Homegrown crypto exchange CoinDCX introduces Web3 mode within its app to 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

Crypto exchange CoinDCX has launched Web3 mode within its app, enabling users to buy digital assets in rupee.

With this Web3 integration, users will now get access to over 50,000 emerging, trending and pre launch DeFi tokens from blockchain networks such as Solana, Polygon, Base and Binance Smart Chain, among others.

This Web3 mode will allow for the purchase and transfer of tokens including Ethereum (ETH), MATIC, Tether (USDT) and USD Coin (USDC) in INR within the CoinDCX app.

Further, CoinDCX has also introduced a unified deposit and withdrawal mechanism, which will enable 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 over 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 is 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.