CoinSwitch Kuber is, a renowned cryptocurrency investing application in India, launching an additional service called the recurring purchase plan (RBP), an organized means to purchase cryptocurrency in India according to the company on the 7th of February on Monday. Let’s have a look at amazing Facts About Coin Switch below!
This announcement comes just two days after finance minister Nirmala Sitharaman said in her Budget 2022 speech that digital assets would be taxed at 30% in India.
” Crypto investing app CoinSwitch has introduced a recurring buy plan (RBP) that is a systematic method to purchase Crypto assets in India as part of its goal to create a level playing field for everyone,” said CoinSwitch Kuber in an announcement.
The company claimed that the strategy will allow users to overcome the market volatility in crypto and stay clear of impulse-driven decisions about cryptocurrency. “With this announcement, the Crypto unicorn hopes to help customers combat the market’s volatility and avoid an impulsive purchase or sale. Customers can sign up on a waitlist for early access to these new options,” said the press announcement.
Commenting on the launch CoinSwitch Kuber CEO and founder Ashish Singhal explained that the recurring purchase plan will permit customers to make a distributed purchase.
“At CoinSwitch, we want to support users on their journey to financial independence. Crypto is a new but attractive asset class , and is more prone to volatility when compared to conventional assets. Recurring Buy plan lets users benefit from compounding by systematically buying cryptos and buying them in regular, distributed transactions,” said Singhal.
“As growing numbers of Indians remain to broaden their portfolios of investments through Crypto and other digital assets, the CoinSwitch program of recurring purchases will allow investors with a long-term view to invest more effectively and avoid the urge to try to time investment and making an impulsive trading decision. It also allows investors who have a lower risk profile to investigate this emerging market,” he added.
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The application process for early access in the RBP RBP scheme will allow users to find out about the option and invest systematically over more than 80 different coins beginning Monday in the press release. The coins include Bitcoin, Ethereum, and Dogecoin. This feature is accessible to Android users, and will shortly be available for iOS CoinSwitch Kuber announced. The company has asked its users to visit their website for more about the program.
Facts About Coin Switch
Here is a sample investment scenario using the policy:
|MONTH||BTC PRICE ON THE 1ST OF EACH MONTH||AMOUNT INVESTED||UNITS BOUGHT|
|January 2021||$29,374(Rs 23,49,920)||Rs 1000||0.000425|
|February 2021||$33.537(Rs 26,82,960)||Rs 1000||0.000373|
|March 2021||$49,631(Rs 39,70,480)||Rs 1000||0.000252|
|April 2021||$59,095(Rs 47,27,600)||Rs 1000||0.000212|
|May 2021||$57,828(Rs 46,26,240)||Rs 1000||0.000216|
|June 2021||$36,384(Rs 29,10,720)||Rs 1000||0.000343|
|July 2021||$33,572(Rs 26,85,760)||Rs 1000||0.000372|
|August 2021||$39,974(Rs 31,97,920)||Rs 1000||0.000313|
|September 2021||$48,847(Rs 39,07,760)||Rs 1000||0.000256|
|October 2021||$48,116(Rs 38,49,280)||Rs1000||0.000260|
|November 2021||$61,004(Rs 48,80,320)||Rs 1000||0.000205|
|December 2021||$57,229(Rs 45,78,320)||Rs 1000||0.000218|
|BTC Price on 1st Jan, 2022- Rs47686 (Rs38,14,880)||Final Investment Value-Rs13,142 (almost 10 per cent profits)||Total Investment- Rs12,000||Total Units Bought over 12 Months- 0.003445|
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CoinSwitch Kuber allows only residents of Indian bank accounts to be used on the platform. The platform also performs identity checks whenever a customer makes a transaction over the limit. The month of December saw CoinSwitch add Riskometer, a brand new feature in the app that warns users to stay clear of the more risky cryptocurrency.