Crypto exchange CoinDCX announced on Tuesday, June 25 that it is launching a new Web3 mode within its existing app. Through this new service, the exchange will expose users to over 50,000 decentralized tokens that are not yet listed on centralized exchanges. 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 serve.
What is the idea behind CoinDCX?
There are currently more than 2.4 million cryptocurrencies in circulation worldwide, and more are entering the crypto market. Traders are often drawn to investing in a handful of popular or useful cryptocurrencies, leaving hundreds and thousands of tokens unexplored due to the volatility and risk factors associated with them.
CoinDCX, with this Web3 mode in its app, aims to encourage investors to explore lesser-known digital assets. This would give investors ample opportunity to get involved in assets that show high growth potential before those tokens reach the broader markets, the company said in a prepared statement.
:rotating_light: Smashing :rotating_light:
Web3 mode is now available on CoinDCX! It’s 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*Do your research #Web3 mode on #CoinDCX now!
*Terms and conditions apply
Disclaimer: Crypto products and NFTs are not regulated and may… pic.twitter.com/OgQ7QYvUUA
— CoinDCX: India’s most secure crypto platform (@CoinDCX) June 25, 2024
However, it is important to note that investors will need to be thorough in their analysis of decentralized cryptocurrencies that they may feel intrigued to invest in. The history of the project with which the cryptocurrency is associated and its price patterns are among the parameters that must be examined before entering its ecosystem.
“Users will now have access to emerging, trending and pre-launch tokens from major developing ecosystems such as Base, Solana, Binance Smart Chain, Polygon and ten other chains. Users can purchase tokens such as ETH, Matic, USDT, USDC and more through the conventional CoinDCX application using INR and transfer them to Web3 Mode to purchase funds within Web3,” the company explained.
‘Tipping Point’: CoinDCX Co-Founders on Web3 Mode
Sumit Gupta and Niraj Khandelwal, co-founders of CoinDCX, said this ‘watershed moment’ for the exchange will now place it at the top of India’s crypto exchange pyramid.
“The launch of Web3 mode marks a significant milestone in our mission to simplify access to Web3. This integration is made possible by 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 token swaps between chains and verify their identity on various networks — without dealing with the complexities of blockchain, Khandelwal said, commenting on the development.
To mark this, the exchange announced a ‘points airdrop’ initiative that will earn reward points for all CoinDCX users – based on their transaction history in the app.
With India estimated to have more than 270 million crypto users by the end of this year, it seems natural for crypto companies to up the ante and help interested investors tap into Web3 through the crypto medium of their choice.
In recent days, not only CoinDCX but also other crypto companies in India have refreshed their lists of crypto tokens available for trading. Last week, for example, crypto exchange Giottus added 43 new tokens to its crypto list, bringing the total number of listed tokens on its platform to 300.
