CoinDCX, a leading Indian cryptocurrency exchange, has announced the launch of Okto, its DeFi arm which will include a blockchain and the $OKTO token. This development aims to provide a single-click mobile experience for users who are in the Web3 space.
Read more about it in the news below.
Okto Grows: More Than Just a Wallet Now
Okto began as a DeFi mobile application with an integrated wallet, launched in August 2022. The app was designed to make the user journey of DeFi users easy & simple. It involves security, transaction signing, gas fees & understanding of blockchain in an easy manner.
Okto provides a single click experience for mobile apps which further lowers the entry issues of more than billion Web3 users. The upcoming points program will increase the rewards for on chain transactions which will encourage the users to use the Okto Wallet. Some $OKTO token supply will be air-dropped to the early birds and participants will be able to earn rewards.
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DeFi & Phases Of Okto
The co-founders of CoinDCX, Neeraj Khandelwal and Sumit Gupta, see a future where current Web2 platforms will transit into Web3 platforms easily. The Okto by CoinDCX has been launched to address the issues of user experience in the decentralized finance (DeFi) sector.
CoinDCX built the Okto system in phases:
In the first phase, the team focused on internal solutions to streamline DeFi interactions. In the second phase, the team focused on packaging these solutions into a Software Development Kit (SDK), which allows the external developers to make applications without going into the technical factors of blockchain technology. The SDK, also called the Okto Web3 SDK, is the industry’s first embedded wallet that allows any app or internet company to utilise the full potential of Web3.
Okto Chain & Global Partnerships
The Okto Chain, powered by the $OKTO token, is set to support thousands of applications currently under development. With over 20 apps already utilizing the SDK, more than 50 chains and protocols integrated, and over a million wallets created on the Okto Orchestration Layer, CoinDCX is laying the groundwork for a robust and interconnected Web3 ecosystem.
Khandelwal and Gupta believe that centralized finance (CeFi) platforms will inevitably incorporate DeFi components, and the Okto Chain is their contribution to this evolving landscape. They want to have multiple collaborations that will lead Okto to global popularity.
What’s Next?
As the world waits for the “10 Years of Decentralizing the Future” Consensus 2024 – 10th Annual Crypto Event In Austin, Texas CoinDCX’s announcement adds to the excitement of what the next decade holds for crypto, blockchain, and Web3. With the official launch of the blockchain and the $OKTO token slated for later in 2024, the crypto community eagerly awaits this project.
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