CoinSwitch launches Shiba Inu with Riskometer
New Delhi: Crypto investing app CoinSwitch Kuber listed Shiba Inu (SHIB) on its trading platform on Thursday. Users can buy, sell or trade the popular meme token in the Indian currency following safe investing features for volatile assets.
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.
CoinSwitch wants to keep investor protection at the forefront even as it continues to list newer assets, it said.
The company announced the launch of ‘Riskometer‘, which helps users think twice before investing in a coin. 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 educate the users as they invest.
“The demand for Shiba Inu has only grown and many of our users have been asking us to list the coin on the exchange,” said Ashish Singhal, CEO & Founder of CoinSwitch. “Even as we cater to this demand, as a responsible exchange, we have built guardrails to protect our investors.”
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 2021, 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.
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.