What if buying cryptocurrencies was as easy as online shopping? That’s what cryptocurrency investment platform KoinBasket promises its users.
Now available in the UAE, the app offers cryptocurrency investing to users based on diverse themes and provides them with analysis on the asset class. It was created with the aim of solving the challenges faced by novice investors in studying and investing in assets such as cryptocurrencies and non-fungible tokens (NFTs).
Similar to investing in index funds or exchange-traded funds (ETFs), KoinBasket users can invest in a curated basket of cryptocurrencies.
“The main reason why KoinBasket will be a game-changer in this market is because there is no know-your-customer process, which is the biggest headache for any user. All they need to do is use their cryptocurrency exchange credentials to browse through our baskets,” says Khaleelulla Baig, founder and chief executive of KoinBasket, which has its headquarters in the US.
“We also do not take custody of funds and assets. While retail investors usually connect their exchange accounts with third-party apps by sharing their secret API keys, which is a high security risk, KoinBasket allows them to invest in diversified crypto baskets without seeking access to their secret APIs.”
It has, however, been a difficult year for cryptocurrency investors.
Bitcoin plunged from a record high of about $68,000 last year to trade in the $20,000 range on Thursday, while the cryptocurrency sector’s market capitalisation has fallen below the $1 trillion mark.
Analysts say that the cryptocurrency roller coaster ride is far from over, dragged down by this year’s equity bear market, global economic uncertainty, higher interest rates and a sharp rise in the cost of living around the world.
“When we do a comparative analysis between stock markets and cryptocurrencies, I use the analogy of the former being a mature, 40-year-old guy, which at the age of 15 was as volatile as crypto today,” Mr…
