It pays to be the early bird in most aspects of life, investments included. CoinSwitch has launched Web3 Coins, responding to the growing investor demand for access to early-stage, high-potential tokens that are typically available on decentralized exchanges. This enables users to access and trade over 1,00,000 decentralized crypto tokens directly in INR. Here’s everything you need to know.
Key Takeaways
- Web3 Coins simplifies access to decentralized tokens
- INR-based trading in over 1 lakh decentralized crypto tokens
- Centrally-controlled user access through the CoinSwitch platform, ensuring full compliance with existing regulations in India
- Built-in safety via the proprietary TRACE mechanism to determine which coins are made available to trade
Why Web3 Coins
The likes of Google, Facebook, and Amazon transformed the way we use the Internet, giving Web 2.0 a local habitation and a name. Likewise, Web3 holds the promise of ushering in the next wave of internet innovation. It could be home to the next generation of transformative ideas and digital assets. With Web3 Coins, CoinSwitch aims to unlock early access to these emerging opportunities.
Decentralized exchanges, peer-to-peer marketplaces where transactions happen directly between crypto traders, are aplenty. So, what is the need for a new product in this space? Here’s the catch. Despite their widespread availability, decentralized exchanges often come with hurdles such as wallet setup, on/off ramp, token swaps, or network fees. Indian users, among the world’s most active crypto adopters, have mostly been excluded due to these complex barriers. Designed for everyday investors, Web3 Coins brings the benefits of decentralized trading to the mainstream by removing the complexity that often holds them back.
Yet, in data we trust. The launch of Web3 Coins comes amid increasing investor interest in early-stage tokens, with 34% of CoinSwitch’s active traders engaging with new tokens in the last six months. Globally, decentralized exchanges are experiencing rapid growth, now accounting for nearly 200 million unique trading addresses. According to crypto data platform Dune, DEX platforms have recorded over $2.45 trillion in trading volume over the past 12 months.
How’s Web3 Coins Different?
At CoinSwitch, our core differentiator is simplicity. While many platforms offer access to Web3, the user journey can often be complex. Web3 Coins is a big step forward in making decentralized crypto investing user-friendly, streamlined into just three simple steps:
- Users can directly buy a decentralized token using INR
- Sell it back and withdraw in INR
- All on one platform, without juggling multiple apps or wallets
This experience merges the power and potential of decentralized trading with the ease of a centralized platform. While trading operates on a decentralized infrastructure, access is securely managed through the CoinSwitch platform, ensuring full compliance with existing regulations in India.
TRACE Mechanism for Token Selection
CoinSwitch applies stringent filters before making any token available for trading on Web3 Coins through the proprietary TRACE mechanism, underlining its commitment to investor safety. Essentially, coin scrutiny spans five key areas:
- Token Verification: Identifies high-risk tokens while maintaining transparency. We also track key metrics like market cap and buy/sell ratio to determine if a token should remain listed.
- Risk scan: Flags high-risk tokens, empowering users with full transparency to make informed decisions.
- Audit of contract security: Reviews the token’s smart contract for vulnerabilities to ensure it is secure and trustworthy.
- Community & Social Information: Assesses the token’s community engagement and social presence to gauge credibility and support. Evaluates the legitimacy and potential risk associated with a particular token before investing.
- Exchange & Liquidity Metrics: Ensures only active tokens with sufficient liquidity are listed, maintaining a healthy trading environment.
With Web3 Coins, access is centrally controlled and linked to verified user accounts, ensuring responsible and accountable usage. Every transaction must align with existing AML, KYC, and taxation requirements mandated by Indian regulations.
Conclusion
CoinSwitch is on a mission to make money equal for all. The launch of its latest product, Web3 Coins, aligns with this vision of democratizing access to digital assets while supporting responsible participation in the broader Web3 economy.
