In a major push towards simplifying decentralized trading for Indian users, crypto trading platform CoinSwitch on Wednesday announced the launch of ‘Web3 Coins’, giving investors direct access to over 1 lakh decentralized crypto tokens, all tradeable in Indian Rupees.
Over the past six months, more than 34% of CoinSwitch’s active users have shown interest in exploring new tokens. And the company expects that at least 25% of its massive 2 crore user base will try out Web3 Coins, said co-founder Ashish Singhal in a statement to ET.
“Today, 99.9% of Indian users are unable to access decentralised tokens due to the technical complexity. Web3 Coins brings the simplicity of buying Bitcoin on CoinSwitch to thousands of new tokens,” Singhal explained.
Tokens like Lido, Uniswap, Jupiter, and PancakeSwap, part of the decentralised token ecosystem, are rapidly growing and now represent a combined market cap of nearly $11.83 billion, as per CoinGecko. Globally, there are nearly 200 million unique trading addresses interacting with decentralised exchanges.
Unlike well-known tokens such as Bitcoin, Ethereum, or Solana, which are listed and controlled by centralised platforms like Binance or Coinbase, decentralized tokens can be created by anyone. This allows for faster innovation but also comes with greater risk.
With Web3 Coins, they can now access trending tokens like governance coins, memecoins, and stablecoins, usually only available on decentralized exchanges, without the usual headaches of setting up wallets, doing token swaps, or dealing with network fees.
“With Web3 Coins, we are delivering on our promise to make cutting-edge crypto opportunities accessible to everyday investors minus the complexity,” said Balaji Srihari, Vice President at CoinSwitch.
Designed to bring decentralized finance (DeFi) into the mainstream, Web3 Coins aims to bridge the gap between centralized and decentralized crypto trading. For Indian users, this means they can now explore trending, high-potential tokens from around the world, all using a simple and fully rupee-based setup.
To ensure user safety in this new offering, CoinSwitch said it follows stringent due diligence across five critical areas, tokenomics verification, risk scan, contract security audit, community & social insights, and exchange & liquidity metrics.
With this launch, CoinSwitch takes a bold step towards making India a frontrunner in the next phase of crypto adoption, one where everyday investors can explore the full spectrum of the Web3 universe, without facing the typical barriers of DeFi entry.
Also Read: Crypto is Popular among Gen Z in India, Says Mudrex CEO
