CoinSwitch is crypto investing app, it has launched a recurring buy plan which is a systematic way of buying crypto assets in India. Recurring deposit is the technique of investing a certain amount of money regularly and this idea is being implemented into cryptocurrency by CoinSwitch Kuber. The company aims to enable users to beat market volatility and avoid making impulsive buying and selling decisions. Users can now sign up through a waitlist and get early access to explore and understand this new feature.
Founder and CEO of CoinSwitch, Ashish Singhal says “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.”
The early access application process to the RBP feature has opened yesterday and it will help users discover this innovative feature and make systematic investments across more than 80 coins like bitcoin, Ethereum, etc.
Currently, the feature is only available for android users but soon it will be available on iOS also.
HOW DOES THIS RECURRING BUY PLAN WORK?
Banks and other financial institutes in India offer the investors for putting in their money on a regular basis. With the fixed deposit or one time purchasing of an asset, investors keep putting in money until the maturity value is complete. This can be manually done by the investors as well, yet 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 took the same idea and implemented it into cryptocurrency, which now is becoming popular each day. CoinSwitch allows its users to deposit only Indian Rupees from their verified bank accounts. On the platform, only resident Indian bank accounts are allowed. They also conduct a screening if any user makes a payment beyond a threshold.