CoinSwitch Aims To Offer Multiple Asset Classes By Year-End
Singhal doesn't foresee any issues for his platform to receive the necessary clearances for offering other asset classes.
CoinSwitch will have "multiple asset classes" on its app by the end of the calendar year as it seeks to pivot to a full-stack wealth management app from a pure-play cryptocurrency exchange, according to its chief executive officer.
"We would have hit PMF (product-market fit) in a couple of those products already, which means that users would have identified the right problems to solve, and those users would have validated whether we have solved that correctly or not," Ashish Singhal, co-founder and chief executive officer, said in an interview with BQ Prime.
In December last year, CoinSwitch announced its intention to pivot to offering stock trading, mutual funds, bonds, and other asset classes for users. This is the second major pivot for the company, which started in 2017 as a crypto data search engine.
The company will not be looking at a fundraise, as it has enough money at hand, Singhal said. "The problem is not capital today. The problem is to identify the key problems of our users, solve them (to) the best in the industry and increase the market share from 3% to 10% (of Indians investing beyond mutual funds) so that everyone in India feels confident investing through CoinSwitch."
Singhal doesn't foresee any issues with his platform receiving the necessary regulatory clearance to offer other asset classes. "We're still planning and executing those details, but what I know of regulators is that as long as the intent is right and user data and rights are protected, any platform in India can provide these services."
"We have worked in a sector that is totally unregulated, and yet, you would find CoinSwitch as an example of how a crypto company follows compliance, even in an unregulated place," he said.