CoinDCX Rolls Out Web3 Mode To Facilitate Crypto Purchases In INR

Homegrown crypto exchange CoinDCX has introduced a Web3 mode within its app that will now enable users to buy digital assets in rupee.

According to the company, this Web3 integration will give users access to more than 50,000 emerging, trending and pre launch DeFi tokens from blockchain networks, including Solana, Polygon, Base and Binance Smart Chain among others.

The Web3 mode will facilitate purchase and transfer of tokens, including Ethereum (ETH), MATIC, Tether (USDT) and USD Coin (USDC) in INR within the CoinDCX app, it added.

Besides, CoinDCX has also introduced a unified deposit and withdrawal mechanism, allowing users to seamlessly transfer funds between their CoinDCX wallets and the Web3 mode for virtual asset purchases.

“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,” said Neeraj Khandelwal, cofounder of CoinDCX.

“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,” he added.

CoinDCX has also announced a points airdrop to reward its existing users. The company will dole out Okto points to users for each Web3 interaction with the app, based on their transaction history on the platform.

This comes days after CoinDCX unveiled CoinDCX Prime to offer personalised investment for high net worth individuals, family offices and institutional investors.

Founded by Sumit Gupta and Khandelwal in 2018, CoinDCX claims to have a user base of more than 1.5 crore. It offers easy access to Web3 experiences and democratise investments in virtual digital assets with user safety and security.

CoinDCX became the country’s first crypto unicorn in 2021 after raising $90 Mn in Series C from Facebook cofounder Eduardo Saverin’s B Capital Group, Coinbase Ventures, and others. 

It counts Pantera, Steadview Capital, Kingsway, Polychain Capital, B Capital Group, Bain Capital Ventures, Cadenza, Draper Dragon, Republic, Kindred, and Coinbase Ventures among its backers.

It was also reported earlier that CoinDCX was planning to launch an in-house blockchain and token to fuel DeFi adoption in the country.

Recently, CoinDCX also invested in crypto taxation platform KoinX in line with its plans to facilitate secure crypto trading experience for its users.