DeFi
CoinDCX Web3 Mode Allows Users to Invest in 50,000 DeFi Tokens with Indian Rupee
Key takeaways
- CoinDCX has launched a new “Web3 Mode” in its app.
- Web3 mode allows CoinDCX users to directly access over 50,000 DeFi tokens, many of which are not available on other centralized exchanges.
- This provides users with the ability to interact with a wider range of digital assets, including emerging and pre-launch tokens.
- The introduction of Web3 mode is supported by the “Orchestration” layer of Okto Chain, which simplifies the complexity of blockchain interactions.
CoinDCX, India’s largest cryptocurrency exchange, has launched a new feature called ‘Web3 Mode’ in its trading app. This integration transforms the way its 15 million users interact with decentralized finance (DeFi) tokens.
Why is it important? The new mode will provide direct access to over 50,000 DeFi tokens, many of which are not yet available on centralized exchanges. This feature aims to put users at the forefront of investment opportunities in emerging tokens across various ecosystems, including Base, Solana, Binance Smart Chain, and Polygon, among others.
Web3 mode will allow CoinDCX users can easily invest in trending and pre-launch tokens directly using the Indian Rupee (INR), seamlessly transitioning to decentralized environments within the same application interface. This initiative not only simplifies the purchase of tokens like ETH, Matic, USDT and USDC, but also allows their transfer in Web3 mode to acquire assets in the Web3 space.
To improve user engagement, CoinDCX has also introduced a reward system in which users receive points based on their transaction history. This system encourages more interaction within Web3 mode, rewarding users with Okto Points for each transaction.
Sumit Gupta, co-founder of CoinDCX, said: “Our vision has always been to democratize access to the Web3 economy. After the launch of Okto Wallet, the introduction of Web3 mode is our next step towards establishing CoinDCX as the leading all-in-one Web3 application. This integration not only simplifies access, but also encourages our users to explore beyond traditional crypto trading.
The introduction of Web3 mode is supported by the “Orchestration” layer of Okto Chain, which simplifies the complexity of blockchain interactions. This technology allows users to perform cross-chain transactions, exchange tokens across different networks, and verify their identity without the technical difficulties typically associated with blockchain technologies.
Neeraj Khandelwal, co-founder of CoinDCX and Okto, highlighted the technological advancements that made this possible: “The introduction of Okto Chain’s Orchestration layer last month was a breakthrough in managing complexities multi-channel. This technology now underpins seamless cross-chain interactions and identity confirmations in Web3 mode, eliminating the need for additional wallets or network switches.
The new mode promises many advantages such as no additional transaction fees, on-chain rewards, and reduced gas fees, while maintaining self-custody in a secure and familiar trading environment.
The crypto exchange launched CoinDCX Prime earlier this month, aiming to provide personalized investment services to high-net-worth individuals and institutional investors. CoinDCX aims to reach $100 million in assets under management by 2025.
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