What if buying cryptocurrencies was as easy as online shopping? That’s what cryptocurrency investment platform KoinBasket promises its users.
Now available in the UAE, the app offers cryptocurrency investing to users based on diverse themes and provides them with analysis on the asset class. It was created with the aim of solving the challenges faced by novice investors in studying and investing in assets such as cryptocurrencies and non-fungible tokens (NFTs).
Similar to investing in index funds or exchange-traded funds (ETFs), KoinBasket users can invest in a curated basket of cryptocurrencies.
“The main reason why KoinBasket will be a game-changer in this market is because there is no know-your-customer process, which is the biggest headache for any user. All they need to do is use their cryptocurrency exchange credentials to browse through our baskets,” says Khaleelulla Baig, founder and chief executive of KoinBasket.
“We also do not take custody of funds and assets. While retail investors usually connect their exchange accounts with third-party apps by sharing their secret API keys, which is a high security risk, KoinBasket allows them to invest in diversified crypto baskets without seeking access to their secret APIs.”
It has, however, been a difficult year for cryptocurrency investors.
Bitcoin plunged from a record high of about $68,000 last year to trade in the $20,000 range on Thursday, while the cryptocurrency sector’s market capitalisation has fallen below the $1 trillion mark.
Analysts say that the cryptocurrency roller coaster ride is far from over, dragged down by this year’s equity bear market, global economic uncertainty, higher interest rates and a sharp rise in the cost of living around the world.
“When we do a comparative analysis between stock markets and cryptocurrencies, I use the analogy of the former being a mature, 40-year-old guy, which at the age of 15 was as volatile as crypto today,” Mr Baig says.
“Cryptocurrency is an adolescent asset class that needs to grow and evolve. Because we are still in the R&D phase, you will see a lot of fluctuations and crypto projects going bust. Once the market matures after five or six years, you will see more stability, Bitcoin not fluctuating more than 10 per cent and the top 10 cryptocurrencies being very stable.”
KoinBasket’s engine compiles complex crypto data and analyses current market trends, past performance and valuations to create ready-to-invest thematic and sector-based baskets such as G.O.A.T basket, NFT & Gaming basket, Whale basket and more, tailored according to investor preferences.
It is complicated and time-consuming for beginners to build a diversified investment portfolio and rebalance it. If people find a ready-to-invest ETF or an index fund kind of platform, it becomes easy, according to KoinBasket’s founder.
A user can download the KoinBasket app, which is available on iOS and Android, and must have an existing cryptocurrency trading account, for example, in BitOasis, Coinbase or Binance. They can use the same login credentials to access the KoinBasket investment interface, pick a crypto basket and execute the trade in a single click.
Through a single gateway, the user can choose several cryptocurrencies from a basket and execute the trade on the same environment without having to leave the screen and go to another application, doing another login. All frictions are removed, Mr Baig says.
“When you come on KoinBasket, we are not just solving the problem of where you buy, we are also solving the problem of what you buy and how much you buy,” he says.
“The exchange will never tell you what to buy. You will have to do your own research and then execute the trade. But on Koinbasket, we give you ready-to-invest baskets. As soon as you come on the platform, you find the most suitable basket and buy it in two clicks.”
Investing in a basket of cryptocurrencies will often provide a well-diversified benefit compared with investing in just one or two big names, according to Devesh Mamtani, chief market strategist at Century Financial in Dubai.
"The entire domain of cryptocurrencies is often confusing and becomes quite daunting to understand. This is primarily due to the complex nature of the underlying domain terms and the understanding of its primary and actual case," he says.
"Cryptocurrency prices tend to be volatile, with the domain having seen a lot of flash crashes. Looking at the total number of trading pairs and exchanges in this domain can give the investor headaches."
Popularity drives the decisions to create specific crypto baskets, according to Mr Baig.
For example, a lot of people have been hearing about the metaverse. But how will they identify good projects in the metaverse or NFT space? That inspires the KoinBasket team to build crypto baskets.
“We go out in the market, screen cryptocurrencies and segregate them into different classifications,” he says.
“For example, we may find 100 crypto projects on NFT. Out of those, we select and screen six or seven and come up with a final basket.”
The G.O.A.T basket includes cryptocurrencies that have withstood the test of time for at least five years, gone through two or three market cycles and made good returns for investors, while the Lambo basket is a high risk-reward basket aimed to help investors make quick money from small cryptocurrencies that are underpinned by solid fundamentals.
The NFT & Gaming basket focuses on cryptos in the digital art and sports space, while the Whale basket tracks where large institutions are investing. Others include Halal basket, Web3 basket and DeFi basket.
KoinBasket’s health check engine scours crypto data for red flags and lucrative investing opportunities to provide investors with alerts to take prompt action and rebalance portfolios.
Although the platform is geared towards beginners now, it will allow expert investors to create their own crypto baskets and onboard users. This will happen in the next phase, maybe in the next quarter, Mr Baig says.
“We will have a vetting process. We will not allow anyone to come and create a basket. We will speak to the person, understand the background, what's the performance and then allow them to proceed,” he says.
KoinBasket aims to offer users the experience of a Web2 investment platform, but the product is Web3.
“They’ve gone through a similar experience with mutual funds in stock markets. But they will now do it for cryptocurrencies in the fashion of a Web2 platform,” Mr Baig says.
Cryptocurrencies - in pictures
“We want to help the Web2 guys come on to the Web3 ecosystem. From there, we do the hand holding to get deeper into the Web3 ecosystem.”
KoinBasket charges 0 per cent transaction fees and initial investments start from Dh100 in the UAE and $200 in the US.
Founded in late 2021, the Singapore-registered start-up selected the US as its first market considering its size and maturity. After expanding to the UAE, KoinBasket has set its sights on the Asia Pacific region next.
It has signed partnerships with global cryptocurrency exchanges such as Coinbase and will expand in markets where they are dominant.
“In the UAE, the support extended to the crypto ecosystem is amazing,” Mr Baig says.
“Many exchanges are thriving here. Even the overall public has a good sentiment around the crypto investing philosophy.”
In the UAE, the support extended to the crypto ecosystem is amazing
Khaleelulla Baig,
founder and chief executive of KoinBasket
KoinBasket raised $2 million in a pre-seed funding round in May this year. The start-up is backed by investors including AngelList Quant Fund, Stonks Fund, Kube VC and senior executives from Ripple, Binance and Google.
“We backed Koinbasket led by Khaleelulla Baig for his audacious vision to make professional crypto investing easily accessible and simple for even a novice investor,” says Miten Mehta, an angel investor from the US and an early backer of KoinBasket.
“The KoinBasket team is on a mission to disrupt the massive asset management industry with an estimated AUM [assets under management] of $145 trillion.”
Meanwhile, Keith Lee, 35, a US-based software engineer, says he chose KoinBasket because he was keen to invest in cryptocurrencies beyond Bitcoin.
“I liked their theme-based investing offering, which enabled me to invest in crypto projects that are in my area of interest,” he says.
“I liked the G.O.A.T. and Moon basket. KoinBasket makes trading across multiple cryptocurrencies simple and convenient and I can easily trade at one go. I did not have to go through the hassle of purchasing one crypto at a time on my exchange.”
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
FIGHT CARD
Sara El Bakkali v Anisha Kadka (Lightweight, female)
Mohammed Adil Al Debi v Moaz Abdelgawad (Bantamweight)
Amir Boureslan v Mahmoud Zanouny (Welterweight)
Abrorbek Madaminbekov v Mohammed Al Katheeri (Featherweight)
Ibrahem Bilal v Emad Arafa (Super featherweight)
Ahmed Abdolaziz v Imad Essassi (Middleweight)
Milena Martinou v Ilham Bourakkadi (Bantamweight, female)
Noureddine El Agouti v Mohamed Mardi (Welterweight)
Nabil Ouach v Ymad Atrous (Middleweight)
Nouredin Samir v Zainalabid Dadachev (Lightweight)
Marlon Ribeiro v Mehdi Oubahammou (Welterweight)
Brad Stanton v Mohamed El Boukhari (Super welterweight
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
UAE currency: the story behind the money in your pockets
Brief scores:
Toss: Australia, chose to bat
Australia: 272-9 (50 ov)
Khawaja 100, Handscomb 52; Bhuvneshwar 3-48
India: 237 (50 ov)
Rohit 56, Bhuvneshwar 46; Zampa 3-46
Player of the Match: Usman Khawaja (Australia)
Player of the Series: Usman Khawaja (Australia)
Read more from Aya Iskandarani
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Scoreline
Saudi Arabia 1-0 Japan
Saudi Arabia Al Muwallad 63’
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Company%20profile
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Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
UAE currency: the story behind the money in your pockets
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
Surianah's top five jazz artists
Billie Holliday: for the burn and also the way she told stories.
Thelonius Monk: for his earnestness.
Duke Ellington: for his edge and spirituality.
Louis Armstrong: his legacy is undeniable. He is considered as one of the most revolutionary and influential musicians.
Terence Blanchard: very political - a lot of jazz musicians are making protest music right now.
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
RESULT
Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)
Man of the Match: Shane Duffy (Brighton)
Command%20Z
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Stage result
1. Jasper Philipsen (Bel) Alpecin-Fenix 4:42:34
2. Sam Bennett (Irl) Bora-Hansgrohe
3. Elia Viviani (Ita) Ineos Grenadiers
4. Dylan Groenewegen (Ned) BikeExchange-Jayco
5. Emils Liepins (Lat) Trek-Segafredo
6. Arnaud Demare (Fra) Groupama-FDJ
7. Max Kanter (Ger) Movistar Team
8. Olav Kooij (Ned) Jumbo-Visma
9. Tom Devriendt (Bel) Intermarché-Wanty-Gobert Matériaux
10. Pascal Ackermann (Ger) UAE Team Emirate
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
