloved crypto unicorn with a valuation of $ 1.9 billion. dollars. The company said it intends to use the newly raised funds to diversify into new asset classes.
“We are in our growth phase and strive to create innovative financial products in crypto and beyond that facilitate investment. We aim to bring financial well-being to every Indian and make equal money for all, ”said Ashish Singhal, co-founder and CEO, CoinSwitch Kuber.
Read also: CoinSwitch Kuber Onboard Ranveer Singh As Brand Ambassador After CoinDCX Joins Amitabh Bachchan
“With his in-depth industry knowledge and history in creating innovative financial offerings for digital native consumers, Krishna will play a pivotal role in helping us move closer to this goal. I am happy to have him on the team. CoinSwitch Kuber as we continue to expand into new areas of business, ”he added.
Hegde conceptualized, built and scaled several innovative offerings, including Digital Gold – the de facto mechanism for millions of young Indians to make their first investment in gold, at Paytm, where he was senior vice president .
He also led a team to launch other successful offerings including Paytm Postpaid, among other loan and insurance products from the digital payments company. Most recently, Hegde served as Chief Strategy Officer at Setu, where he launched an industry first product that enabled easy and broad distribution of fixed bank deposits outside of banking platforms, according to an official statement from CoinSwitch Kuber. .
“The Indian crypto industry is currently ripe for innovation and I am delighted to join CoinSwitch Kuber, the country’s largest and most beloved crypto company. I am delighted to use my expertise to innovate on a variety crypto and non-crypto products that bring CoinSwitch Kuber closer to our goal of empowering Indians to build wealth, ”said Krishna Hegde, Senior Vice President – New Initiatives.