Cryptocurrency exchange CoinDCX plans to foray into the Web 3.0 space by building more product offerings aiming at wider crypto adoption. It also intends to build compliance products and take up initiatives to increase awareness on crypto adoption.
The unicorn is exploring to build usecases for NFTs, futures, Metaverse, DAO’s and gaming to introduce the products. It also intends to build efficient KYC tools, fund monitoring tools, and risk engines. In order to streghten the platform, it will be working on customer support, compliance and security. The exchange would also be working towards increasing the awareness of crypto and Web 3 adoption in the country through online communities.
Mridul Gupta, Chief Operating Officer at CoinDCX, told BusinessLine, “The larger vision for us is to enable blockchain within crypto. With various usecases emerging, we will get the usecases that are good for the ecosystem, take it on the product and deliver it to the masses.”
The platform opines that Web 3.0 is a technology that is fundamentally changing the ecosystem. “The space has offerings that operate differently than centralized organizations do today. Better companies can be built and recreated to unlock greater value. Hence, we will keep on enabling the ecosystem for the users in a very simplistic manner,” Gupta said.
Effect of dipping trading volumes
In tandem with the broader trend, CoinDCX has also seen its trading volumes dip with the 1 per cent Tax Deducted at Source(TDS) kicking in. In addition to TDS the bear market too has effected the volumes of the exchange, thus effecting the business. However, the platform is hopeful that the government will reconsider the 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 such as Pantera, Steadview Capital, Kingsway, Coinbase Ventures, and others.