The Indian Cryptocurrency Exchange CoinDCX started a brand new program “DCXlend” on Thursday, 20 March 2019. CoinDCX announced that DCXlend has completed its testing phase and is out of its beta version and is fully launched now.
This is a user-friendly program which allows the users to earn an interest on their cryptocurrencies held at the exchange. The five cryptocurrencies that support the program are – Bitcoin [BTC], USD Tether [USDT], Ethereum [ETH], and Binance Coin [BNB].
The CoinDCX exchange has given other details like the lending time details “three lending term lengths: 7 days, 15 days, and 30 days. The interest rate varies dynamically and goes up to a maximum of 2%, according to market dynamics — demand and supply.” Adding to this, the website also mentions “the cryptocurrencies lent through DCXlend will be used to provide leverage to users on DCXmargin”. DCXmargin is another service that is offered by the CoinDCX.
The CEO of CoinDCX, Sumit Gupta has shared the details related to the beta test telling “we had roughly 120 lenders which led to a circulation of 170 BTC on a daily basis.” Adding to this he said, “Hence we’re scaling it up and will keep on adding more coins.” The CEO has also explained, “Funds are then lent to the users only when the margin trade is open, with no withdrawal access and hard liquidation with 7.5% maintenance margin.”
CoinDCX is the emerging Indian crypto exchange that offers the highest liquidity with more than 30 crypto trading pairs. This was launched in April 2018 and operated from Mumbai. It allows the Indian residents to trade the crypto pairs at a low trading fee and does not deal with fiat currencies. It does not allow traders outside India.
The main aim of creating a platform like CoinDCX is to create an experience of trading crypto breeze for the Indian traders. The traders or the users can also track their portfolios, and it orders the trading pairs in equivalent value of Rupees. The platform allows you to evaluate better according to your standing.
Some Features of CoinDCX are-
. Trade fee is low.
. API access
. Quick Withdrawals and Deposits
. Localised Support
Amidst all the bans, regulations, scams etc., it’s good to see that the cryptocurrency is growing globally and Indian crypto exchange platforms are trying to redefine the cryptocurrency trading. Moreover, Let’s hope that more and more people get educated and understand the topic of blockchain and cryptocurrency leading to innovation in the blockchain technology.
What are your thoughts on CoinDCX’s new program? Let us know by commenting below.