CoinDCX launches trading app for beginners

Cryptocurrency exchange CoinDCX on Tuesday announced the launch of its trading app CoinDCX Go targeted at new crypto investors, especially millennials and Gen Z.

Among other things, users will be able to buy and sell crypto currencies with quick check-in and check-out time. The app offers 14 varieties of crypto currencies tokens, according to a statement.

The launch follows a third round of funding in 2020, raised last month. CoinDCX secured Rs 100 crore ($13.9 million) in a round led by blockchain software developer Block.one.

“The app will allow users to trade on smaller denominations for some of the best crypto assets. 14 tokens such as Bitcoin, Ethereum, Ripple, Litecoin are part of this parcel. Users will be able to buy these cryptos within the time they finish a cup of tea or coffee,” Sumit Gupta, co-founder and CEO, CoinDCX said in the statement.

The user interface (UI) is designed for ease of use. To make it safer, all the funds are insured by well-established global custodians operating in the market. The company, however, has not named the insurers.

The app aims to onboard 50 million users by the end of this year.

“The focus is to make users see merits in the industry by attention to details paid by operators like us by taking the simple steps of developing this app to address their pain points. Technical and Issue related resolution support will be provided round the clock for their users,” Gupta added.

Read: As Bitcoin hits highest valuation since 2017, India remains a silent spectator

The company says CoinDCX Go was conceptualized following a joint survey conducted by the startup, which reported that nearly 60% of the Indian population found it extremely challenging to invest in crypto.  The reasons cited in particular were lack of a conducive environment and a digital barrier to getting on board.

“Most of the app users are in the age group 22 to 45. This app has been introduced to serve a simple purpose; remove the fear of technology, make the market numbers more understandable and provide the ability to make informed decisions in the crypto universe,” Neeraj Khandelwal, co-founder, CoinDCX.

Currently CoinDCX Go offers a range of tokens in INR pairs including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Binance Coin (BNB), Chainlink (LINK), EOS (EOS), Tether (USDT), Cardano (ADA), Stellar Lumens (XLM), Ripple (XRP), Basic Attention Token (BAT), Matic Network (MATIC), Tron (TRX) etc.

These tokens have been vetted by CoinDCX to ensure users are dealing only on the more stable and secured currencies while buying their first cryptocurrency.