CoinDCX launches global crypto-to-crypto trading platform
Published 11 February 2021
Cryptocurrency exchange startup CoinDCX has launched its latest crypto-to-crypto (C2C) product offering.
Called Cosmex, it is CoinDCX’s global product that reimagines how crypto trading works and gives a new, powerful, and simple model to crypto trading.
Some of the well-known global exchanges like Binance, Bitmex, OKEx, Huobi, and others have been roped in as a liquidity provider on this project. Going forward CoinDCX is also exploring getting exchanges such as Coinbase, FTX, Deribit, among others, onboard in the near future.
Cosmex, the latest offering from CoinDCX has been built by keeping the global audience in mind. To facilitate the global operations that this platform will offer, Singapore-based Primestack PTE, the parent company behind the brand CoinDCX, CoinDCX Go, and Cosmex have set up an international subsidiary that will serve as the special purpose vehicle.
Cosmex will come armed with liquidity aimed to cater to the global audience. It will do so through its universal wallet and a reimagined simple user interface. Over time, Cosmex will also build a layer of new products and services on top of this massive liquid layer with superior cost-efficiency and the highest levels of security.
The product will provide a one-stop solution to trade in Spot, Margin, and Derivative Instruments. For existing CoinDCX users, the experience won’t change much when they join Cosmex so that they’ll have a similar experience for easy onboarding and the transition will be seamless.
Speaking on the evolution of the new product, Sumit Gupta, CEO, and co-founder of CoinDCX said: ‘Currently, global trade in crypto is minuscule compared to the global equity markets. We feel the solutions that exist in the markets currently may not be capable of handling future volumes, keeping in mind the buoyant global market and the heightened interest in crypto trading that we are witnessing of late. This led us to start working on Cosmex to address these very issues.”
Ramalingam Subramanian, Head of Brand and Communication of CoinDCX said, “With Cosmex, CoinDCX will be joining international players on the global crypto market. With its seamless liquidity and sturdy security protocols, Cosmex aims to bring about a revolution in the crypto-to-crypto trading.”
CoinDCX is committed to driving the narrative of crypto adoption through initiatives such as #TryCrypto which aims to onboard 50 million Indians into the crypto ecosystem.
Cryptocurrency in India has had a fair share of troubles with regulators. However, recently, the government, in its list of new Bills to be introduced in the parliament, includes the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
Based on the draft Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019, the bill aims to provide a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.
The Bill, titled “Banning of Cryptocurrency and Regulation of Official Digital Currency Bill, 2019,” was drafted by an inter-ministerial committee headed by former Department of Economic Affairs (DEA) secretary Subhash Chandra Garg.