CoinSwitch Launches Memecoin Shiba Inu With Riskometer On Its Platform

In the last 18 months, CoinSwitch, which is the largest crypto The company has listed over 80 coins in India with over 14 million users.

“The demand for Shiba Inu has only increased and many of our users are asking us to list the coin on the exchange. Even when we meet this demand, as a responsible exchange, we have kept our investors safe. We have built a guardrail to protect our security,” said Ashish Singhal, Chief Executive Officer and Founder of CoinSwitch.

The Shiba Inu coin is based on a hunting dog breed from Japan, and is the 13th largest crypto asset in the world with a market capitalization of over $18 billion.

Created in August 2020 by an anonymous person named Ryoshi, the price of the Shiba Inu coin is negligible at $0.000034, which allows investors to hold billions and even trillions of this coin. Today, there are approximately 549 trillion coins of this meme cryptocurrency in circulation.

The token is built on the Ethereum blockchain and has over one million supporters worldwide. In September, Coinbase, the largest US crypto exchange, listed the Shiba Inu.

Being a meme coin – a cryptocurrency tied to a topic, often as a joke rather than a serious product – the Shiba Inu is highly volatile and a very risky asset to trade.

According to CoinSwitch, its Riskometer feature provides risk warnings on coins that are highly volatile, or when the company feels that users need to proceed with caution when investing. “The idea is to continuously educate our users as they invest with us,” Singhal said.

CoinSwitch Kuber raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September to become India’s most valuable crypto unicorn at a valuation of $1.9 billion.