Forbes India 15th Anniversary Special

CoinDCX launches INR-compatible Web3 platform

The new mode will provide a user-friendly platform to explore and invest in DeFi tokens that are unavailable on centralised exchanges

Shashank Bhardwaj
Published: Jun 27, 2024 04:26:47 PM IST
Updated: Jun 27, 2024 04:32:37 PM IST

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This week, CoinDCX released a new Web3 mode within its application, granting users access to over 50,000 decentralised tokens. The new mode will provide a user-friendly platform to explore and invest in DeFi tokens that are unavailable on centralised exchanges. Their early access window provides potential investors with an opportunity to participate in high-growth investments before they become widely available.
 
The Web3 mode offers users access to emerging, trending, and pre-launch tokens from various blockchain networks, including Base, Solana, Binance Smart Coin, and Polygon, among ten other chains. Users can purchase tokens like ETH, Matic, USDT, and USDC through the traditional CoinDCX app using INR and transfer them to the Web3 platform for buying assets within the same ecosystem. CoinDCX has also introduced a deposit and withdrawal method, enabling users to transfer funds between their conventional wallets and the Web3 platform. The feature is designed to encourage users to explore and trade easily within the Web3 network.
 
In 2022, CoinDCX announced a strategy to enable smartphone users to participate in the Web3 economy. Last year, as an initiative, the company introduced Okto Wallet, a self-custody crypto wallet backed by MPC technology, to onboard the next billion users to Web3. The founder, Sumit Gupta, also stated that CoinDCX’s unwavering vision is to become the world’s leading all-in-one Web3 app, delivering both the convenience of a centralised exchange and DeFi innovation.
 
The integration was made possible through the Okto Chain, CoinDCX’s fully expressive orchestration layer that addresses chain abstraction. Okto Chain simplifies users’ interaction with multiple chains, cross-chain token swaps and verifies their identities across several networks without any complexities of blockchain technology.
 
Improved user experience is the primary focus of the Web3 app platform, as users can perform cross-chain transactions without needing to use extra wallets, switch networks, or pay additional transaction fees. Investors will enjoy several perks, including on-chain rewards, airdrops, low gas fees, and self-custody, all within the CoinDCX network.
 
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.
Twitter: @bhardwajshash