One tweet–“doge” –from Elon Musk 2021, which was then followed up by “dogecoin”–sent the cryptocurrency skyrocketing as high as 50% within minutes. Everyone, from celebrities, bodybuilders, and YouTube stars, flocked to buy the coin.
This was not a one-time event.
Time and again in the world of cryptocurrency, influencer posts about the hottest coin have swayed markets and impelled investors–especially retail–to put in their bids. The market is new, complex, and difficult to understand. New-to-market investors are left mostly to their own devices when investing in cryptocurrency.
“People are realizing that cryptocurrency is a great long-term investment opportunity. “The problem is that 95% of people on the market, other than the top 5%, are not technically educated enough to make sound investment decisions.” Archit Nanda, founder of CoinMint and crypto enthusiast, says, “The problem is that the rest of us are guessing.”
He adds that crypto investing was not possible if you didn’t monitor a space like Twitter every 30 minutes to get updates and understand what was happening.
These problems can be solved by Rachit Bansal and Archit Bansal’s startup Coppermint
These portfolios are designed to help investors choose the best strategies for their risk profile.
“With CoinMint our goal is to decentralise investing strategies that are normally only available to accredited investors and make them more accessible to retail investors,” Archit tells .
CoinMint is accessible via a mobile application. It also has an expert-facing platform and a user-facing portal. The strategy-builder platform is used by cryptocurrency influencers and experts to create strategies. They also rebalance strategies as needed. While the user-facing app allows people to invest, the strategist platform helps them to make money.
The platform will be available as soon as next month.
CoinMint has received $500,000 in angel financing from well-known investors like Unacademy’s Gaurav Kunjal, Kunal Shah of CRED, and Udaan’s Sujeet Kumar, as well funds like Blume Ventures or Titan Capital.
The low down
Users can log in to the platform with their CoinDCX and Binance accounts, or create a new CoinMint account and buy and sell cryptocurrency directly.
The app displays the top strategies and top experts on the platform.
Each strategy has a risk tag, which can be high/medium/low. It displays all coins in the basket as well as their performance over time periods and explains why the expert chose to curate them.
CoinMint vets experts on the platform.
Before we hire a cryptocurrency investor expert, there are many things to consider. These include their experience in investing for years, the returns they have made on their portfolios, their presence on social platforms and the content they have published. Archit says that quality control is a key part of our business.
CoinMint helps to reduce risk by alerting users that cryptocurrency is a risky investment.
The platform provides theme-based investing options that offer long investment horizons. All rebalances (buy/sell) are executed automatically in the background. Users don’t need to make any intervention at all. CoinMint promises that it will soon allow users to approve or deny rebalances.
The app is free to download and to sign up for, but users must pay a 1% management charge. The platform then charges a 10% performance fee based on the total profits they make on exits.
CoinMint retains 30% and passes 70% on to the experts and influencers.
The app is currently in beta testing. 15 independent strategists and experts will be available to help you launch the app once it launches.
Kunji KoinBasket Flint, Pillow and KoinBasket are some of the other players offering similar solutions to the crypto wealth management area.
Markets and Markets reports that the global crypto asset management market will grow at a rate of 21.5%, from $0.4 billion in 2021, to $1.2 billion in 2026. The crypto asset market is expected to see “considerable growth” in the Asia Pacific region during this time.
The future is bright
Archit sees CoinMint serving the same purpose as Smallcase, but for cryptocurrency. Smallcase provides expertly curated ‘cases of stocks’ for retail investors.
CoinMint, like smallcase, has its own market research unit. CoinMint also hopes to create something similar over the long-term.
Archit believes that despite being one of a few startups trying to make cryptocurrency investing easy for novice traders Archit believes there is plenty of room for other players, due to the market size and growing interest in cryptocurrency investing. This is only the beginning for CoinMint.