Coin switch Kuber, India’s largest cryptocurrency unicorn, will diversify into a wealth tech business that trades in Indian and US stocks, mutual funds, fixed deposits, and bonds in order to provide its over 15 million users with a variety of investment options, according to its creator.
According to Ashish Singhal, the company’s chief executive, Coinswitch intends to be a one-stop-shop for all things investment.
At a valuation of $1.9 billion, the crypto asset platform secured a $260 million Series C investment round in October with Andreessen Horowitz (a16z), Coinbase Ventures, and existing investors like Sequoia Capital India and Tiger Global.
Singhal claims that less than 1% of Indians invest outside of fixed deposits due to a lack of financial awareness and sufficient pre-and post-purchase support.
A Transformational Technology?
From shipping and supply chains to banking and healthcare, the blockchain technology that underpins bitcoin and other cryptocurrencies has been lauded as a potential gamechanger for a variety of industries. Distributed ledgers can enable previously unimaginable sorts of economic activity by removing intermediaries and trustworthy actors from computer networks.
This potential makes digital currencies an appealing investment for those who believe in their future. Investing in bitcoin is an opportunity for people who believe in that promise to earn big returns while also helping the future of technology.
Scams, and Other Losses
One of the most striking and distinctive features of cryptocurrencies is that it also comes with a major risk. Due to the lack of a central middleman in bitcoin, the user is responsible for carefully storing the cryptographic keys that govern their blockchain address. Investors interested in exploring the digital currency field should be aware that a variety of particular security precautions are required, and that even those safeguards may not be enough to protect their holdings from hackers who are continually refining their methods.
Hackers have stolen tokens worth billions of dollars from exchanges, wallet software, and ordinary users, making theft one of the most common hazards to cryptocurrency users. Furthermore, a variety of techniques exist to deceive consumers into handing over their tokens, including doubling frauds, social engineering, market manipulation, and even phony ICOs.
However, there is another huge threat: the users themselves. Unlike other applications, most digital wallets do not allow you to reset your password if you forget it. Due to forgotten passwords or misplaced devices, users have lost hundreds of millions of dollars in cryptocurrencies.