NEW DELHI: Crypto investing app CoinSwitch has launched recurring buy plan (RBP), a systematic way to buy crypto assets. The crypto unicorn aims to enable users to beat market volatility and avoid making impulsive buying or selling decisions.
The feature works like a systematic investment plan (SIP), where an investor puts in money at different times that helps in diversification.
The early access application process to the RBP feature, opened on Monday, will help users discover this feature and make systematic investments across more than 80 coins, including bitcoin, ethereum, and dogecoin. The feature is currently available to Android users and will soon be available on iOS.
Users can sign up through a waitlist to get early access to explore this new feature.
“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 chief executive officer, CoinSwitch, which is India’s largest crypto investing platform with 15 million registered users.
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.
CoinSwitch 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.
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