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Crypto investing app CoinSwitch Kuber on Thursday announced that it has listed popular memecoin Shiba Inu (SHIB) on its trading platform. The company also launched a feature called riskometer, which informs users about the degree of risk associated with investing in a particular coin.
In the past 18 months, CoinSwitch, which is the largest crypto company in India with over 14 million users, has listed over 80 coins.
“The demand for Shiba Inu has only grown and many of our users have been asking us to list the coin on the exchange. Even as we cater to this demand, as a responsible exchange, we have built guardrails to protect our investors," said Ashish Singhal, chief executive officer and founder of CoinSwitch.
Shiba Inu coin is based on a breed of hunting dog from Japan, and is the 13th biggest crypto asset in the world with a market capitalization of over $18 billion.
Created in August 2020 by an anonymous person known as Ryoshi, Shiba Inu coin’s price is negligible at $0.000034, which allows investors to hold billions and even trillions of this coin. Today, there are around 549 trillion coins of this meme cryptocurrency in circulation.
The token is built on the Ethereum blockchain and has more than a million supporters across the world. In September, America’s largest crypto exchange Coinbase listed Shiba Inu.
Being a meme coin — a cryptocurrency that is associated with some theme, often as a joke rather than a serious product — Shiba Inu is highly volatile and a very risky asset to trade in.
According to CoinSwitch, its riskometer feature provides a risk warning on coins that are highly volatile, or when the company feels that users need to proceed with caution while investing. “The idea is to continuously educate our users as they invest with us," Singhal said.
CoinSwitch Kuber had raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September to become India's most valued crypto unicorn at a valuation of $1.9 billion.
