CoinSwitch Launches Shiba Inu With Riskometer

The Riskometer provides a risk warning on coins that are highly volatile, or when the company feels that users need to proceed with caution while investing.

Crypto investing app CoinSwitch has listed Shiba Inu (SHIB) on its trading platform today. Now users can buy, trade, sell this popular crypto asset in Indian Rupees following safe investing features for volatile assets.

CoinSwitch, which aims to make money equal for all, wants to keep investor protection at the forefront even as it continues to list newer assets. Today, the company announced the launch of a product feature called Riskometer. It is an attempt to help users think twice before investing in a coin. 

“The demand for Shiba Inu has only grown and many of our users have been asking us to list the coin on the exchange. Even as we cater to this demand, as a responsible exchange, we have built guardrails to protect our investors,” said Ashish Singhal, CEO & Founder of CoinSwitch.

The Riskometer provides a risk warning on coins that are highly volatile, or when the company feels that users need to proceed with caution while investing. With this listing, the largest Crypto company in India became one of the last companies to list this popular, yet volatile asset. “The idea is to continuously educate our users as they invest with us,” Singhal said. 

Shiba Inu was created by a pseudonymous founder who goes by the name Ryoshi in August 2020 as a meme coin. The token is built on the Ethereum blockchain and has more than a million supporters across the world. In September, America’s largest crypto exchange Coinbase listed Shiba Inu. Since then, it has grown in popularity and is now one of the world’s 13th largest crypto assets with a market cap of over $20 billion. In the past 18 months, CoinSwitch has listed over 80 coins after strict due diligence. 

The company has also been working on several measures to make crypto investing safe in India. On CoinSwitch, users can deposit only Indian Rupees from their verified bank account. The company permits only resident Indian bank accounts on the platform and conducts a name screening (for Politically Exposed Person status, Sanctioned list, and negative news) if any user makes a payment beyond a threshold.

CoinSwitch Kuber has raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to become India’s most valued crypto Unicorn at a valuation of $1.9 billion. In October 2021, the company crossed 14 million registered users in a record 18 months.

Source: Business World

By AlJazeera