It is seen that various companies like Polychain, Pantera Capital, Bain Capital and Coinbase Ventures have backed the crypto unicorn CoinDCX. CoinDCX has a plan to launch a brand new mobile application by the name of Okto in the near future. Okto is going to be launched and expand its presence in the DeFi and Web3 ecosystem.
It is expected that Okto will be a keyless self-custodial wallet backed by multiple layers of security that will allow native access to over 100 decentralized apps.
The Defi App is going to facilitate various opportunities to be availed by giving access to over 20 chains and over 100 protocols. While Indian users will now be able to access the Okto wallet with the CoinDCX Pro app, this app can help in navigating the opportunities in DeFi. As per the revelation made by DeFi, the app will be launched as a standalone Okto app over the globe.
The co-founder of CoinDCX and the CTO Neeraj Khandelwal mentioned that “The global launch of the app will be done by differential changes in KYC to adhere to the local laws. The very first version of the app can be seen a few weeks from now. The motive of the company is to build an app store, a curated app store where people can simply choose between what end service they want, financial or non-financial, and start building from there.”
At the beginning of FY22, CoinDCX launched an investment arm by the name of CoinDCX Ventures to fund early-stage crypto and blockchain startups in India. The deployment plans are of about INR 100 Cr to accelerate Web3 ecosystems.
Over the globe, there are nearly a 300Million crypto users, among which 25Mn users belong to India. CoinDCX claims to have over 13M users and aims to cater to 40Mn global users that are into Defi, NFTs and gaming through Okto.
Okto to Address Web3 Concerns And Complexities
Khandelwal said, “Currently, Web3 is complicated for newcomers, as the technologies demand more hands to understand the complexities and demand of the users of chains and protocols. The biggest issue with the users is regarding managing and safeguarding their private keys, as the crypto addresses and long passphrases are the only way to access their assets. With this launch, the company will help take the world of Web3 mainstream by simplifying and enabling access & interaction for users.”
As per Gaurav Arora, who is the senior vice president of CoinDCX Pro, claiming that the reason behind most of the crypto heists is the theft of private information by some hacker, Okto has been built around three key parameters – simplicity, security and compliance.
On the initial basis, the app will cater to CoinDCX Pro users; the company will later facilitate access to an array of Web3.0 applications like DeFi, NFTs, synthetics, and cross-chain bridges, among others.
Many crypto exchanges are under the scrutiny of the Enforcement Directorate at the end of the launch or announcement of the launch. It is seen that around 10 Indian exchanges are being probed by the ED for alleged violations of the Foreign Exchange Management Act.
