CoinSwitch has rolled out a new service called ‘SmartInvest’ to help newbies minimise risks related to crypto trading
This comes days after the crypto exchange launched futures and options trading with zero brokerage on its platform
Founded in 2017, CoinSwitch entered the unicorn club in 2021 and claims to have a customer base of over 2 Cr in India
After futures and options trading with zero brokerage, homegrown crypto exchange CoinSwitch has rolled out a new service called ‘SmartInvest’ to help newbies minimise risks related to crypto trading.
SmartInvest offers crypto traders a suite of investment strategies curated by experts, the Bengaluru-based company said in a statement.
“Users can evaluate and choose from available strategies based on historical profits, minimum investment requirements, and adoption statistics. Once selected, SmartInvest’s algorithms execute trades automatically on behalf of users, with a share of profits allocated to strategy developers,” it said.
Founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, CoinSwitch entered the unicorn club in 2021. The crypto trading platform claims to have a customer base of over 2 Cr in India.
With the latest offering, it aims to onboard new users on the platform.
CoinSwitch said that the new feature is an extension of its API trading feature rolled out last year.
“The API trading feature, which was launched last year, received strong interest; however, we recognised that many users lacked the skills or time to create their own strategies. SmartInvest bridges this gap, allowing investors to access expert-driven strategies without needing coding expertise,” said Balaji Srihari, Business Head at CoinSwitch.
CoinSwitch said that it launched a pilot of SmartInvest in September and received overwhelming response from users, with creators raking in INR 2 Lakh per month on average. And that’s only a fraction of profits booked by investors through SmartInvest, the company claimed.
Earlier this year, CoinSwitch introduced specialised crypto investment services for high net-worth individuals (HNIs) and institutional investors, aiming to provide secure and customised solutions.
Recently, MeitY Secretary S Krishnan announced that the IT ministry is committed to nurturing India’s Web3 ecosystem.
The announcement comes at a time when the Indian crypto community is still reeling from the aftermath of the cyberattack on WazirX that wiped off nearly $230 Mn from one of its wallets.
Days after the WazirX hack, cryptocurrency platform CoinSwitch said that it would take legal action against the crypto exchange to recover 2% of its trapped funds.
Last month, CoinSwitch’s cofounder Ashish Singhal reportedly accused WazirX of transferring over $73 Mn in cryptocurrency to other exchanges, including $72.13 Mn to Bybit and $1.5 Mn to Kucoin.
