The crypto exchange claims to be catering to 15 million users
CoinDCX’s Web3 mode will be available within the existing app
CoinDCX was launched in 2018 and it now has its own Okto SDK to link Web2 and Web3 activities
Photo Credit: X/ @CoinDCX
CoinDCX crypto exchange announced Tuesday, June 25, that it was launching a new Web3 mode within its existing app. Through this new service, the exchange will expose users to over 50,000 decentralised tokens that have not yet been listed on centralised exchanges. The transactions related to the trade and purchase of these DEX tokens will be in a Rupee-friendly format for the 15 million users that CoinDCX claims to be catering to.
What's CoinDCX's idea?
At present, there are over 2.4 million cryptocurrencies in circulation around the world and more are entering the crypto market. Traders are frequently drawn towards investing in a handful of popular or utility cryptocurrencies, leaving hundreds and thousands of tokens unexplored because of the volatility and risk factor linked to them.
CoinDCX, with this Web3 mode on its app, is looking to encourage investors to explore lesser-known digital assets. This would give the investors ample opportunities to engage with assets showing high-growth potential before these tokens reach broader markets, the company said in a prepared statement.
The Web3 mode is now live on CoinDCX! It's your time to make it count, with
:large_green_circle:50,000+ Crypto Tokens
:large_green_circle:Access to Early Alphas
:large_green_circle:Buy/ Sell using INR*
— CoinDCX: India's Safest Crypto Platform (@CoinDCX) June 25, 2024
It is however noteworthy, that investors will have to be thorough in analysing the decentralised cryptocurrencies they might feel intrigued to invest in. The history of the project a crypto is linked to and its price patterns are amongst parameters that must be examined before entering its ecosystem.
“Users will now have access to emerging, trending, and pre-launch tokens from large and developing ecosystems such as Base, Solana, Binance Smart Chain, Polygon, and ten more chains. Users can buy tokens like ETH, Matic, USDT, USDC, and more through the conventional CoinDCX app using INR, and transfer them to Web3 Mode for purchasing assets within Web3,” the company explained.
‘Milestone moment': CoinDCX co-founders on Web3 mode
Sumit Gupta and Niraj Khandelwal, the co-founders of CoinDCX, have said that this ‘milestone moment' for the exchange will now pin it on the top of India's crypto exchange pyramid.
“The launch of Web3 Mode marks a significant milestone in our mission to simplify Web3 access. This integration was made possible via Okto Chain. Last month, we introduced our fully expressive orchestration layer and in just a month, the first product using this technology is already live for CoinDCX users who can now interact with multiple chains, perform cross-chain token swaps, and confirm their identities across various networks—without dealing with the complexities of blockchain,” Khandelwal said, commenting on the development.
To mark this, the exchange has announced a ‘points airdrop' initiative that will earn reward points for all CoinDCX's users – based on their transaction history on the app.
With India reportedly estimated to house over 270 million crypto users by the end of this year, it seems only natural for crypto firms to increase the stakes and help interested investors venture into Web3 through crypto assets of their choice.
In recent days, not just CoinDCX, but other crypto firms in India have refreshed their lists of crypto tokens available to be traded. Last week, for instance, Giottus crypto exchange added 43 new tokens on its crypto list, taking the total count of listed tokens on its platform to 300.
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