Binance Expands Investment Product to Include Shiba Inu, Others
The Auto-Invest feature from Binance will now allow investors to create automatic investment plans for Shiba Inu and other supported assets.
Binance has expanded Auto-Invest, one of its investment products, to include Shiba Inu (SHIB) and several other assets. The move, which was recently disclosed by Binance, will give investors the opportunity to create automatic investment plans for SHIB and other supported assets.
#Binance Auto-Invest adds over 200 new assets and portfolio plans, available for purchase with more than 10 stablecoins & fiat currencies!
Start here ⬇️
— Binance (@binance) May 4, 2023
Binance Auto-Invest is a service that allows users to automatically invest in cryptocurrencies on a regular basis. With this service, users can set up recurring purchases of specific assets at predetermined intervals, such as daily, weekly, or monthly. Binance automatically uses the investor’s balance to make these purchases.
The feature allows users to take advantage of the dollar-cost averaging (DCA) strategy, which involves investing a fixed amount of money in an asset at regular intervals regardless of the current market price. This can help to reduce the impact of market volatility and potentially increase returns over the long term.
Binance launched Auto-Invest in November 2021 as one of the products within Binance Earn. Upon launch, the product supported a few crypto assets, including Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB). The recent development gives investors the opportunity to also leverage the product for their SHIB investments. Binance also recently added support for fiat currencies.
To use Auto-Invest for your Shiba Inu investments, follow these steps:
- Open your Binance app.
- Head to the Earn section and select Auto-Invest.
- You’ll be greeted with a short description of the feature, read through to better understand your way around the interface.
- Search for “SHIB” in the Single Token area.
- Select SHIB and set up the specifics of the investment plan, including the total amount to invest, the recurring cycle and the time to repeat the purchases.
- Read the Auto-Invest Agreement, check the box and tap Confirm.
Binance Continues to Support Shiba Inu
The latest move from Binance is one of several developments that have underscored the platform’s high regard for Shiba Inu. As reported by The Crypto Basic, last month, Binance removed SHIB from the Innovation Zone two years after it listed the asset in the Zone. The move indicated that SHIB has “proven its worth” and met Binance’s high standards.
Moreover, in April, Binance also added support for seven new liquidity pools on its Liquidity Swap product, including the SHIB/DOGE pair. Recall that Binance expanded the crypto offerings of its proprietary products Binance Pay and Binance Card to support SHIB late last year.