CoinDCX To Launch DeFi And Web3 App Okto, To Allow Access To Over 100 DApps

Crypto unicorn CoinDCX, backed by the likes of Polychain, Pantera Capital, Bain Capital and Coinbase Ventures, has announced plans to launch a mobile app Okto to expand its presence in the DeFi and Web3 ecosystem.

Okto will be a keyless self-custodial wallet backed by multiple layers of security that will allow native access to over 100 decentralised apps.

The Defi App will provide opportunities by giving access to over 20 chains and over 100 protocols. While Indian users will be able to access the Okto wallet with CoinDCX Pro app to securely navigate opportunities in DeFi, it will be launched as a standalone Okto app globally, CoinDCX said in a statement.

“The app will be launched globally with differential changes in KYC to adhere to the local laws. While the first version of the app will be made available in a few weeks from now, the aim is also to build an app store kind of construct, a curated app store where people can simply select what end service they want, financial or non-financial, and start building from there,” CoinDCX cofounder and CTO Neeraj Khandelwal said.

Earlier this year, CoinDCX launched an investment arm, named CoinDCX Ventures, to fund early-stage crypto and blockchain startups in India. It said it planned to deploy INR 100 Cr to accelerate Web3 ecosystems.

Globally, there are 300 Mn crypto users, of which 25 Mn are from India currently. CoinDCX claims to have over 13 Mn users and aims to cater to around 40 Mn global users that are into Defi, NFTs and gaming through Okto .

Okto To Address Web3 Concerns And Complexities

Explaining the need for the app, Khandelwal said, “Currently, Web3 is complicated for newcomers, as the technologies demand more, the users need to understand complexities of chains and protocols. The biggest problem for users is managing and safeguarding their private key as the crypto addresses and long passphrases are the only way to access their assets…With this launch, we will help take the world of Web3 mainstream by simplifying and enabling access & interaction for users.”

Claiming that the reason behind most of the crypto heists is theft of private  by some hacker or a user losing them, Gaurav Arora, senior vice president, CoinDCX Pro, said that Okto has been built around three key parameters – simplicity, security and compliance

While the app will cater to CoinDCX Pro users initially, the company will later provide access to an array of Web3.0 applications like DeFi, NFTs, synthetics, cross-chain bridges, among others.

The launch announcement comes at a time when many crypto exchanges are under the scrutiny of the Enforcement Directorate. At least 10 Indian exchanges are being probed by the ED for alleged violation of the Foreign Exchange Management Act.

On Thursday, the agency carried out raids on the office premises and residences of some directors of Coinswitch Kuber as part of its probe.