Crypto investing: CoinSwitch to launch recurring buy plan for crypto assets

Synopsis

Recurring buy plans allow users to experience the power of compounding by systematically buying cryptos and making regular, distributed purchases, said Ashish Singhal, Founder and CEO, CoinSwitch.

Users can now sign up through a waitlist to get early access to explore this new feature, the company said.

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New Delhi: Crypto investing app CoinSwitch has launched recurring buy plan (RBP), a systematic way to buy crypto assets in India, as part of its mission to make money equal for all.

The company aims to enable users to beat market volatility and avoid making impulsive buying or selling decisions. Users can now sign up through a waitlist to get early access to explore this new feature, the company said.

CoinSwitch is India’s largest crypto company, catering to primarily retail investors.
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“The company is on a mission to evolve into a wealth-tech destination for every Indian and ‘make money equal for all’ by offering the right assortment of financial products, keeping customer protection at the forefront,” it said.

How RBP works
Sample investment scenario: User invested through RBP in January 2021

This method gives the user an alternative to ride through the market turbulence and add extra units when the market is down and earn better returns during the bull runs. This mechanism averages the cost of buying and pushes the return up.

“CoinSwitch wants 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,” said Ashish Singhal, Founder and CEO, CoinSwitch.

Recurring buy plans allow users to experience the power of compounding by systematically buying cryptos and making regular, distributed purchases, he added.

The early access application process to the RBP feature kicked off on Monday. It can be used to make systematic investments across over 80 coins, including Bitcoin, Ethereum and Dogecoin.

The feature is currently available to Android users and will soon be available on iOS.

CoinSwitch has been working on several measures to make crypto investing safe in India. On CoinSwitch, users can deposit only Indian Rupees from their verified bank account.

The company permits only resident Indian bank accounts on the platform and conducts a name screening (for politically exposed person status, sanctioned list, and negative news) if any user makes a payment beyond a threshold.

In December, CoinSwitch also launched Riskometer, a feature that warns users before they buy into riskier cryptos.

The company raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to become India’s most valued crypto Unicorn at a valuation of $1.9 billion. Presented By

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Updated: 02/07/2022 — 19:00