CoinDCX, India’s largest and safest cryptocurrency exchange and liquidity aggregator, announced that crypto payments pioneer Crypto.com will be listing two trading pairs on the CoinDCX platform. Following the successful listing of the MCO token on CoinDCX earlier this month, the CRO listing marks Hong Kong-based Crypto.com’s official entrance into the Indian market. 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 trustless, borderless, and all-inclusive crypto ecosystem.
Speaking on the listing, Sumit Gupta, CEO & Co-founder of CoinDCX said: “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.”
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 — customers, merchants, crypto customer acquirers, and merchant acquirers — can convert their cryptocurrencies to their fiat counterparts at a much-reduced cost,” said Neeraj Khandelwal, Co-founder of CoinDCX. “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.”
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.
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 10x 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.