Orbs Network’s native token, $ORBS, has secured a listing on CoinDCX, marking the expansion of its presence into the Indian cryptocurrency market. This move enhances the accessibility and trading opportunities for $ORBS on one of India’s most compliant exchanges, CoinDCX.
CoinDCX, a prominent cryptocurrency exchange in India, has officially listed the native token of Orbs Network, $ORBS. The listing enables users on the Indian exchange to trade $ORBS using the Indian Rupee (INR) and various crypto pairs such as Bitcoin and Tether. Additional pairs are expected to be introduced in the future, expanding the trading options for users.
Orbs Network Overview and $ORBS Token
Orbs Network stands as a Layer 3 open, decentralized, and public blockchain infrastructure that operates through a secure network of permissionless validators utilizing Proof-of-Stake (PoS) consensus. This blockchain platform is renowned for its innovative dTWAP and dLIMIT protocols, accessible on various decentralized exchanges spanning both EVM chains and non-EVM chains like BNB Chain and Linea.
Established in 2017, Orbs Network introduced Layer 3 technology, unlocking the capability for users to execute more intricate logic, including features like limit orders. This was a significant advancement as Layer 1 and 2 chains lacked the capacity to implement such functionalities through smart contracts alone. The Layer 3 technology of Orbs Network serves existing DeFi applications, contributing to further decentralization and expanded capabilities.
At the core of the Orbs Network ecosystem is the native $ORBS token, a vital component that plays a crucial role in securing the POS blockchain. Beyond its security function, the $ORBS token serves as a key element driving the functionalities and operations within the Orbs Network.
Currently, ORBS is actively listed on multiple centralized exchanges, including but not limited to OKX, HTX, Kucoin, Binance US, Bitmart, Bitget, and Bitfinex. This widespread recognition and availability contribute to the accessibility and liquidity of the $ORBS token in the broader cryptocurrency market.
India’s Crypto Landscape and Orbs Network Listing on CoinDCX
India’s Growing Crypto Market: India has emerged as one of the largest cryptocurrency markets globally, boasting nearly 100 million people engaged in cryptocurrency holdings. Over the past 12 months leading up to June 2023, the country witnessed a substantial crypto trading volume of over $269 billion. Orbs Network recognized this thriving market and sought to secure a listing on CoinDCX, a renowned and secure crypto exchange in India.
Government Regulations Impacting Crypto Adoption: Despite the significant crypto affinity in India, the adoption rates have been hindered by stringent government regulations on digital assets. While a complete crypto ban in India has been pending enforcement, the government issued compliance notices to nine offshore crypto exchanges on December 28. These notices, issued by India’s Financial Intelligence Unit (FIU), aimed to combat money laundering via cryptocurrencies, prompting authorities to take measures such as blocking URLs of the mentioned exchanges within India.
Impact on Offshore Exchanges and Rise of CoinDCX: The regulatory directive led to the closure of operations for several exchanges in India, with Binance notably announcing a cessation of services for Indian customers. In response to the regulatory challenges, users on offshore exchanges are increasingly transferring their assets to CoinDCX, the first FIU-registered and certified crypto exchange in India. CoinDCX, offering a safe and regulated platform, witnessed a remarkable 2000% surge in user crypto deposits since the FIU directive on December 28.
Orbs Network’s Strategic Listing on CoinDCX: By securing a listing on CoinDCX, Orbs Network strategically provides Indian users with a platform to engage in buying/selling $ORBS and actively participate in staking and DeFi activities on the Layer 3 blockchain. The move aligns with the broader trend of users seeking compliant and secure exchanges amid evolving regulatory landscapes.
Orbs Network’s Strategic Move into India
India has experienced a rapid surge in crypto adoption, catching the attention of Orbs Network in its strategic expansion plans. With the crypto landscape evolving explosively, Orbs Network aimed to establish a significant presence in the world’s most populous country.
In December, Orbs Network made a decisive move to enter the Indian blockchain market during the India Blockchain Week. Held in Bangalore on December 6 and 7, this event serves as a pivotal gathering for industry leaders and crypto enthusiasts worldwide, contributing to the advancement of crypto and blockchain technology in India. Ran Hammer, Orbs Network VP of Business Development, seized the opportunity to present the suite of tools on Orbs Network to the attendees.
Hammer’s presentation at the India Blockchain Week focused on introducing the audience to Orbs Network’s Layer 3 technology and highlighting innovations in the field of staking. The Layer 3 technology is a crucial aspect of Orbs Network’s infrastructure, providing advanced functionalities not available on traditional Layer 1 and 2 chains.
Following its listing on CoinDCX, the native $ORBS token experienced a notable uptick in price, reaching $0.033, indicating a 4.6% increase. The trading volumes surpassed $50 million, as reported by Coingecko. This positive response underscores the success of Orbs Network’s strategic move into the Indian market, aligning with the country’s dynamic crypto landscape.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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