Crypto Wallet App Okto Announces $5 Mn Treasury Fund To Lure Vauld Users

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SUMMARY

Okto will give a 2% bonus for users who choose to transfer their assets from Vauld to the wallet app

Singapore-based crypto exchange Vauld suspended all withdrawals, trading and deposits on the platform last year as the crypto market collapsed following the Terra Luna crash

Coinbase Ventures-backed Okto is a DeFi app that provides a keyless, self-custody wallet across multiple chains

Coinbase Ventures-backed DeFi wallet app Okto has allocated a $5 Mn treasury fund to lure users of crypto exchange Valuld. As part of this, Okto will give a 2% bonus for users who choose to transfer their assets from Vauld to the wallet app.

Vauld, a Singapore-based crypto exchange, suspended all withdrawals, trading and deposits on the platform last year as the crypto market collapsed following the Terra Luna crash.

Okto is a DeFi app that provides a keyless, self-custody wallet across multiple chains. It seeks to streamline the realm of decentralised finance (DeFi) by offering a secure, user-friendly, and inventive approach to asset management.

Last year, crypto unicorn CoinDCX announced the launch of Okto to expand its presence in the DeFi and web3 ecosystem.

Commenting on the move, Okto founder Neeraj Khandelwal said, “While this $5 Mn fund represents one of our initiatives to support the crypto ecosystem, our overarching vision is to empower the web3 community through cutting-edge technology-backed platforms and apps designed to tackle the broader challenges within the ecosystem.”

Founded in 2018 by Darshan Bathija and Sanju Soni Kurian, Vauld is backed by investors such as Valar Ventures, Pantera Capital, Coinbase Ventures, CMT Digital, Gumi Cryptos, Robert Leshner, and Cadenza Capital. Last year in July, Vauld announced its decision to suspend operations temporarily as part of a business restructuring aimed at safeguarding the interests of all stakeholders.

The persistent turmoil in the crypto market and ongoing regulatory ambiguities have also affected crypto startups in India. Three crypto startups – Pillow, Flint Money, and WeTrade – were forced to cease their operations in the past few months.

Besides this, the introduction of 30% tax on profits generated from crypto transactions and 1% TDS (Tax Deductible at Source) on crypto transactions exceeding INR 10,000 have also hurt crypto startups.

To add to the woes, the Reserve Bank of India (RBI) has been a staunch critic of cryptocurrencies and has repeatedly called for a ban on them.