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CoinDCX, a homegrown cryptocurrency exchange, has launched a Web3 feature in its application that allows users to purchase digital assets in Indian rupees.
More than 50,000 new, popular, and pre-launch DeFi tokens from blockchain networks, including Solana, Polygon, Base, and Binance Smart Chain, will be accessible to users through this Web3 connection, claims the company.
The Web3 platform will enable buying and swapping of digital assets, such as Ethereum (ETH), MATIC, Tether (USDT), and USD Coin (USDC) in Indian Rupees through the CoinDCX app, the company further stated.
Additionally, CoinDCX has also launched a combined deposit and withdrawal system, enabling users to easily move money between their CoinDCX accounts and the Web3 platform for buying virtual assets.
“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, a groundbreaking solution that holistically addresses chain Abstraction,” stated Neeraj Khandelwal, CoinDCX Co-founder.
“In just a month, the first product using this technology is already live for CoinDCX users. CoinDCX users can now seamlessly interact with multiple chains, perform cross-chain token swaps, and confirm their identities across various networks—without dealing with the complexities of blockchain, which is made possible by chain abstraction powered by Okto’s ‘Orchestration’ Chain,” he added.
Additionally, CoinDCX has revealed points airdrop as a way to thank its current users. Based on their past platform transactions, the business will award users with Okto points for every Web3 engagement with the app.
The news come just days after CoinDCX introduced CoinDCX Prime, a service designed to provide tailored investment options for affluent individuals, family offices, and large-scale institutional investors.
Established in 2018 by Sumit Gupta and Khandelwal, CoinDCX boasts a customer community exceeding 1.5 million. It provides simple entry into Web3 activities and makes it possible for users to invest in digital assets online while ensuring their safety and security.
In 2021, CoinDCX became the nation's first crypto billion-dollar company, securing US$90 million in its third round of funding from Eduardo Saverin's B Capital Group, Coinbase Ventures, and additional investors.
Its investors include Pantera, Kindred, Republic, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, and Coinbase Ventures.
CoinDCX has previously stated its plans to launch its blockchain and token to encourage the adoption of DeFi across the country.
CoinDCX has invested in the tax platform KoinX to enhance the security of its customers' cryptocurrency transactions.
