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India's Largest Crypto Exchange Launches User-Friendly App, Eyes 50M New Users

Aimed at appealing to crypto newcomers, CoinDCX Go allows users to trade smaller denominations of 14 of the industry's top assets.

Jan 19, 2021 at 8:44 a.m. UTC
Updated Sep 14, 2021 at 10:58 a.m. UTC

India's largest cryptocurrency exchange, CoinDCX, has launched a new app aimed at making it easy to buy and sell bitcoin and other top digital assets in a bid to capture 50 million new users.

According to a press release on Tuesday, the exchange's app offering, CoinDCX Go, provides newcomers to the cryptocurrency space a "quick check-in check-out trading experience."

The app is said to be backed by artificial intelligence-based anti-money laundering algorithms, while users' funds are secured and insured by global custodian BitGo, a company spokesperson told CoinDesk via email.

CoinDCX Go allows users to trade smaller denominations on 14 of the industry's leading assets including bitcoin, ether, bitcoin cash, litecoin and binance coin.

"The focus is to make users see merits in the industry by attention to details," said CoinDCX CEO Sumit Gupta. Support on technical issues will be provided "around the clock," Gupta added.

The exchange created CoinDCX Go after a joint survey found almost 60% of Indians said cryptocurrency investing is "extremely challenging."

To date, India's population exceeds 1.3 billion, with a fraction of that – around 0.5% – having invested in cryptocurrency, CoinDCX said.

As part of the response to the survey's findings, the novice-friendly trading app features a user interface that aims to induct a "new breed of first-time users." The app does not currently charge fees on deposit and withdrawals.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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