CoinSwitch Kuber, a leading crypto investing app in India, has launched an added service called recurring buy plan (RBP), a systematic way to buy crypto assets in the country, the company said on Monday, February 7. The move comes days after union finance minister Nirmala Sitharaman said in her Budget 2022 speech that virtual digital assets will now be taxed at a rate of 30 per cent in India.
“Crypto investing app CoinSwitch has launched recurring buy plan (RBP), a
systematic way to buy Crypto assets in India, as part of its mission to make money equal for all," said CoinSwitch Kuber in a press release.
The company said that this plan would enable users to beat crypto market volatility and keep away from impulsive decisions regarding crypto. “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," said the press release.
Commenting on the launch, CoinSwitch Kuber CEO and founder Ashish Singhal said that the recurring buy plan will allow users to make distributed purchase.
“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 Singhal.
“As more Indians continue to diversify their investment portfolio with Crypto, the CoinSwitch recurring buy plan will allow long-term investors to invest systematically and avoid the impulse to time the market and make emotional trading decisions. It will also empower users with a lower risk profile to explore this new asset class," he added.
The early access application process to the RBP scheme will help users discover the feature and make systematic investments across more than 80 coins starting Monday, the press release said. The coins includeg Bitcoin, Ethereum, and Dogecoin. The feature is currently available to Android users and will soon be available on iOS, CoinSwitch Kuber said. The company has asked users to visit their website to know more about the plan.
Here is a sample investment scenario using the policy:
| Month | BTC Price on 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 |
(Note: Uniform Conversion rate of $1= Rs 80, used)
CoinSwitch Kuber permits only resident Indian bank accounts on the platform and conducts a name screening 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.
Read all the Latest Business News here
