Key Takeaways
- CoinDCX has launched a new ‘Web3 Mode’ in its app.
- The Web3 Mode allows CoinDCX users direct access to over 50,000 DeFi tokens, many of which are not available on other centralized exchanges.
- This offers an opportunity for users to engage with a broader array of digital assets, including emerging and pre-launch tokens.
- The introduction of Web3 Mode is supported by Okto Chain’s ‘Orchestration’ Layer, which simplifies the complexities of blockchain interactions.
CoinDCX, India’s largest crypto exchange, has launched a new feature dubbed “Web3 Mode” in its trading app. This integration transforms how its 15 million users interact with decentralized finance (DeFi) tokens.
Why does it matter? 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 a variety of ecosystems, including Base, Solana, Binance Smart Chain, and Polygon, among others.
Web3 Mode will allow CoinDCX users to easily invest in trending and pre-launch tokens directly using Indian Rupees (INR), transitioning seamlessly to decentralized environments within the same app interface. This initiative not only simplifies the purchase of tokens like ETH, Matic, USDT, and USDC but also allows for their transfer into Web3 Mode to acquire assets on the Web3 space.
To enhance user engagement, CoinDCX has also introduced a reward system where users receive points based on their transaction history. This system further incentivizes interactions within the 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, introducing Web3 Mode is our next step towards establishing CoinDCX as the leading all-in-one Web3 app. 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 Okto Chain’s ‘Orchestration’ Layer, which simplifies the complexities of blockchain interactions. This technology allows users to perform cross-chain transactions, swap tokens across various networks, and verify their identities without the technical difficulties usually associated with blockchain technologies.
Neeraj Khandelwal, Co-founder of CoinDCX and Okto, highlighted the technological advances that made this possible, “The introduction of Okto Chain’s ‘Orchestration’ Layer last month was a breakthrough in managing multi-chain complexities. This technology now underpins the seamless cross-chain interactions and identity confirmations in Web3 Mode, eliminating the need for additional wallets or network switches.”
The new mode promises an array of benefits such as no additional transaction fees, on-chain rewards, and reduced gas fees, all while maintaining self-custody within a secure and familiar trading environment.
The crypto exchange launched CoinDCX Prime earlier this month, aimed at providing personalized investment services to high-net-worth individuals and institutional investors. CoinDCX aims to reach $100 million in AUM by 2025.
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