CoinSwitch Plans To Enter Indian Stock Trading: Report As per the report, amid global uncertainties around cryptocurrencies, CoinSwitch had previously announced its intention to extend its services beyond crypto to traditional investment products like mutual funds and US stocks
By Teena Jose
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The cryptocurrency investment platform, CoinSwitch, is planning to enter the Indian stock trading market and compete with tech-driven brokerage firms like Zerodha, Upstox and Paytm Money, according to an ET report.
The crypto platform reportedly prepares to apply for a stockbroker's license from the Securities and Exchange Board of India (SEBI) and is also negotiating with non-banking financial companies (NBFCs) and banks to offer fixed deposits.
As per the report, the development is to cater to crypto investors exploring additional investment avenues. For several months, Ashish Singhal, co-founder and CEO, CoinSwitch, has maintained that the company plans to offer financial products besides crypto. Amid global uncertainties around cryptocurrencies, CoinSwitch had previously announced its intention to extend its services beyond crypto to traditional investment products like mutual funds and US stocks.
The increased taxes on foreign remittances under the Liberalised Remittance Scheme (LRS) disrupted CoinSwitch's plans to offer U.S. stock investments. Hence, the company is now focusing on the Indian market.
The report further added that the entrance of Coinswitch into the stock trading market will add another player to an already crowded field, including traditional stock brokerages like ICICI Securities, HDFC Securities, Sharekhan, and new-age platforms, alongside the market leader, Zerodha.
