CoinDCX’s customers can now have weekly SIPs for crypto investments
- CoinDCX on Thursday announced the launch of its Crypto Investment Platform (CIP).
- It will allow investors to invest a fixed amount in
cryptocurrencyat regular intervals.
- CIP programme lowers market volatility risks for customers over time, CoinDCX has claimed.
AdvertisementIndia’s first cryptocurrency exchange unicorn CoinDCX on Thursday announced the launch of its Crypto Investment Platform (CIP), which will allow investors to invest a fixed amount in cryptocurrency at regular intervals.
This is similar to Systematic Investment Plan (SIP), a facility offered by mutual funds so that investors can invest at a regular intervals. An investor can set up a monthly SIP, the amount will automatically be deducted from their bank account and invested in the selected mutual fund.
CoinDCX has emphasised that the CIP feature will enable investors to put their money in crypto without stressing too much about timing the market. Secondly, it will also enable the investors to invest long-term, better manage market volatilities and enjoy the compounding effect of wealth.
The company further claims that their weekly CIP programme helps the investors to benefit from rupee-cost averaging, lowering market volatility risks over time and countering the volatile nature of crypto.
“Retail investors often find themselves at the crossroads as to which asset to invest in, and at what price to invest at… CIP is one such product through which we are helping investors to stop worrying about timing investments with the market, addressing the dynamic nature of crypto and building greater confidence by minimising risks in crypto investing,” CoinDCX’s cofounder and chief executive officer (CEO) Sumit Gupta, said.
Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX is the first Indian unicorn (valued over a billion dollars) in the cryptocurrency domain. The company has raised over $100 million to date. It counts Coinbase Ventures and Facebook’s cofounder Eduardo Saverin-led B Capital as its investors.
The company claims to have over 10 million users on its platform. It competes with other cryptocurrency exchanges like CoinSwitch Kuber, which also became a unicorn last year, and WazirX.
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