May 17, 2024
By Anjali Kochhar
CoinDCX, a well-known Indian cryptocurrency exchange, is preparing to transform its DeFi arm, Okto, into a full-fledged ecosystem with a blockchain, token, and rewards program. The move intends to give worldwide customers a seamless mobile experience within the Web3 area, reducing the difficulties of decentralised financing (DeFi).
Okto first appeared as a DeFi mobile app with an integrated wallet in August 2022, addressing the difficulty of moving crypto customers to DeFi. CoinDCX has worked tirelessly for nearly two years to improve the user experience, recognising the fragmented landscape of self-custody wallets and the challenges users face when traversing the Web3 environment.
Neeraj Khandelwal, co-founder of CoinDCX, highlighted the significant leap forward Okto represents, offering a Web 2-like single-click mobile experience in the Web3 realm. The Okto ecosystem’s objective is to streamline on-chain transactions, self-custody, security, and trust, addressing issues such as signing transactions and gas fees.
The upcoming points program will serve as a catalyst for the Okto blockchain’s launch, scheduled for later in 2024. Users engaging in on-chain transactions will be rewarded, with additional bonus points available for asset transfers to the Okto Wallet. Early adopters stand to benefit, with up to 7% of the OKTO token allocated for air-drops.
Sumit Gupta, co-founder of CoinDCX, emphasised the Okto Chain’s potential to power numerous applications within the Web3 space, envisioning its integration into thousands of applications. The Okto Web3 SDK, an embedded wallet solution, has already facilitated the development of over 20 apps and integrated with more than 50 chains and protocols.
CoinDCX aims for Okto to become a global standard, with plans to establish partnerships to bolster its ubiquity. The Okto Orchestration Layer has seen significant adoption, boasting over a million wallets created.
As the Web3 landscape evolves, CoinDCX’s Okto emerges as a pioneering force, providing a comprehensive answer to the fragmented DeFi ecosystem. Okto’s upcoming blockchain launch and token introduction are set to transform the Web3 experience, paving the door for seamless engagement in the decentralized finance world.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
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