CoinDCX, a well-known cryptocurrency exchange in India, has teamed up with Mesh, a US business specializing in finance solutions.
Through cooperation, asset transfers between centralized exchange accounts and decentralized finance (defi) wallets can now be completed more quickly on the CoinDCX platform.
This functionality makes it easier to deposit digital assets and allows for simple, safe transactions without ever leaving the CoinDCX environment. Co-founder of CoinDCX, Sumit Gupta said:
“The integration with Mesh is a game-changer for CoinDCX and our users. Solutions like Mesh streamline the complexities of the crypto industry, significantly enhancing the usability factor for our platform.”
Mesh’s co-founder and CEO, Bam Azizi, expressed enthusiasm about joining the Indian market with this collaboration. He also emphasized how the partnership could simplify digital asset management, taking into account India’s importance as a vital and dynamic economy.
Mesh, which was founded in 2020, is leading the charge in creating a safe and integrated financial ecosystem. Through providing a single platform for digital asset transfers, cryptocurrency payments, account aggregation, and trading, Mesh hopes to establish an integrated financial ecosystem that is advantageous to both consumers and companies.
Paypal’s venture arm, which specializes in payments, contributed $5 million of its PYUSD stablecoin to Mesh in January. Money can be transferred using Mesh between wallets, cryptocurrency exchanges, and financial apps that handle cryptocurrencies.
According to Azizi, the benefit of the service is that it eliminates the need for customers to copy and paste lengthy character strings, which are typical for cryptocurrency transfers but are bad security practices.
Mesh users simply utilize an in-app menu instead. The recent partnership between CoinDCX and Mesh may react to the growing need for cryptocurrency exchanges and the notable increases in trading volumes in India.
CoinDCX saw a five-fold increase in trade volumes over the previous month, going from $5 million at the beginning of February to roughly $25 million at the end of the month. Co-founder of CoinDCX, Sumit Gupta ascribed the impressive rise to the rising trend of Bitcoin pricing.
