New Delhi: CoinSwitch, India’s leading crypto trading platform with a user base exceeding 20 million, today announced a groundbreaking initiative set to transform decentralized crypto accessibility for everyday investors. The company has officially launched “Web3 Coins,” enabling users to directly trade over 100,000 crypto tokens using Indian Rupees (INR).
This strategic move by CoinSwitch aims to dismantle traditional barriers associated with decentralized exchanges (DEXs), such as complex wallet setups, intricate on/off ramps, token swaps, and prohibitive network fees. “Web3 Coins” is specifically designed to onboard mainstream investors into the burgeoning decentralized finance (DeFi) ecosystem by simplifying the often-intimidating process of acquiring high-potential, emerging tokens.
While the trading infrastructure for Web3 Coins operates on a decentralized framework, CoinSwitch ensures that all access is seamlessly managed through its regulated platform, maintaining full compliance with existing Indian regulations. This hybrid approach seeks to offer the best of both worlds: the expansive opportunities of decentralized trading coupled with the security and ease of use of a centralized platform.
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“With Web3 Coins, we are delivering on our promise to make cutting-edge crypto opportunities accessible to everyday investors minus the complexity,” stated Balaji Srihari, VP at CoinSwitch. “As crypto continues to evolve, our goal is to ensure that innovation and opportunity are not limited to the technically fluent. Web3 Coins brings the frontier of crypto within reach of the mainstream investor.”
The launch comes at a pivotal time, mirroring the rapid global growth of decentralized exchanges. DEX platforms have seen remarkable expansion, now boasting nearly 200 million unique trading addresses and recording over $2.45 trillion in trading volume over the past 12 months, according to crypto data platform Dune. This surge in decentralized trading aligns with a growing appetite among CoinSwitch’s active traders, with 34% engaging with new tokens in the last six months alone, signaling a strong demand for broader token access.
Decentralized exchanges are crucial for accessing a diverse array of tokens, including utility tokens, governance tokens, meme coins, and stablecoins, all of which are fundamental to the crypto ecosystem and fuel blockchain innovation. Historically, Indian users, despite being among the most active crypto adopters globally, have faced significant hurdles in accessing these tokens due to technical complexities. CoinSwitch’s “Web3 Coins” seeks to bridge this gap.
To ensure user protection and responsible participation, CoinSwitch employs its proprietary TRACE mechanism for vetting and listing coins. This comprehensive framework involves rigorous checks across five critical areas:
- Tokenomics verification: Analyzing the economic model of the token.
- Risk scan: Identifying potential risks associated with the token.
- Audit of contract security: Assessing the security of the underlying smart contracts.
- Community & social information: Evaluating the community support and public perception.
- Exchange & liquidity metrics: Examining trading volume and liquidity across exchanges.
“This launch is not just about expanding access. It is about doing it responsibly. And that’s why we’ve built safeguards to ensure our users can participate with confidence,” added Srihari.
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India has emerged as a global leader in grassroots crypto adoption. With the introduction of products like “Web3 Coins,” CoinSwitch reinforces its commitment to democratizing access to digital assets while simultaneously fostering responsible engagement within the broader Web3 economy.
