CoinDCX, the largest crypto exchange in India, today announced the introduction of the Web3 Mode within its CoinDCX App. This integration positions CoinDCX as a one-stop shop for all Web3 needs, streamlining the user experience and tackling major customers' pain points in the evolving Web3 Landscape. CoinDCX's 1.5 crore users will now have direct access to over 50,000 DeFi tokens. The new Web3 Mode will allow users to explore and invest in tokens not yet available on centralized exchanges. By offering early access, CoinDCX will empower its users to participate in potential high-growth investments before they reach broader markets.
Users will now have access to emerging, trending, and pre-launch tokens from large and developing ecosystems such as Base, Solana, Binance Smart Chain, Polygon, and 10 more chains. The introduction of Web3 Mode facilitates easy access to Web3 with a straightforward INR on-ramp. 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, this streamlined experience is further enhanced by a unified deposit and withdrawal method, allowing users to effortlessly transfer funds between their traditional CoinDCX wallets and the Web3 Mode, fostering exploration and trading within the burgeoning Web3 ecosystem.
Along with the web3 integration announcement, CoinDCX users will get points airdrop basis their transaction history on CoinDCX. Since Community lies at the heart of the CoinDCX ecosystem, this gesture is to thank its users for their faith in the exchange. Thereafter investors will earn Okto Points for every interaction within Web3 mode, enhancing their investment and trading experience.
"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. 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," said Sumit Gupta, Co-founder, CoinDCX.
"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. 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," said Neeraj Khandelwal, Co-founder, CoinDCX & Okto.
Enhanced user experience will be central to Web3 Mode. While performing cross-chain transactions, users will not have to interact with additional wallets, switch networks, or pay transaction fees. Users will benefit from on-chain rewards, airdrops, low gas fees, and self-custody, all within the familiar CoinDCX environment.
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