CoinDCX launches Web3 mode on its app enabling access to 50k DeFi tokens

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CoinDCX on Tuesday announced the launch of a Web3 mode within the crypto exchange app, giving around 15 million users access to over 50,000 DeFi (decentralised finance) tokens.

Users will have access to a wide range of tokens from ecosystems such as Base, Solana, Binance Smart Chain, Polygon, among ten others.

The firm’s user base can purchase tokens through the CoinDCX app using Indian rupees (INR), and subsequently transfer them to Web3 mode for purchasing assets within the ecosystem.

Crypto tokens are digital assets that are built on a blockchain.

“In the crypto space, a lot of people want to get access to different projects that are new, and upcoming. The first problem we will solve is giving people access to all those projects and their associated tokens,” said Sumit Gupta, co-founder, CoinDCX, in an interaction with Business Standard.

Gupta claims that CoinDCX is the first Indian crypto exchange to offer the Web3 feature.

The transaction experience on the application includes a unified deposit and withdrawal method that will allow users to transfer funds between their traditional CoinDCX wallets and the Web3 mode.

Investors will be able to invest in early-stage projects with the launch of the Web3 mode on the app.

“From a retail customer's point of view, they are allowed to invest in projects which are listed on large exchanges. At present, one of the problems is that there are so many good projects that come up but by the time retail investors get access to those tokens, they are already too big,” Gupta explained.

The company will offer points to CoinDCX users based on their transaction history as part of the current launch.

“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, thanks to chain abstraction powered by Okto’s ‘Orchestration’ Chain,” said Neeraj Khandelwal, co-founder, CoinDCX.