India’s largest cryptocurrency exchange and liquidity aggregator, CoinDCX, announced today that Crypto.com’s native tokens, MCO and CRO, are now available for trading on its platform.
Hong Kong-based Crypto.com is bringing its full range of tried-and-proven services to India, building on the Indian crypto market’s recent meteoric growth against the backdrop of the current global economic downturn.
With the integration of MCO and CRO onto the CoinDCX exchange, CoinDCX bolsters its crypto-based financial services offering, fulfilling its vision of building a trust-less, border-less, and all-inclusive crypto ecosystem.
The announcement also marks the firm’s entrance into the burgeoning Indian crypto market, gaining access to India’s 1.3 billion population for the first time.
With their shared vision of global crypto adoption, CoinDCX and Crypto.com are providing Indian investors with new ways to utilise cryptocurrencies and access to Crypto.com’s global financial ecosystem.
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India: unprecedented growth in cryptocurrencies
“At a time when we are witnessing unprecedented growth in the use of cryptocurrencies in India, there is a need to provide users with an extensive range of crypto-based financial services that can ensure the faster, simpler, and uninterrupted flow of capital. We are thrilled that CRO is entering India, through our platform, which will help nearly 1.3 billion people in crypto trade CRO through INR. This is also an amazing opportunity for us to encourage more people to enter the crypto market through our ongoing #TryCrypto initiative,” says Sumit Gupta, CEO and Co-Founder of CoinDCX.
While the MCO token features key payment and finance utilities within the Crypto.com ecosystem, the CRO token is primarily used for settlements on the Crypto.com Chain, enabling transactions worldwide between merchants and cryptocurrency users in a seamless, secure and cost-efficient way.
“By using CRO as an intermediary currency on the Crypto.com Chain, participants can convert their cryptocurrencies to their fiat counterparts at a much-reduced cost,” Neeraj Khandelwal, Co-Founder of CoinDCX, says. “The combination of MCO and CRO creates a full-service, global system that encourages the adoption of cryptocurrencies that is inspired by real-life use cases,” he adds.
In 2019, the CRO token and the Crypto.com Chain project have made headlines based on the token’s dramatic price increases which propelled it to the top 50 position on the CoinMarketCap’s ranking.
Growth after banking ban lift
The listing of MCO and CRO on CoinDCX follows the successful closing of CoinDCX’s $3 million Series A funding round by Polychain Capital, Bain Capital Ventures, as well as HDR Group, Operator of BitMEX.
Following the lifting of an industry-wide banking ban by the Reserve Bank of India in February, the crypto exchange witnessed a 10 times growth in sign-ups in one week. It also launched its long-term campaign entitled #TryCrypto, pledging a sum of $1.3 million USD to bring about crypto mainstream adoption and the total number of crypto users in India to 50 million.