Crypto exchange CoinDCX on June 25 announced the integration of Web3 mode within its app, which will give users access to over 50,000 decentralised tokens in an INR-friendly manner. This integration also simplifies the process of using Web3 for 15 million of the exchange’s users, said Sumit Gupta, co-founder and CEO of CoinDCX.
The Web3 mode will allow users to explore and invest in tokens that are not yet available on centralized exchanges.
“The team has been working on going deeper into Web3. We believe in our mission to simplify Web3 and access to crypto and make it accessible for every Indian. This is big for us, as not many companies or products across the world have that kind of functionality. It is very complicated to make,” Gupta told Moneycontrol.
CoinDCX was able to do this integration using its in-house SDK, Okto stack, he said. This integration simplifies the user experience from a 10-step process to access Web3 offerings to a single click within the app. “It took us 3-4 months to build this feature and after that we have been working on integrating that in the background.”
According to Gupta, as a centralised exchange, CoinDCX cannot operationally manage thousands of tokens. “Even the biggest exchanges like Binance can at most have less than 1,000 tokens as it's an operational mammoth task for an exchange to manage liquidity and trading for thousands of tokens,” he explained.
“Now, the beauty about decentralized finance is that it doesn't have to be managed. It's all automated via smart contracts.”
With this, the users will have access to emerging and pre-launch tokens from large and developing ecosystems such as Base, Solana, Binance Smart Chain, Polygon, and 10 more chains. The Web3 mode also facilitates easy access to Web3 with a straightforward INR on-ramp.
The 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.
CoinDCX is further streamlining the experience by a unified deposit and withdrawal method, allowing users to transfer funds between their traditional CoinDCX wallets and the Web3 mode.
The exchange also announced that its users will get points on airdrop basis their transaction history on CoinDCX. The investors will earn Okto Points for every interaction within Web3 mode, enhancing their investment and trading experience.
Earlier this month, the exchange launched CoinDCX Prime to offer personalised investment services to high net-worth individuals (HNIs), family offices, and institutional investors at a time when the sector is significant inflows coming from these segments.
CoinDCX aims to get $100 million AUM by 2025 through this product.
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