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Different business segments of CoinSwitch, such as a platform with newer investment classes, a wealth-management division, and a crypto business, will be housed under a new umbrella brand called PeepalCo, the company announced on Monday.
As CoinSwitch, a cryptocurrency exchange, moves to diversify into a wealth-tech start-up, 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.
“The new structure is designed to unlock the full potential of our organisation 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 democratise wealth-creation for India,” said Ashish Singhal, co-founder and group Chief Executive Officer (CEO), PeepalCo (formerly CoinSwitch).
The company said the leaders of each business segment will have independent operational and financial accountability.
PeepalCo will include separate brands: crypto retail app CoinSwitch, CoinSwitch PRO for advanced trading, a platform with newer investment classes, along with a wealth-management division catering to High-Net-Worth Individuals (HNIs).
“With the effect of this restructuring, CoinSwitch will be under the proficient leadership of Balaji Srihari; he will be assuming the role of Business Head, CoinSwitch. He has extensive experience and proves exceptional skills in developing and managing the CoinSwitch app and CoinSwitch PRO,” the company said in a statement.
Last month, the company launched ‘EARN’, a feature which enables users to accrue passive income on their crypto holdings. With the feature, users are able to lock in their crypto through EARN for validation and get rewards in the form of crypto directly by the blockchain, the company had said.
