Crypto Investment CoinSwitch Kuber announced on Thursday that it has listed the popular Memcoin Shiba Inu (SHIB) on its trading platform. The company has also launched a feature called the Risk Scale, which informs users of the degree of risk associated with investing in a particular currency.
In the past 18 months, CoinSwitch, Whis is India's largest crypto company with over 14 million users, has listed over 80 coins.
"The demand for Shiba Inu has only increased and many of our users have been asking us to list the coin on the exchange. Even as we meet this demand, as a responsible exchange, we have built walls of protection to protect our investors," said Ashish Singhal, CEO and Founder of CoinSwitch.
The Shiba Inu coin is based on a breed of hunting dog from Japan and is ranked 13th on the list of the world's largest crypto assets with a market capitalization of more than $ 18 billion.
Created in August 2020 by an anonymous person known as Ryoshi, the price of the Shiba Inu coin is negligible at $ 0.000034, allowing investors to own billions or even trillions of this coin. Today, there are around 549 trillion coins of this meme cryptocurrency in circulation.
The token is based on the Ethereum blockchain and has more than one million followers around the world. In September, Coinbase, the largest crypto exchange in the United States, listed Shiba Inu.
Being a meme, a cryptocurrency with some attributes, often a joke and not a serious product, Shiba Inu is extremely volatile and a very risky asset to trade.
According to CoinSwitch, its risk scaling feature provides a warning of the risks of highly volatile currencies, or when the company feels that users should proceed with caution when investing. "The idea is to constantly educate our users as they invest with us," said Singhal.
CoinSwitch Kuber raised $ 260 million in Series C funds from Coinbase Ventures and Andreessen Horowitz (a16z) in September to become India's most valuable crypto unicorn with a valuation of $ 1.9 billion.
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