Matic Network announced on Wednesday that its native cryptocurrency MATIC token has been listed on India’s largest crypto exchange CoinDCX. The MATIC token is now enabled for deposits and withdrawals on the exchange and will be available for trade in three trading pairs.
MATIC is currently listed on CoinDCX via 3 trading pairs.
— Matic (@maticnetwork) July 1, 2020
India is one of the biggest potential markets for the crypto industry, yet it continues to be underserved. Exchanges like CoinDCX and WazirX have become popular globally, and therefore, it is just a matter of time before major crypto projects across the globe make their way into the sub-continent via these exchanges. Matic Network definitely must be seeing the big opportunity in the country, especially for its staking services. Crypto staking is not a known DeFi product in India yet, and so Matic and others who have already entered will have the first-mover advantage in the segment.
CoinDCX, on the other hand, realizes the growing competition in the local market, which is why it would add new products and services to stay a step ahead. Bringing promising projects like Matic on the platform will give it an edge, and as the time goes by, it could become the preferred exchange for services like crypto staking, crypto lending, crypto futures trading, etc.
Anticipating the upcoming growth, CoinDCX recently added “360-degree protection” for all the exchange users. It joined hands with digital identity verification service Onfido, to verify government-issued IDs via Artificial Intelligence and facial biometrics, to keep fraudsters at bay. Also, it has partnered with digital asset trust and security company BitGo, and a part of the exchange’s funds will be covered by the California-based company’s $100 million policy.
How does partnering with Bitgo and Onfido ensure 360-degree protection to CoinDCX users?
— CoinDCX: India's Largest Cryptocurrency Exchange (@CoinDCX) July 1, 2020