Indian crypto exchange CoinSwitch has announced the launch of PeepalCo, a new umbrella brand, as part of its expansion plans into the wealthtech sector. The development comes as crypto firms increasingly diversify their revenue streams in response to the recent downturn in the cryptocurrency industry.
CoinSwitch said PeepalCo will encompass various business segments, aligning with its mission to "Make Money Equal for All."
The structure of PeepalCo
PeepalCo will house several brands, including CoinSwitch, the core crypto retail app, and CoinSwitch PRO, an advanced trading platform. Additionally, it will introduce a soon-to-be-launched platform featuring new investment classes and a wealth-management division specifically catering to High-Net-Worth Individuals (HNIs).
The restructuring aims to keep each business agile and innovative while adhering to stringent compliance and regulatory standards.
The leadership team of PeepalCo includes Ashish Singhal, Co-founder & Group CEO, Govind Soni, Co-founder & Group CTO, and Vimal Sagar Tiwari, Co-founder & Group COO. It will oversee the various initiatives under PeepalCo.
Ashish Singhal stated, “The new structure is designed to unlock the full potential of our organization and align our resources more effectively. We will focus on capital allocation and work to make sure each business under professional management is executing to its best. PeepalCo will guide us in the journey forward, to democratize wealth-creation for India.”
Operational changes at CoinSwitch
With this restructuring, Balaji Srihari takes on the role of Business Head for CoinSwitch. CoinSwitch said Srihari's extensive experience and skills in developing and managing the CoinSwitch app and CoinSwitch PRO have been pivotal.
Ashish Singhal, said, “I take great pride in the fact that we have not only developed a robust product, beloved by our users but have also steered it to become India’s largest crypto investment platform. Balaji has been a pillar throughout this journey. I am confident that he will continue to drive us toward greater success.”
Aiming to target 19 million Indians
PeepalCo, backed by prominent investors like Andreessen Horowitz (a16z), Tiger Global, Peak XV Partners (formerly Sequoia Capital India), Ribbit Capital, Paradigm, and Coinbase Ventures, aims to serve 19 million Indians through its diverse offerings.
The brand is poised to navigate the regulatory landscape and uncertainties in India, offering a range of highly-regulated investment products including fixed deposits, bonds, exchange-traded funds (ETFs), stocks, and mutual funds.
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