CoinSwitch, one of India’s leading crypto trading platforms, has announced Web3 Coins. Described as a new offering designed to simplify access to a vast array of decentralised crypto tokens for Indian investors, it allows them to trade directly using Indian Rupees (INR). This initiative addresses the growing demand for early-stage and high-potential digital assets typically found on decentralised exchanges (DEXs).
The new feature empowers users to buy and sell over 1,00,000 decentralised crypto tokens directly with rupee, streamlining the investment process. Previously, accessing such tokens has involved complex steps like creating and managing multiple wallets, dealing with seed phrases, and navigating various blockchain networks.
CoinSwitch aims to remove these technical hurdles, making Web3 investing more accessible to everyday investors.
According to CoinSwitch, the launch comes amidst increasing investor interest in new tokens, with 34% of its active traders engaging with emerging digital assets in the last six months. Globally, decentralised exchanges have seen significant growth, recording over $2.45 trillion in trading volume and accumulating nearly 200 million unique trading addresses over the past year.
CoinSwitch’s Web3 Coins offering centralises user access, linking transactions to verified accounts and ensuring compliance with existing Indian regulations, including AML, KYC, and taxation requirements. The platform also incorporates a proprietary “TRACE” mechanism for vetting and making tokens available for trade, involving token verification, risk scanning, smart contract security audits, and community engagement assessment.
