Succeeding the launch of zero-brokerage services in trading of futures and options, a domestic cryptocurrency exchange by the name of CoinSwitch has announced the launch of a new tool called ‘SmartInvest’ to assist the beginners in trading cryptocurrencies. According to a recent press release from the company based in Bangalore, SmartInvest provides several investment strategies to crypto traders which have been curated by professionals.

“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.

CoinSwitch, founded in 2017 by Ashish Singhal, Govind Soni, and Vimal Sagar Tiwari, achieved unicorn status in 2021. The crypto trading platform claims to have over 2 crore customers in India.

With its latest offering, the platform aims to attract new users.

CoinSwitch stated that the new feature builds upon its API trading functionality introduced 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.

In September, CoinSwitch revealed that they have pilots of SmartInvest, which she says has garnered such interest from users that creators earn on average INR 2 lakh every month. The firm also asserted that the figure is only a fraction of the total income derived from investors using SmartInvest.

CoinSwitch shared the news of the launch of customized crypto investment plans in the first quarter of this year targeting HNWI and institutional clients while prioritizing safety and customization. 

Recently, MeitY Secretary Lav Agarwal stated that the IT Ministry will aid the development of Web3 in the country.  

This comes at a moment when the Indian crypto fraternity is yet to get over the WazirX hack where the exchange lost almost $230 million from one of its wallets. 

In the aftermath of the WazirX hack, the cryptocurrency exchange CoinSwitch stated that it would sue the exchange as 2% of its funds were frozen. 

Last month, CoinSwitch cofounder, Ashish Singhal alleged that WazirX had moved more than $73 million worth of cryptocurrency to other exchanges, with $72.13 million sent to Bybit and $1.5 million to Kucoin.