Indian crypto exchange CoinDCX has unveiled its Web3 mode, enabling users to purchase digital assets using the Indian rupee (INR).
The exchange has also introduced a unified deposit and withdrawal mechanism, allowing seamless fund transfers between users’ CoinDCX wallets and the Web3 mode for purchasing virtual assets.
Founded in 2018 by Sumit Gupta and Neeraj Khandelwal, CoinDCX boasts a user base of over 15 million.
Commenting on the development, Neeraj Khandelwal, co-founder of CoinDCX said, “This integration was made possible via Okto Chain. Last month, we introduced our fully expressive orchestration layer, a ground-breaking solution that holistically addresses chain Abstraction.”
With the new integration, CoinDCX users gain access to over 50,000 emerging, trending, and pre-launch decentralized finance (DeFi) tokens from various blockchain networks, including Solana, Polygon, Base, and Binance Smart Chain, according to a report from Inc42.
Through the Web3 mode, users will be able to buy and transfer tokens such as Ethereum (ETH), MATIC, Tether (USDT), and USD Coin (USDC) in INR.
Khandelwal said that the first product using this technology is already live for CoinDCX users.
🚨 Breaking 🚨
The Web3 mode is now live on CoinDCX! It's your time to make it count, with
🟢50,000+ Crypto Tokens
🟢Access to Early Alphas
🟢Buy/ Sell using INR*Explore the #Web3 mode on #CoinDCX now!
*T&C apply
Disclaimer: Crypto products and NFTs are unregulated and can… pic.twitter.com/OgQ7QYvUUA
— CoinDCX: India's Safest Crypto Platform (@CoinDCX) June 25, 2024
CoinDCX Announces Points Airdrop Program
Further announcing a points airdrop program to reward its existing users, CoinDCX revealed that Okto points will be distributed to users based on transaction history and interactions with the Web3 mode.
The development follows the company’s introduction of CoinDCX Prime, a personalized investment service catering to high-net-worth individuals, and institutional investors.
The exchange aims to provide access to Web3 experiences while democratizing investments in virtual digital assets.
India’s First Crypto Unicorn
In 2021, CoinDCX became India’s first crypto unicorn after securing $90 million in a funding round led by B Capital Group, founded by Facebook co-founder Eduardo Saverin. Other notable investors in the round included Coinbase Ventures, Polychain Capital, and several others.
CoinDCX has also revealed plans to launch an in-house blockchain and token, with the objective of fueling DeFi adoption in India.
Additionally, the exchange recently invested in KoinX, a crypto taxation platform, as part of its commitment to facilitate a secure and seamless crypto trading experience for its users.
India’s Regulator Fines Binance
Last week, India’s Financial Intelligence Unit (FIU) fined Binance, the world’s largest crypto exchange by volume.
The fine levied against Binance is 188.2 million rupees (approximately $2.25 million) for non-compliance with local anti-money laundering (AML) regulations.
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According to Indian regulations, virtual digital asset service providers, including crypto exchanges, are required to register with the FIU as reporting entities and adhere to its AML rules.
Binance’s failure to comply with these requirements led to the substantial penalty.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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