CoinDCX, one of India’s most valued and biggest crypto exchanges, announced the listing of Orbs Network’s native token, $ORBS, this Tuesday. The listing will allow the Indian exchange users to buy and sell the $ORBS token using the Indian Rupee (INR) and other available crypto pairs including Bitcoin and Tether, with more pairs to be added in the future.
Orbs Network is a Layer 3 open, decentralized and public blockchain infrastructure executed by a secure network of permissionless validators using Proof-of-Stake (PoS) consensus. The platform is mainly known for its dTWAP and dLIMIT protocols, available on several decentralized exchanges across EVM chains and non-EVM chains including BNB Chain and Linea.
Launched in 2017, Orbs network pioneered Layer 3 technology allowing users to execute more complex logic such as limit orders, which was previously not available on Layer 1 and 2 chains, as they cannot be implemented on smart contracts alone. This layer provides services to existing DeFi applications for further decentralization and enhanced capabilities. The native $ORBS token is the driving force of the platform, playing a key role within the Orbs network ecosystem and is used to secure the POS blockchain.
ORBS is currently listed on multiple centralized exchanges, including OKX, HTX, Kucoin, Binance US, Bitmart, Bitget, and Bitfinex.
CoinDCX emerging as the go-to crypto exchange in India
India ranks as one of the largest crypto markets in the world today, with nearly 100 million people estimated to be holding one or more cryptocurrencies. Over the past 12 months leading to June 2023, the country recorded over $269 billion in crypto trading volume, hence the push by Orbs network to get listed on CoinDCX, the safest crypto exchange in the country.
Nonetheless, India’s crypto affinity and adoption rates have been hampered by the government’s strict regulations on digital assets. While the country’s outright crypto ban has taken time to come into effect, on December 28 the Indian government issued compliance show notice cause notices to nine offshore crypto exchanges, including Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.
Issued by India's Financial Intelligence Unit (FIU), the notices aim to prevent money laundering via crypto and the authorities are already taking steps to block the URLs of these said entities within India.
As a result of the directive, several exchanges have been forced to close down operations within the country. Binance announced they will be ceasing operations to all Indian customers, blocking deposits and trading access to residents.
In an effort to secure their assets on a compliant exchange, users on offshore exchanges are increasingly migrating their assets to CoinDCX exchange. The platform gained status as the first FIU-registered and certified crypto exchange, offering Indian users a safe and regulated exchange to trade their crypto tokens.
By securing a listing on CoinDCX, Orbs Network has given Indian users a platform to buy/sell $ORBS and use it to participate in staking and DeFi activities on the Layer 3 blockchain. Since the FIU directive on December 28, CoinDCX has announced a 2000% surge in user crypto deposits on the platform.
Orbs Network’s long-term eye for India
With crypto adoption growing at an explosive pace in India over the past few years, Orbs Network has always had its eye on the world’s most populous country. In December, Orbs Network made its final push to enter the Indian blockchain market. During the India Blockchain Week, hosted in Bangalore on December 6 and 7, Ran Hammer, Orbs Network VP of Business Development, spoke, explaining the suite of tools on Orbs Network to the attendees.
The event, which brings together top industry figures and crypto enthusiasts across the world, aims to further the development of crypto and blockchain technology in India. During his speech, Hammer introduced the Layer 3 technology and discussed innovations in staking.
Since its listing on CoinDCX, $ORBS has seen a slight increase in price to $0.033, representing a 4.6% increase, with volumes of over $50 million, according to Coingecko.
