Mudrex, a crypto investing platform based in Bengaluru and San Francisco, has announced the launch of a systematic investment plan (SIP) feature that will allow users to invest in coin sets, which some consider the crypto equivalent of mutual funds.
By using SIPs on coin sets, investors can spread out their capital investment instead of making a lump-sum purchase, thereby reducing their risk on their crypto investment, the company stated. Investors can start an "SIP" with as little as $10 and can set the frequency to daily, weekly, or monthly in a completely automated way.
"The product has already been scaled to over 50,000 investors in India under six months of launch. We have believed for a long time in the power of long-term investing, and it comes as no surprise that SIPs were a much-requested feature. With the release of the feature, we hope that users will be able to maximise long-term wealth creation in a new and rapidly growing asset class like crypto, "says Edul Patel, CEO and co-founder of Mudrex.
In another development, Vested Finance, a financial services company that focuses on US stocks, has launched three new portfolio models to give Indian investors more choice and control over their US investments. The three new offerings are: Bitcoin Vest: A portfolio for an alternative way to invest in Bitcoin by investing in companies that have exposure to the cryptocurrency. This also provides a hedge against taxation on direct cryptocurrency investments. In third-party vests, the portfolio is created by industry analysts like Wright Research and Negen Capital. According to the press statement, with DIY Vest, investors can create their own portfolios.
Crypto Prices
In the cryptocurrency market, the price of Bitcoin (BTC) was up by 4.44 percent in the last 24 hours, while it was trading at $40,411.67 at 4:30 pm IST. Its dominance in the crypto market is currently at 42.98 percent, down by 0.26 per cent in the last 24 hours, according to Coinmarketcap.com.
In the last 24 hours, Ethereum (ETH) was trading at $2,678.66, with a rise of 5.72 percent, while Binance Coin (BNB) rose 3.18 percent over the same period and was trading at $377.16. Solana (SOL) was up by 4.79 percent to $83.65 and Cardano (ADA) was up by 2.45 percent to $0.8103.
Among meme coins, Dogecoin was up by 2.21 percent and was trading at $0.1143 at 4:30 pm on Coinmarketcap.com. Rival Shiba Inu was up by 2.49 percent in the last 24 hours and was trading at $0.00002197. Dogelon Mars was up 5.10 percent and trading at $0.0000006999, while Samoyedcoin was up 2.05 percent in the last 24 hours and trading at $0.01744.
The global crypto market cap was at $1.78 trillion, registering an increase of 3.94 percent in the last 24 hours, while the total crypto market volume was $90.44 billion, up by 22.03 percent, as per Coinmarketcap.com. Covid Cutter (CVC) became the biggest gainer, recording a rise of 609.40 per cent. It was trading at $0.000287 at 5:00 pm, as per Coinmarketcap data. In contrast, the PANDAINU (PWT) witnessed the maximum loss, falling 99.89 per cent. It was trading at $0.00002421, according to Coinmarketcap data.
