CoinDCX Unveils Web3 Mode in App, Offers Access to 50,000 Decentralized Tokens

CoinDCX, a leading Indian cryptocurrency exchange, has taken a significant leap forward by integrating Web3 functionality directly within its mobile app. This groundbreaking move, announced on June 25, 2024, grants users access to a vast universe of over 50,000 decentralized tokens (DeFi) in a user-friendly and rupee (INR) compatible manner.

Simplifying Web3 for the Masses

"The team has been working on going deeper into Web3," said Sumit Gupta, Co-founder and CEO of CoinDCX. "We believe in our mission to simplify Web3 and access to crypto and make it accessible for every Indian." This integration empowers CoinDCX's 15 million users to explore and invest in a wider range of digital assets, including those not yet available on traditional centralized exchanges.

Previously, accessing Web3 often involved a complex, multi-step process. CoinDCX has revolutionized this experience by leveraging its in-house Okto stack SDK. This innovative solution streamlines user interaction, reducing the steps required to access Web3 offerings from 10 clicks to a single click within the familiar  environment.

"It took us 3-4 months to build this feature and after that we have been working on integrating that in the background," explained Gupta.

Unlocking the Potential of Decentralized Finance

"As a centralized exchange, CoinDCX cannot operationally manage thousands of tokens," said Gupta. Even major exchanges like Binance typically list less than 1,000 tokens due to the logistical challenges associated with managing liquidity and trading for a vast number of assets.

"The beauty about decentralized finance is that it doesn't have to be managed," Gupta continued. "It's all automated via smart contracts."

CoinDCX's Web3 integration unlocks a treasure trove of investment opportunities for its users. They gain access to emerging and pre-launch tokens across various blockchain ecosystems, including established players like Solana, Binance Smart Chain, and Polygon, alongside ten additional up-and-coming networks.

Seamless On-Ramp and Unified Wallet Experience

The Web3 mode boasts a user-friendly INR on-ramp, simplifying the process of acquiring cryptocurrency using Indian rupees. Users can seamlessly purchase established tokens like Ethereum (ETH), MATIC, Tether (USDT), and USD Coin (USDC) through the traditional CoinDCX app and then effortlessly transfer them to the Web3 mode for further exploration and investment within the decentralized finance landscape.

CoinDCX further enhances the user experience with a unified deposit and withdrawal system. This allows users to conveniently transfer funds between their standard CoinDCX wallets and the Web3 mode, ensuring a smooth and integrated experience.

Rewarding User Engagement and Looking Ahead

CoinDCX is committed to fostering a rewarding user experience. The exchange recently announced a program that awards Okto Points based on user transaction history within the Web3 mode. These points serve to enhance the overall investment and trading experience for users.

This innovative Web3 integration comes shortly after the launch of CoinDCX Prime, a personalized investment service catering to high net-worth individuals (HNIs), family offices, and institutional investors. This strategic move positions CoinDCX to capitalize on the growing influx of investment capital from these segments within the crypto sector. CoinDCX aims to achieve a staggering $100 million in Assets Under Management (AUM) by 2025 through the CoinDCX Prime service.,