CoinSwitch unveils new umbrella brand ‘PeopleCo’, plans to expand into wealth tech

CoinSwitch, one of India’s popular crypto trading platforms, announced its rebrand on Tuesday, December 12. The new brand, called PeopleCo, will cover three platforms owned by the same company. One of these three internal units is CoinSwitch’s crypto retail app and advanced trading platform called CoinSwitch Pro. Market entries of the other two units – a soon-to-launch platform with new investment classes and a wealth-management division catering to high-net-worth individuals – are in the offing.

“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 PeopleCo will guide us in the journey ahead to democratize wealth-creation for India,” Ashish Singhal, co-founder and group CEO of PeopleCo Group, said in an official statement.

Balaji Srihari has been selected as the Business Head to lead the CoinSwitch division of PeopleCo. Srihari has previously managed CoinSwitch Apps. In the coming months, PeopleCo will unveil its upcoming initiatives primarily aimed at expanding its offerings.

The company’s plan to do so comes as no surprise, as the Web3 sector in India is still largely unregulated. According to recent updates shared by government officials, concrete laws to regulate the crypto sector may still be 18 months away.

Due to declining user engagement, CoinSwitch recently cut its customer support team. To increase engagement with its platform, Coinswitch launched a new feature called ‘Earn’. Through this, the platform will let users ‘lock-in’ their crypto assets and earn rewards in the form of cryptocurrencies and monetize their holdings without having to sell their assets.

In the coming months, PeopleCo will look to maintain its survival through services such as fixed deposits, bonds, exchange-traded funds (ETFs), stocks and mutual funds – all of which are classified as highly-regulated investment products. Will speed up the process of bringing. The business is progressing despite a lack of growth in the main crypto segments.

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