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| CoinDCX CIP is similar to a mutual fund Systematic Investment Plan |
CoinDCX, one of India's major cryptocurrency exchanges, has announced the launch of its Crypto Investment Plan (CIP), which is aimed at helping investors invest a fixed amount in crypto at regular intervals. CoinDCX claims that the introduction of CIP will ensure investors don't stress about timing the market and can choose to invest in long-term plans to better manage market volatilities and enjoy the compounding effect of wealth over time. For those who invest in mutual funds, CoinDCX's CIP offering is similar in concept to a Systematic Investment Plan or SIP.
Aimed at providing a disciplined approach to investing, the platform claims that CIP offers investment instalments on a weekly basis allowing investors to invest a fixed amount every week. This lets users benefit from rupee cost averaging, lowering market volatility risks over time, and in turn, counter the volatile nature of crypto.
Commenting on the rollout of the new feature, CoinDCX CEO and co-founder Sumit Gupta said in a statement, "Retail investors often find themselves at the crossroads as to which asset to invest in, and at what price to invest at. CoinDCX is actively working to develop products with a clear objective of providing our customers with the most value when they invest with us."
"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," he added.
Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX is the first Indian unicorn (valued over a billion dollars) in the cryptocurrency space. The company has raised over $100 million (roughly Rs. 760 crore) to date with Coinbase Ventures and Facebook co-founder Eduardo Saverin-led B Capital as its investors.
The company claims to have over 10 million users on its platform and competes with other cryptocurrency exchanges like CoinSwitch Kuber, which also became a unicorn last year, and WazirX.
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