comscore CoinSwitch introduces SIP like investment tool for crypto buyers
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CoinSwitch introduces new SIP-like 'recurring buy plan' feature for Crypto investors

The crypto market underwent a heavy slump in the last two weeks and is finally moving back towards the pre-slump values. The Govt of India also announced a new crypto tax of 30 percent during the Budget session.

Crypto Wallet

Image for representation only (Source: Pixabay/Shutter_Speed)


Cryptocurrency exchange CoinSwitch has introduced a new recurring buy plan (RBP), a systematic way to buy Crypto assets in India.  This new investment method works in a way similar to how SIPs work with mutual funds and other conventional investments. The crypto exchange app aims to enable users to beat market volatility and avoid making impulsive buying or selling decisions. Currently, the new feature is accessible via a waitlist. Interested users can sign up for it through the app. Also Read - Cryptocurrency-based movies on Netflix, Amazon Prime Video, YouTube and more

The early access application process to the RBP feature opened on Monday. Users will be able to discover this feature and make systematic investments in over 80 coins, including Bitcoin, Ethereum, and Dogecoin. The feature is currently available to Android users of the cryptocurrency app and will soon be available on iOS. Also Read - Crypto prices today: Bitcoin, Ethereum witness sharp drop in last 24 hours

“At CoinSwitch, we want to help users across their financial journey. Crypto is an emerging but attractive asset class and has a higher degree of volatility in comparison to traditional assets. Recurring buy plan allows users experience the power of compounding by systematically buying cryptos and making regular, distributed purchases,” said Ashish Singhal, Founder and CEO, CoinSwitch. Also Read - Epic Games CEO warns against Fortnite cryptocurrency scam: Here’s what he said

“As more Indians continue to diversify their investment portfolio with Crypto, the CoinSwitch recurring buy plan will allow long-term investors to invest systematically and avoid the impulse to time the market and make emotional trading decisions. It will also empower users with a lower risk profile to explore this new asset class,” Singhal said.

Who is eligible?

On CoinSwitch, users can deposit only Indian Rupees from their verified bank account. The company permits only resident Indian bank accounts on the platform. If any user makes a payment beyond a threshold the company conducts a name screening (for Politically Exposed Person status, Sanctioned list, and negative news).

Additionally, to further the crypto ecosystem, CoinSwitch also launched Riskometer, a new feature inside the app which warns users before they buy into riskier cryptos. While crypto markets are highly volatile, the company aims to beat the volatility or at least minimize it by using these new tools. Both recurring buy plan and Riskometer are aimed at increasing investor confidence.

The crypto market underwent a heavy slump in the last two weeks and is finally moving back towards the pre-slump values. The Govt of India also announced a new crypto tax of 30 percent during the Budget session. While this new crypto tax is relatively high, the inclusion of a tax slab hints towards the adoption of the asset class.

Note: All cryptocurrencies are highly volatile. Investors are requested to do their due diligence before investing money into the blockchain-based virtual currency. 

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  • Published Date: February 7, 2022 9:34 PM IST



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