NEW DELHI: Crypto investing app CoinSwitch has launched recurring purchase plan (RBP), a scientific method to purchase crypto property. The crypto unicorn goals to allow customers to beat market volatility and keep away from making impulsive shopping for or promoting selections.
The characteristic works like a scientific funding plan (SIP), the place an investor places in cash at totally different occasions that helps in diversification.
The early entry utility course of to the RBP characteristic, opened on Monday, will assist customers uncover this characteristic and make systematic investments throughout greater than 80 cash, together with bitcoin, ethereum, and dogecoin. The characteristic is at the moment out there to Android customers and can quickly be out there on iOS.
Customers can enroll by way of a waitlist to get early entry to discover this new characteristic.
“At CoinSwitch, we need to assist customers throughout their monetary journey. Crypto is an rising however engaging asset class and has a better diploma of volatility compared to conventional property. Recurring purchase plan permits customers expertise the facility of compounding by systematically shopping for cryptos and making common, distributed purchases,” stated Ashish Singhal, founder and chief government officer, CoinSwitch, which is India’s largest crypto investing platform with 15 million registered customers.
The corporate permits solely resident Indian financial institution accounts on the platform and conducts a reputation screening (for Politically Uncovered Particular person standing, Sanctioned checklist, and destructive information) if any consumer makes a cost past a threshold. In December, CoinSwitch additionally launched Riskometer, a brand new characteristic contained in the app which warns customers earlier than they purchase into riskier cryptos.
CoinSwitch raised $260 million in Sequence C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to turn into India’s most valued crypto unicorn at a valuation of $1.9 billion.
Supply: Live Mint