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 more than 50,000 decentralized tokens that have not yet been listed on centralized exchanges. Transactions related to the trading and purchase of these DEX tokens will be done in a rupee-friendly format for the 15 million users that CoinDCX claims to cater to.
What is the idea behind CoinDCX?
Currently, there are more than 2.4 million cryptocurrencies in circulation worldwide and more are entering the crypto market. Traders are often tempted to invest in a handful of popular or utility cryptocurrencies, leaving hundreds and thousands of tokens unexplored due to the volatility and risk factor attached to them.
CoinDCX, with this Web3 mode in its app, seeks to encourage investors to explore lesser-known digital assets. That would give investors ample opportunities to get involved with assets that show strong growth potential before those tokens hit broader markets, the company said in a prepared statement.
:rotating_light: Breaking :rotating_light:
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*Explore the #Web3 turned on #CoinDCX now!
*T&Cs apply
Disclaimer: Crypto products and NFTs are unregulated and may… pic.twitter.com/OgQ7QYvUUA
— CoinDCX – India's most secure crypto platform (@CoinDCX) June 25, 2024
However, it should be noted that investors will need to be thorough when analyzing the decentralized cryptocurrencies they may be intrigued to invest in. The history of the project with which a cryptocurrency is linked 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 large and developing ecosystems such as Base, Solana, Binance Smart Chain, Polygon and ten more chains. Users can buy tokens such as ETH, Matic, USDT, USDC and more through the CoinDCX mainstream app using INR and transfer them to Web3 mode to purchase assets within Web3,” the company explained.
“Milestone Moment”: Co-Founders of CoinDCX in Web3 Mode
Sumit Gupta and Niraj Khandelwal, the co-founders of CoinDCX, have said that this “landmark moment” for the exchange will now pin it at the top of India's crypto exchange pyramid.
“The release of Web3 Mode marks an important milestone in our mission to simplify access to Web3. This integration was made possible through Okto Chain. Last month, we introduced our fully expressive orchestration layer and in just one month , the first product using this technology is now available to CoinDCX users who can now interact with multiple chains, perform cross-chain token exchanges, and confirm their identities across multiple networks – without dealing with the complexities of the blockchain.” , Khandelwal said, commenting on the development.
To mark this, the exchange has announced an “airdrop points” initiative that will earn reward points for all CoinDCX users, based on their in-app transaction history.
With India estimated to be home to over 270 million crypto users by the end of this year, it seems only natural for crypto companies to up the ante and help investors interested in venturing into the Web3 via crypto assets let them choose
In the last few days, not only CoinDCX but other crypto companies in India have updated their lists of crypto tokens available for trading. Last week, for example, cryptocurrency exchange Giottus added 43 new tokens to its list of cryptocurrencies, bringing the total count of tokens listed on its platform to 300.
