New Delhi: The cryptocurrency unicorn, CoinSwitch is planning to establish a stock trading platform, competing with the likes of Groww, Upstox, and Zerodha, among others.
As per the media reports, the company intends to apply to the Securities and Exchange Board of India (SEBI) for a stockbroker’s licence. Additionally, Coinswitch is claimed to be in talks with various non-banking financial organisations (NBFCs) and banks about offering fixed deposits.
The crypto trading platform recently revealed plans to offer traditional financial goods, including mutual funds, US equities, and other similar ones, in light of the recent issues with cryptocurrencies around the world, including India.
While Bitcoin’s price has risen in the last six months or so, it is still less than half of its November 2021 top. Other big cryptocurrencies have also suffered losses in terms of market capitalisation and value. The problem of crypto trading platforms has been exacerbated by India’s tight crypto legislation and taxation. This has prompted them to branch out into more conventional financial products and services.
The stock trading platform by CoinSwitch comes nearly nine months after the company released CoinSwitch Pro, a multi-exchange trading platform which allows users to trade crypto assets in Indian Rupees across several exchanges using a single login.
