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Crypto exchange platform CoinDCX has launched Web3 mode in its app. The company said this would streamline user experience; its 1.5 crore users will have direct access to over 50,000 DeFi tokens.
The Web3 mode will allow users to explore and invest in tokens that are unavailable on centralised exchanges, it said. By offering early access, it allows users to participate in potential high-growth investments before they reach broader markets.
Users can access emerging, trending, and pre-launch tokens from large and developing ecosystems like Base, Solana, Binance Smart Chain, Polygon, and 10 more chains. Users can buy tokens like ETH, Matic, USDT, USDC, and more through the regular CoinDCX app using rupees, and transfer them to the Web3 mode to buy assets within Web3.
The app also offers a unified deposit and withdrawal method to transfer funds between the regular CoinDCX wallet and the Web3 mode. Users will also earn points based on their transaction history on CoinDCX. Investors will earn Okto Wallet points for every interaction in the Web3 mode.
“In 2022, we unveiled a strategy for Web3, where we committed to enable any individual with a smartphone to take part in this economy and gain value from it. As the 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 centralised exchange convenience and DeFi innovation. We have been working on this for the last two years, and are proud to introduce Web3 mode in the 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 of CoinDCX.
“The launch of Web3 mode marks a milestone in our mission to simplify Web3 access. This integration was possible via Okto Chain. Last month, we introduced our fully expressive orchestration layer, a solution that addresses chain abstraction. In a month, the first product using this technology is already live for CoinDCX users. CoinDCX users can now 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 and Okto.
The company said that while performing cross-chain transactions, users will not have to interact with additional wallets, switch networks, or pay transaction fees. They will also benefit from on-chain rewards, airdrops, low gas fees, and self-custody within the CoinDCX environment.
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