CoinSwitch onboards Shiba Inu with a solution to gauge crypto risks

Crypto investing app CoinSwitch Kuber has listed the world’s 14th largest cryptocurrency Shiba Inu on its trading platform. The company will also be rolling out a feature called riskometer to inform users about the estimated risk levels, before investing in a coin. 

A cryptocurrency can be defined as a decentralised digital money designed to be used over the internet.  

CoinSwitch said that its users will now be able to trade with the asset in Indian rupees, following the launch of its safe investing feature. 

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It is pertinent to mention here that CoinSwitch had listed over 80 crypto coins over the past 18 months.   

“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 and Founder of CoinSwitch.  

Shiba Inu, built on the Ethereum blockchain, has about close to a million users across the word. The biggest cryptoexchange in the US, Coinbase, listed Shiba Inu in September this year. It now ranks as the world’s 13th largest crypto asset, with a market cap exceeding $20 billion.   

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CoinSwitch has listed over 80 coins after strict due diligence.   

CoinSwitch, for safety reasons, only permits resident Indian bank accounts on the platform and conducts name screening tests for potential bad players.   

CoinSwitch Kuber last reported its number of users at 14 million. It is currently valued at $19 billion. The company raised $260 million in its Series C funding round from Coinbase ventures and Andreessen Horowitz, in September this year.