Dubai July 26 2022: Buoyed by a $2 million pre-seed funding round that concluded in May this year, diversified crypto investment products platform KoinBasket is launching UAE’s first crypto basket investing app that makes crypto investing as simple as online shopping for UAE investors.
The move will not only introduce them to the world of diversified basket investing in crypto assets but also provide them with superlative fundamental analysis that KoinBasket has come to be known for. Backed by marquee investors that include Angellist quant fund, Stonks fund, Kube VC cryptopreneurs like Polygon founder Sandeep Nailwal and Global CXOs from Ripple, Binance Citibank, Google, Accenture, Nomura, Fiserv and many more, the Singapore-based crypto startup has been making waves in the web3 world by cracking partnerships with global crypto exchanges.
Elaborating on how KoinBasket’s collaboration with global crypto exchanges will transform the way the world invests in crypto assets, Co-Founder and CEO Khaleelulla Baig quips, “The UAE is an emerging market for us and we are excited to launch a variety of basket options in the Emirates, which is rapidly growing to become a global crypto hub with proactive and encouraging regulations by the government under a visionary leadership. Investing in crypto assets can be both fascinating and terrifying considering the mind-blowing returns on investment and the inherent volatility displayed by most crypto assets. At KoinBasket, we believe that investing in well-researched and curated baskets can be more rewarding in the long term and offers a hassle-free option for millions of investors who are still contemplating investing in this booming asset class.”
Created with the aim of solving the challenge faced by crypto investors in studying and investing in crypto assets like crypto tokens and non-fungible tokens (NFTs), KoinBasket is simplifying the entire process by offering thematic and sector-based crypto baskets such as its Moon basket, G.O.A.T basket, NFT & Gaming basket, Internet sensation basket and many more that are in the pipeline. Boasting of 0% transaction fees and initial investments starting from as low as AED 500, KoinBasket doesn’t require investors to input any Secret API keys or undergo a separate KYC process. This is because the platform allows users to access their exchange accounts by using their existing login credentials without the need of repeating KYC or taking the riskier secret API key approach and losing control of their funds and crypto assets. Additionally, users can trade in multiple crypto tokens simultaneously with KoinBasket’s basket order facility while its unique health check engine scours crypto data for both red flags and lucrative investing opportunities, to provide them with alerts to take prompt action and rebalance their portfolios accordingly.
Mr. Baig said: “KoinBasket will be catering to more than 300 million crypto users across the top crypto exchanges in the world and bowling them over with our secure, convenient and user-friendly investment interface that can help them build a diversified crypto portfolio offering a broader market exposure beyond the top cryptocurrencies. With more baskets in the offing, including those that focus on decentralized finance (DeFi), KoinBasket will soon be synonymous with mutual fund/ETF investing, but for crypto assets.”
He added that as UAE is emerging to be a worldwide hub for crypto and blockchain acceptance and innovation. The country is trying to promote the virtual assets activity in the country by providing a friendlier approach other than some countries that use a harsh approach to the same. Exchanges like Binance have also begun their operations in UAE, as the country is opening up itself to be represented as a global crypto hub.
With the ability to seamlessly manage one’s portfolio on a single dashboard, KoinBasket’s engine compiles complex crypto data and analyses current market trends, past performance and valuations to create ready-to-invest diversified crypto baskets tailored as per investor preferences. With more than 10,000 crypto assets listed on various crypto exchanges today, KoinBasket is spearheading the cause of helping investors in arriving at the most optimum investment decision when it comes to crypto assets.
KoinBasket is solving the challenge of diversified investing for more than 300 million crypto investors globally. Retail investors live in constant fear and self-doubt about their investment decisions made in the backdrop of social media frenzy and FOMO. The startup empowers investors to seamlessly buy and sell crypto baskets via their respective crypto exchange accounts. Hence, the platform does not seek custody of funds and assets nor any trade execution rights.