As the adoption of cryptocurrencies gains momentum in India, crypto wallet and exchange platform BuyUcoin has announced the launch of its systematic investment platform (SIP) plan for Indian investors with a choice to invest across over 10 crypto assets. The startup claimed that its SIP platform is highly convenient and helps investors start their SIP in a “matter of minutes”.
BuyUCoin’s SIP targets the democratisation of crypto investing in India, wherein investors can start investment with INR 100. In addition, the startup claims that it is offering flexibility to its investors by enabling SIP investments on a weekly, monthly or quarterly basis.
Founded in 2016 by Shivam Thakral, Atulya Bhatt and Devesh Aggrawal, BuyUcoin is a crypto wallet and exchange platform where merchants and consumers can conduct transactions with digital assets such as Bitcoin, Ethereum, Ripple, among others. The startup claims to have over 1 Mn consumers that conduct digital asset trading.
Thakral said in a statement: “There was a growing demand from our existing users for a crypto SIP product, and our team has delivered a unique crypto SIP platform which caters to the needs of new as well as veteran investors.”
According to the founder, its SIP plan enables users to spread their investments across stable coins, Bitcoin, Defi, non-fungible tokens (NFTs), and altcoins to minimise the risk. In addition, the startup claimed that investors can earn interest up to 1800% in a five-year plan, which is unmatched by any other asset class in the world.
India’s crypto market is booming and has seen an active growth in investment over the last year. A Chainalysis report shows that crypto investments jumped 612% last year, wherein it saw an investment of $923 Mn compared to this year, where $6.6 Bn was invested.
Although BuyUcoin claims to offer distinctive features in SIP, it is not the only player offering the investment option. Startups including ZebPay, Bitdroplet and Unocoin, among others, also offer similar services.
In addition, although BuyUcoin claims to have global standard compliant security standards and encrypted crypto trading platform, its platform in January this year had witnessed a data leak. In the leak, information of 3.25 lakh of its users was found on the Dark Web.