CoinSwitch reshapes under PeepalCo for wealth-tech expansion
The new group will be headed by Ashish Singhal, Co-founder of CoinSwitch, while Balaji Srihari will now lead the crypto trading platform.
Ahead of its wealth-tech expansion, crypto investment platform is set to consolidate all its business segments under PeepalCo—a new umbrella brand.
PeepalCo will serve as the parent for various entities, including crypto retail apps CoinSwitch and CoinSwitch PRO, a yet-to-be-launched platform focusing on "newer investment classes," and a wealth-management division designed to cater to high-net-worth individuals.
"The restructuring will enable each of these businesses to stay nimble and innovate while adhering to the highest compliance and regulatory standards," the company said in a statement.
The new group will be headed by Ashish Singhal, Co-founder of CoinSwitch, along with Govind Soni and Vimal Sagar Tiwari, who will assume the roles of group CTO and COO, respectively. Balaji Srihari will now lead the crypto trading platform. The company emphasised that leaders of each business segment will maintain independent operational and financial accountability.
Ashish Singhal, Co-Founder & CEO CoinSwitch
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"The new structure is designed to unlock the full potential of our organization and align our resources more effectively," Ashish Singhal, Co-founder and Group CEO, PeepalCo group said.
"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 democratise wealth-creation for India,” he added.
Earlier, it was reported that the company was planning to enter the Indian stock trading market to compete with tech-driven brokerage firms like Zerodha, Groww, Upstox, and Paytm Money. The company was also in talks with SEBI, RBI, and non-banking financial companies (NBFCs) and banks to offer fixed deposits and related banking products.
While publishing the platform's proof of reserves report in January 2023, Singhal had said the firm would "make our processes and systems crystal-clear for users as we look to build a wealth-tech destination."
CoinSwitch is a cryptocurrency platform based in Bengaluru. It was founded in 2017 by Ashish Singhal, Govind Soni (CTO), and Vimal Sagar (COO).
The platform started as a global aggregator of cryptocurrency exchanges, providing real-time data on price variations across different exchanges. In 2020, CoinSwitch launched its India-specific platform called CoinSwitch Kuber.
Edited by Kanishk Singh