CoinDCX launches SIP plan for crypto investors

economictimes.indiatimes.com:

CoinDCX announced the launch of its Crypto Investment Plan (CIP), which is similar to the usual systematic investment plans (SIP). This product offering will help investors invest a fixed amount in crypto at regular intervals. CIP offers investment installments on a weekly basis where investors can invest a fixed amount every week. This enables users to benefit from rupee-cost averaging, lowering market volatility risks over time and countering the volatile nature of crypto, the company said. The customers benefit from compounded returns, enabling them to build their digital wealth on a long-term basis, it added. “Retail investors often find themselves at the crossroads as to which asset to invest in, and at what price to invest at. 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,” said Sumit Gupta, CEO of CoinDCX.

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The CIP product comes at a time when the government has enacted a tough tax law that threatens to throttle the growth of the crypto industry and popularity of cryptocurrencies as an investment. Recently, following its Series C funding round led by former Facebook co-founder Eduardo Saverin’s B Capital, CoinDCX reached unicorn status, becoming India’s first crypto unicorn start-up.