India’s leading crypto-exchange, CoinDCX, has entered into a memorandum of understanding (MoU) with the trading platform Koinex to assist the latter’s reported 100,000 users in accessing their digital assets.
The offer includes Coin DCX working with the existing Koinex users to offer the latter a seamless migration of their assets to the newly upgraded Coin DCX platform. This will enable those who lost access to their crypto funds through Koinex’s closure last year to regain control.
For users with a CoinDCX account matching Know Your Customer (KYC) details, the shift to CoinDCX will happen automatically. Other users will undergo standard KYC procedures to access their wallet balances.
The crypto community has responded positively to CoinDCX’s collaborative effort with Koinex. Industry execs view it as showcasing cryptocurrency exchanges’ adaptability and commitment to user interests.
They also stated that CoinDCX’s timely support to Koinex customers will help restore their trust in crypto trading platforms. It sets a constructive precedent and reiterates CoinDCX’s position as a leading Indian exchange.
Since its opening in 2018, CoinDCX has been among the nation’s most trusted platforms, with over 1.4 crore users. The wide variety of services it provides, strong security imparted, and good usability have played a vital role in its remarkable growth.
According to Sumit Gupta, CoinDCX’s Co-founder, this startup has been created to support the community of Web3 and enable users to empower themselves. The merger with Koinex indicates that CoinDCX innately advocates the development of the country’s crypto space.
The merger enables the wider use of cryptocurrencies in the country by solving regulatory challenges and providing solutions to ease the transition for Koinex’s users. This will spur growth and acceptance.
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