CoinDCX launches INR-friendly web3 mode with access to 50,000+ tokens

Mumbai-based cryptocurrency exchange CoinDCX recently announced the introduction of Web3 Mode in its CoinDCX App.

This integration establishes CoinDCX as a comprehensive platform for all Web3-related needs, enhancing the user experience and addressing significant customer pain points in the evolving Web3 landscape.

The company said that its 15 million users will now have direct access to over 50,000 DeFi tokens. The new Web3 Mode will enable users to discover and invest in tokens that are not yet available on centralized exchanges.

By providing early access, CoinDCX aims to empower its users to engage in potential high-growth investments before they become available in broader markets, according to the press release.

Providing access to pre-launch tokens

CoinDCX said users will be able to access emerging, trending, and pre-launch tokens from large and developing ecosystems such as Base, Solana, Binance Smart Chain, Polygon, and ten more chains.

The introduction of Web3 Mode facilitates easy access to Web3 with a straightforward INR on-ramp.

The company said users can buy tokens like ETH, Matic, USDT, USDC, and more through the conventional CoinDCX app using INR and transfer them to Web3 Mode for purchasing assets within Web3.

Furthermore, It has a unified deposit and withdrawal method that allows users to transfer funds between their traditional CoinDCX wallets and the Web3 Mode.

The exchange also announced that its users will get points on an airdrop basis of their transaction history on CoinDCX. The investors will earn Okto Points for every interaction within Web3 mode, enhancing their investment and trading experience.

Leadership comments

“In 2022, we unveiled a strategy for Web3, wherein we committed we would enable any individual with a smartphone to take part in this economy and gain value from it. As a first step, we introduced Okto Wallet. Continuing with this, CoinDCX’s long-term vision is to become the world's leading all-in-one Web3 app, offering both centralized exchange convenience and DeFi innovation," said Sumit Gupta, Co-founder of CoinDCX.

"We have been working on this for the last two years and now we are proud to introduce Web3 Mode in CoinDCX App for our 1.5 crore users. This positions CoinDCX as a one-stop shop for all Web3 needs, streamlining the user experience and addressing major customer pain points in the evolving Web3 landscape,” Gupta said.

"The launch of Web3 Mode marks a significant milestone in our mission to simplify Web3 access. This integration was made possible via Okto Chain. Last month, we introduced our fully expressive orchestration layer, a groundbreaking solution that holistically addresses chain abstraction. In just a month, the first product using this technology is already live for CoinDCX users," said Neeraj Khandelwal, Co-founder of CoinDCX & Okto.

"CoinDCX users can now seamlessly interact with multiple chains, perform cross-chain token swaps, and confirm their identities across various networks—without dealing with the complexities of blockchain, which is made possible by chain abstraction powered by Okto’s ‘Orchestration’ Chain,” Khandelwal added.