India’s largest cryptocurrency exchange, CoinDCX, has unveiled a new Web3 mode on its app, revolutionizing how users can buy cryptocurrencies directly with INR. This feature is set to simplify the acquisition of digital assets, particularly those not listed on traditional centralized exchanges.
🚨 Breaking 🚨
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Disclaimer: Crypto products and NFTs are unregulated and can… pic.twitter.com/OgQ7QYvUUA
— CoinDCX: India’s Safest Crypto Platform (@CoinDCX) June 25, 2024
Simplifying Access to Emerging Cryptocurrencies
CoinDCX’s Web3 mode allows users to explore and invest in a broader spectrum of tokens, including those in pre-launch or emerging stages from major blockchain ecosystems like Base, Solana, Binance Smart Chain, and Polygon. Neeraj Gupta, CEO of CoinDCX, highlighted the significance of this development, stating,
“This is big for us, as not many companies or products worldwide have that functionality.” He further explained that integrating this feature, developed using CoinDCX’s in-house SDK, Okto stack, reduced a traditionally 10-step process to a mere single click within the app.
The integration expands the variety of accessible cryptocurrencies and simplifies the investment process. It enables effortless fund transfers between traditional wallets and the new Web3 mode. This initiative aligns with CoinDCX’s mission to simplify Web3 and cryptocurrency usage in India. It aims to enhance user-friendliness for the Indian market.
CoinDCX Enhances DeFi Access and User Rewards
Decentralized finance (DeFi), which operates without traditional management and uses automated smart contracts, is at the core of the Web3 mode. Gupta pointed out the operational challenges of managing thousands of tokens, which centralized exchanges struggle with. He noted, “Now, the beauty about decentralized finance is that it doesn’t have to be managed. It’s all automated via smart contracts.”
In addition to facilitating more accessible access to digital assets, CoinDCX is enhancing user engagement by introducing a rewards system. Users receive Okto Points for each transaction conducted in Web3 mode, enhancing their trading experience. This rewards system adds value to user interactions on the platform.
CoinDCX is also expanding its service offerings. Earlier this month, the exchange launched CoinDCX Prime, which offers personalized investment services to high-net-worth individuals, family offices, and institutional investors. This move coincides with significant capital inflows from these segments into the cryptocurrency market.
Future Prospects and Security Enhancements
Supported by prominent investors such as B Capital Group and Coinbase Ventures, CoinDCX is expanding its financial services and improving security and user experience. Consequently, the exchange’s investment in KoinX underscores its commitment to robust security and superior trading experiences. This move supports the growing needs of its user base.
CoinDCX is developing its blockchain and a native token to boost DeFi adoption in India. This strategic move keeps CoinDCX at the forefront of the cryptocurrency industry., making it a pivotal player in enhancing accessibility and convenience for crypto investors in India.
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