This week, CoinDCX introduced a new Web3 mode within its application, enabling users to access over 50,000 decentralized tokens. This feature aims to provide a user-friendly platform for exploring and investing in DeFi tokens that are typically unavailable on centralized exchanges. The early access phase offers potential investors the chance to participate in high-growth opportunities before these tokens become widely accessible.
Diverse Access to Emerging Tokens
The Web3 mode allows users to engage with emerging, trending, and pre-launch tokens across various blockchain networks, including Base, Solana, Binance Smart Chain, and Polygon, among others. Users can buy tokens like ETH, Matic, USDT, and USDC through the traditional CoinDCX app using INR and transfer them to the Web3 platform to purchase assets within the same ecosystem. Additionally, CoinDCX has introduced a deposit and withdrawal feature, facilitating the transfer of funds between conventional wallets and the Web3 platform. This feature is designed to simplify the process of exploring and trading within the Web3 network.
Advancing Web3 Accessibility
CoinDCX had previously outlined its strategy in 2022 to enable smartphone users to engage with the Web3 economy. In line with this vision, the company launched the Okto Wallet in the previous year. This self-custody crypto wallet, supported by MPC technology, aims to onboard the next billion users to Web3. Sumit Gupta, the founder of CoinDCX, emphasized the company’s commitment to becoming the world’s leading all-in-one Web3 app, merging the convenience of a centralized exchange with DeFi innovation.
Seamless Integration with Okto Chain
The integration of the Web3 mode was made possible through the Okto Chain, CoinDCX’s comprehensive orchestration layer designed to address chain abstraction. Okto Chain simplifies interactions with multiple chains, enabling cross-chain token swaps and identity verification across various networks without the complexities typically associated with blockchain technology.
Enhanced User Experience and Benefits
The primary focus of the Web3 app platform is to enhance user experience by allowing users to perform cross-chain transactions without the need for additional wallets, network switches, or extra transaction fees. Investors using the platform will benefit from several advantages, including on-chain rewards, airdrops, low gas fees, and self-custody, all integrated within the CoinDCX network.
This strategic move by CoinDCX marks a significant step in making decentralized finance more accessible and user-friendly, thereby supporting the growth of the Web3 ecosystem and empowering a broader range of users to participate in the digital economy.