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CoinSwitch Kuber, the Indian unicorn exchange aggregator, plans to enter the financial services space and sell products such as mutual funds.
“We would allow mutual funds and other financial products on our platform,” said Ashish Singhal, co-founder and CEO of CoinSwitch Kuber, during a speech at the India Internet Day event hosted by TiE Delhi NCR Friday.
The crypto exchange would also diversify its portfolio by including other financial services such as stocks to allow its users to diversify into other asset classes. According to reports, the company will transition from a “crypto-only” company to a “crypto-first” company.
The development comes at a time when the crypto market is struggling with Bitcoin hitting $19,787.70 on Monday while Ether was available at $1,566.56.
CoinSwitch Kuber has been one of the heavyweights in the Indian crypto space. The company was founded in 2017 by Singhal, Govind Soni and Vimal Tiwari. The company in its early days was designed as an aggregation platform that would help them trade cryptos at the best price. The company became a unicorn in October 2021 as the company received $260 million in its Series C funding round led by Coinbase Ventures and Andreesen Horowitz. CoinSwitch also has investors such as Paradigm, Ribbit Capital, Sequoia Capital, and Tiger Global. The company recently launched its “Web3 Discovery Fund” to invest in 100 startups in the Web3 space.