Cryptocurrency exchange CoinDCX plans to foray into the Web 3.0 space by creating more product offerings aimed at wider crypto adoption. He also intends to create compliance products and take initiatives to increase awareness of crypto adoption.
The unicorn explores to create use cases for NFTs, futures, metaverse, DAOs, and games to showcase the products. He also intends to create effective KYC tools, fund monitoring tools and risk engines. To strengthen the platform, she will work on customer support, compliance and security. The exchange would also work to increase awareness of crypto and Web 3 adoption in the country through online communities.
Mridul Gupta, COO of CoinDCX, said Activity area“The broader vision for us is to enable blockchain in crypto. With the emergence of various use cases, we will get the use cases that are good for the ecosystem, take it to the product and deliver it to the masses.
The platform believes that Web 3.0 is a technology that fundamentally changes the ecosystem. “The space has offerings that work differently from centralized organizations today. Better businesses can be built and recreated to unlock greater value. Therefore, we will continue to enable the ecosystem for users in a very simplistic way,” Gupta said.
Effect of lower trading volumes
Along with the larger trend, CoinDCX also saw its trading volumes drop as the 1% withholding tax (TDS) came into effect. In addition to TDS, the bear market has also affected trading volumes, thus affecting the business. . However, the platform hopes that the government will reconsider its decision and reduce the rate.
CoinDCX, founded by Sumit Gupta and Neeraj Khandelwal, is a cryptocurrency exchange with over 13 billion users and is backed by investors including Pantera, Steadview Capital, Kingsway, Coinbase Ventures and others.
August 12, 2022