CoinSwitch Launches Web3 Coins for Indian Users Accessing 100,000 Decentralized Tokens

CoinSwitch, a leading cryptocurrency trading platform, has announced the launch of 'Web3 Coins,' a groundbreaking initiative that provides Indian users direct access to over 100,000 decentralized crypto tokens, all tradeable in Indian Rupees (INR). This move is aimed at simplifying decentralized trading for Indian investors, who have traditionally faced significant barriers due to technical complexities.

According to co-founder Ashish Singhal, over the past six months, more than 34% of CoinSwitch’s active users have expressed interest in exploring new tokens. The company anticipates that at least 25% of its 20 million user base will engage with Web3 Coins. This initiative is designed to bring the simplicity of buying Bitcoin on CoinSwitch to a vast array of new tokens, making decentralized trading more accessible to the average investor.

Tokens such as Lido, Uniswap, Jupiter, and PancakeSwap, which are part of the decentralized token ecosystem, have seen rapid growth and now represent a combined market cap of nearly $11.83 billion. Globally, there are nearly 200 million unique trading addresses interacting with decentralized exchanges. Unlike well-known tokens like Bitcoin, Ethereum, or Solana, which are listed and controlled by centralized platforms, decentralized tokens can be created by anyone, allowing for faster innovation but also introducing greater risk.

With Web3 Coins, users can now access trending tokens like governance coins, memecoins, and stablecoins, which are typically only available on decentralized exchanges. This eliminates the usual challenges of setting up wallets, performing token swaps, and dealing with network fees. Balaji Srihari, Vice President at CoinSwitch, emphasized that this offering delivers on the company's promise to make cutting-edge crypto opportunities accessible to everyday investors without the associated complexity.

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 using a simple and fully rupee-based setup. CoinSwitch has implemented stringent due diligence measures across five critical areas: tokenomics verification, risk scan, contract security audit, community and social insights, and exchange and liquidity metrics to ensure user safety in this new offering.

This launch positions CoinSwitch as a frontrunner in the next phase of crypto adoption in India, where everyday investors can explore the full spectrum of the Web3 universe without facing the typical barriers of DeFi entry. By removing the need for wallets, swaps, and network fees, and allowing users to trade in INR, CoinSwitch is paving the way for wider adoption of Web3 tokens. This development is likely to attract a larger user base and solidify CoinSwitch's reputation as a leader in the rapidly evolving world of decentralized finance.