Per the integration, CoinDCX users will have access to new DeFi capabilities powered by UniLend.
According to a recent announcement, India’s largest crypto exchange CoinDCX is integrating the UniLend protocol. On the 10th of December, UniLend Finance revealed the collaboration in a press release.
As the announcement stated, UniLend will power new DeFi capabilities, which would be available for CoinDCX users. Then, CoinDCX users will have direct access to the new DeFi capabilities within the exchange. The announcement noted that the new DeFi capabilities would include UFT farming.
1/ Major news before our Alpha release! Leading Indian exchange @CoinDCX to integrate UniLend protocol!?
?CoinDCX’s large user base will soon enjoy UniLend’s DeFi functionality. CoinDCX will also be the official liquidity provider for UniLend!
ℹ️https://t.co/jmqPnpczFP pic.twitter.com/788DW3misL
— UniLend Finance (@UniLend_Finance) December 10, 2020
CoinDCX to Integrate UniLend Protocol
UniLend also acknowledged CoinDCX increasing growth and its top position in India’s cryptocurrency industry. Notably, CoinDCX is India’s safest and largest crypto exchange and boasts over $15 million daily trading volumes.
Per the collaboration, India’s largest crypto exchange would become the official liquidity provider for UniLend. Also, the integration will welcome the next stage of DeFi adoption. Speaking on CoinDCX becoming its liquidity provider, UniLend said in the announcement:
“…This will provide a superior user experience with our protocol upon the upcoming launch of our platform. We can hardly wait to disclose all the possibilities awaiting.”
Also, UniLend said it would be contributing its “unique touch” to the services CoinCDX currently provides to customers. The services include trading, lending, and staking. The joint venture plans to work together on unlocking more services in the DeFi space.
More on UniLend’s Partnership with CoinDCX
According to UniLend, CoinDCX’s large user base would create more awareness for UniLend through the partnership. Also, the massive user base would help UniLend in welcoming new users on its platform. UniLend said:
“Our integration into CoinDCX will be a major catalyst for the growth of the UnilLend user base.”
In addition, UniLend noted that the decentralized protocol considered CoinDCX’s large trading volume. Furthermore, UniLend mentioned the high level of security on the CoinDCX exchange platform. About 95% of funds on the exchange is held in multi-sig cold wallets. Also, the exchange is insured by the digital asset trust company and security company BitGo.
Coinbase-funded CoinDCX has been a major player in India’s cryptocurrency revolution. The exchange has been making headlines in the crypto industry, especially with investment from several investors. The exchange received an investment from Coinbase Ventures and other notable investors in the crypto sector.
In May, CoinDCX said it secured a $2.5 million investment led by Polychain Capital and Coinbase Ventures. At the time, India’s crypto industry was recording gains, with an increasing demand for digital assets. The crypto space was growing significantly despite the worldwide economic fall caused by the coronavirus pandemic.
The CEO and co-founder of CoinDCX, Sumit Gupta, commented on the investment by Coinbase Ventures. He said that Coinbase’s vision for crypto reflects CoinDCX’s DeFi ambitions. He noted that Polychain Capital and Coinbase showed their confidence in the exchange with their investments.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.