ZebPay launches mutual fund-like SIP facility in Bitcoin and Ethereum
ZebPay today launched a new app called ZEBB, which will offer users simple SIP options in Bitcoin and Ether. The plan is to lower the barrier of entry, said the company.
Users can automate their SIP investing on a regularly recurring schedule (such as weekly), and enjoy instant buy/sell with 0 per cent buying fees with ZEBB. Users simply have to sign up, complete the KYC process and start buying Bitcoin or Ether.
“At ZebPay, we have always encouraged investors to dollar or rupee cost average. With ZEBB, we are making it easy and effortless for investors to do so. Moreover, Bitcoin and Ethereum are revolutionary technologies with tremendous growth potential, and SIP is known as one of the most efficient models of wealth creation helping users to invest in the best possible average buy price,” said Avinash Shekhar, Co-Chief Executive Officer, ZebPay.
He added if, for instance, an investor had bought Rs 100 worth of Bitcoin every week in the past year, they would have gained around 72 per cent on their total investment of Rs 5,200.
Bitcoin is the largest cryptocurrency with a market capitalization of more than a trillion dollars. Ethereum is the second largest cryptocurrency with a market capitalization of over $43 billion.
However, both Bitcoin and Ether prices can see large fluctuations depending on the demand and supply in the market. Therefore, rupee cost averaging is the best way to get an average price on these assets, the company claimed.