Key Points
Bengaluru-based cryptocurrency trading platform Coinswitch, which is funded by the likes of Tiger Global and Andreessen Horowitz, is planning to foray into Indian stock trading..
The company had earlier announced its plans to offer conventional investment products like mutual funds, US stocks, etc., widening its scope beyond cryptocurrencies, which have taken a battering over the last few years..
For Coinswitch, the focus turned to Indian stocks after its plans to enable retail investment in US stocks were put on the backburner following the hike in tax collected at source (TCS) on foreign remittances under the Liberalised Remittance Scheme (LRS)...
ET had reported in November that in the backdrop of regulatory ambivalence and subdued demand sentiment for cryptocurrencies, exchanges and trading platforms were looking at diversifying their offerings to non-crypto products or were developing other adjacencies in the Web 3 space...
Coinswitch will wade into a highly crowded space that is led by bootstrapped firm Zerodha, and other new-age investment platforms, in addition to conventional stock brokerages like ICICI Securities, HDFC Securities, Sharekhan, etc...
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