CoinSwitch to launch recurring buy plan for Crypto assets
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. With this launch, the Crypto unicorn 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.
CoinSwitch is India’s largest Crypto company, catering to 15 million registered users, primarily retail investors. 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.
“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.
“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.
The early access application process to the RBP feature, opened today, will help users discover this innovative feature and make systematic investments across more than 80 coins, including Bitcoin, Ethereum, and Dogecoin. To know more about the plan, application process, and referral program, visit coinswitch.co. 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 new feature inside the app which 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.
Recurring Buy Plan — How it works
Sample investment scenario: User invested through RBP in January 2021
|Month||BTC Price on 1st of Each Month||Amount Invested||Units Bought|
|BTC Price on 1st Jan, 2022- $47686 (₹38,14,880)||Final Investment Value- ₹13,142 (almost 10% profits)||Total Investment- ₹12,000||Total Units Bought over 12 Months- 0.003445|
(Note: Uniform Conversion rate of $1= ₹80, used)