CoinDCX App Revamped with New ‘Web3 Mode’: Full Details

CoinDCX crypto exchange announced on Tuesday, June 25, that it would be 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 trading and purchasing 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?

Currently, there are over 2.4 million cryptocurrencies in circulation worldwide, with more and more entering the crypto market. Traders are often drawn to investing in a handful of popular or useful cryptocurrencies, leaving hundreds and thousands of tokens untapped due to the volatility and risk factor associated with them.

CoinDCX, with this Web3 mode on its app, aims to encourage investors to explore lesser-known digital assets. This would provide investors with ample opportunities to engage with assets that show high growth potential before these tokens reach broader markets, the company said in a prepared statement.

However, it is noteworthy that investors should be thorough when analyzing the decentralized cryptocurrencies they may be interested in investing in. The history of the project a crypto is associated with and its price patterns are among the parameters that should be examined before entering its ecosystem.

“Users now have access to emerging, trending, and pre-launch tokens from major and developing ecosystems such as Base, Solana, Binance Smart Chain, Polygon, and ten more chains. Users can purchase tokens such as ETH, Matic, USDT, USDC, and more via the conventional CoinDCX app with INR and transfer them to Web3 Mode to purchase assets within Web3,” the company explained.

‘Milestone Moment’: CoinDCX Founders in Web3 Mode

CoinDCX co-founders Sumit Gupta and Niraj Khandelwal have said that this “landmark moment” for the exchange will catapult it to the top of the Indian crypto exchange pyramid.

“The launch of Web3 Mode marks a significant milestone in our mission to simplify Web3 access. This integration was made possible through Okto Chain. Last month, we introduced our fully expressive orchestration layer and in just a month, the first product leveraging this technology is already live for CoinDCX users who can now communicate across multiple chains, perform cross-chain token swaps, and confirm their identities across networks without having to deal with the complexities of blockchain,” Khandelwal said, commenting on the development.

To celebrate, the exchange has announced a “points airdrop” initiative that will allow all CoinDCX users to earn reward points based on their transaction history on the app.

With India Reportedly It is estimated that by the end of this year there will be over 270 million crypto users. It therefore makes sense for crypto companies to raise the stakes and help interested investors venture into Web3 via the crypto assets of their choice.

In the past few days, not only CoinDCX but also other crypto companies in India have been refreshing 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 tokens listed on its platform to 300.