July 16, 2024

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CoinSwitch Lifts Curtains off New Umbrella Brand ‘PeepalCo’, Plans to Expand Wealth Tech

2 min read

CoinSwitch, one of India’s popular crypto trading platforms, announced its new umbrella brand on Tuesday, December 12. Called PeepalCo, the new brand will envelope three platforms owned by the same company. Out of these three internal units, one is CoinSwitch’s crypto retail app and advanced trading platform called CoinSwitch Pro. The market entries of the other two units — a soon-to-be-launched platform with newer investment classes and a wealth-management division catering to High-Net-Worth Individuals — are around the corner as for now.

“The new structure is designed to unlock the full potential of our organisation and align our resources more effectively. We will focus on capital allocation and PeepalCo will guide us in the journey forward, to democratise wealth-creation for India,” Ashish Singhal, Co-Founder and Group CEO, PeepalCo group said in an official statement.

Balaji Srihari has been chosen as the Business Head to lead PeepalCo’s CoinSwitch division. Srihari has previously managed CoinSwitch apps. In the coming months, PeepalCo would be unveiling its upcoming initiatives that largely aims at expanding its offerings.

The company’s plans to do so do not come as a surprise given that the Web3 sector in India is still largely unregulated. As per recent updates shared by government officials, concrete laws to govern the crypto sector could still be up to 18 months away.

Due to a drop in user engagements, CoinSwitch had recently trimmed its customer support team. To ramp up engagements with its platform, CoinSwitch launched a new feature called ‘Earn’. Through this, the platform will let users ‘lock-in’ their crypto assets and earn rewards in the form of cryptocurrencies and monetise their holdings without having to sell their assets.

In the months to come, PeepalCo will expediate the process of bringing in services like fixed deposits, bonds, exchange-traded funds (ETFs), stocks, and mutual funds — all of which are classified as highly-regulated investment products — to keep its business on the roll despite a growth lag in the core crypto segments.

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