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Updated February 8th, 2022 at 14:33 IST

CoinSwitch introduces Recurring Buy Plan for regularly investing in cryptocurrency

Recurring deposit is the technique to invest a certain amount of money regularly. CoinSwitch Kuber has implemented the same idea into cryptocurrency.

Reported by: Shikhar Mehrotra
CoinSwitch introduces Recurring Buy Plan for regularly investing in cryptocurrency
Image: UNSPLASH | Image:self
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Crypto investing app CoinSwitch has launched a recurring buy plan (RBP), a systematic way to buy Crypto assets in India. 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.

"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.

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. The feature is currently available to Android users and will soon be available on iOS. Users can also visit the official website of the crypto investing platform for more details.

How does the CoinSwitch Recurring Buy Plan work?

Recurring deposit is the technique to invest a certain amount of money regularly. Banks and other financial institutes in the country provide the option to investors for putting in their money regularly. In contrast to the fixed deposit or one-time purchasing of an asset, investors keep putting in money until the agreed time duration or the maturity value of the investment is reached. While this can be done manually by the investor as well, financial institutions provide a facility of auto-debit in the name of the entity where the money is to be put, through mandates. 

CoinSwitch Kuber has taken the same idea and implemented it into cryptocurrency, which is becoming more popular day by day. So those who are interested in investing in cryptocurrency can put in a regular investment monthly. 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.

Image: UNSPLASH

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Published February 8th, 2022 at 14:33 IST

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