CoinSwitch Launches Web3 Coins To Give Indian Users Rupee Access To Crypto Tokens

Crypto exchange CoinSwitch has introduced a new feature called Web3 Coins that allows Indian users to access a wider set of crypto tokens using rupee as the currency. The offering seeks to simplify access to decentralised tokens, which are usually available through platforms that are typically more complex or less user-friendly.

CoinSwitch said that decentralised exchanges have gained global traction with $2.4 trillion in trading volume and 200 million users over the past year. However, accessing these tokens can still be complex for everyday users. At present, 34 per cent of its active users have traded new tokens in the past six months, reflecting growing interest in early-stage crypto assets, it said.

CoinSwitch co-founder Ashish Singhal told Outlook Money that the new offering is designed to reduce the technical complexity that often discourages non-technical users from accessing decentralised tokens. He added that tasks, such as creating wallets, determining the suitable Blockchain, and handling token exchanges might be difficult. "About 99.99 per cent of users are not comfortable navigating the process" he said.

He said users no longer need to create private wallets, manage seed phrases or navigate chains manually. Web3 Coins handles these processes in the background, enabling direct access through a simple rupee transaction. Also, the offering is intended for both experienced and new users that enable early access to emerging tokens without the need to navigate complex decentralised platforms.

He added that Web3 Coins allows users to invest in decentralised tokens directly using rupee, while CoinSwitch handles the backend processes including Stablecoin conversion and transaction execution, making the experience more seamless.

Singhal also said the product is built with regulatory alignment in mind. CoinSwitch handles user verification, AML checks and TDS reporting, easing the compliance burden on users and ensuring the platform meets domestic requirements.

To address token-related risks, he pointed to the company’s proprietary TRACE framework. Singhal said the TRACE framework reviews each token across five areas: tokenomics, risk factors, contract security, community activity and liquidity before listing them. The platform also continues to manage token custody centrally, in line with its existing model, which ensures regulatory compliance.