Indian crypto exchange CoinSwitch launches new investment service for high net worth clients
Date: 2024-09-06 Author: Henry Casey Categories: BUSINESS
CoinSwitch, an Indian cryptocurrency trading platform, announced on Thursday the launch of a dedicated investment service for high net worth individuals (HNIs).
CoinSwitch, which recently filed a lawsuit against crypto exchange WazirX, aims to offer personalized investment advice to high net worth clients. According to local reports, the service, which is aimed at high net worth individuals and institutional investors, will also provide risk management solutions.
Additionally, the service, already available on its website, includes dedicated relationship managers, assistance with professional tax filing, and other services. Users can also avail of institutional solutions for secure storage of assets with “cutting-edge” encryption.
The service is open to anyone with an investment of over ₹10 lakh ($11,907), Hindu Businessline reports. The service may also be expanded to include family offices.
Balaji Srihari, Head of Business at CoinSwitch, noted that the launch comes amid growing institutional interest in the global crypto space, especially after the US Securities and Exchange Commission (SEC) approved the Bitcoin and Ethereum Spot ETFs.
“With this new offering, we aim to provide a safe, personalized, and professional approach to cryptocurrency investing by providing our users with the tools and knowledge to confidently navigate this dynamic market.”
Srihari also noted that institutional investors have already shown initial interest in the platform.
“Once a user submits an enquiry on the platform, our team will reach out to them to assess their financial goals, risk profile, and market outlook,” he added.
As a result, CoinSwitch will create a customized plan based on the assessment and charge accordingly. In addition, the company is increasing its assets under management (AUM).
CoinSwitch user base growth: 20 million in March
The platform announced in March that it had become the first Indian crypto exchange to surpass 20 million registered users. In addition, the number of profitable users increased by more than 80%.
CoinSwitch also saw a significant increase in user registrations, which increased fivefold since the beginning of the year. According to Businessline, this exceeded the average daily user growth recorded in 2023.
