CoinDCX aims to make Web3, DeFi accessible with Okto app

Mumbai-based crypto exchange CoinDCX has announced a strategy to strengthen its footprint in the Web3 and DeFi ecosystem. During Unfold 2022, CoinDCX' Web3 event, it announced its waitlist campaign for a first-of-its-kind mobile app called 'Okto'.

The DeFi app offers a keyless self-custodial wallet backed by multiple layers of security that allows native access to 100+ decentralised apps.

It will give access to 20+ chains and 100+ protocols. The Okto wallet can be accessed through CoinDCX Pro app in India, with the company planning to launch it as a standalone Okto app for users across the globe. The app allows users to access thousands of tokens from multiple DEXs across chains on their mobile and discover high-yield generating opportunities.

The company shared its long-term goal to accelerate the adoption of a decentralised blockchain economy for mass market consumers, with the market expected to cross over one billion customers by 2030.

Neeraj Khandelwal, Co-founder, CoinDCX, said, 

“Currently, Web3 is complicated for newcomers, as the technologies demand more, the users need to understand the complexities of chains and protocols. The biggest problem for users is managing and safeguarding their private keys as the crypto addresses and long passphrases are the only way to access their assets. At CoinDCX, our vision is to always keep users at the centre of our design strategy.”

“With this launch, we will help take the world of Web3 mainstream by simplifying and enabling access and interaction for users,” he added.

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The firm announced that it will launch innovative offerings which will provide access to an array of Web3.0 applications—ranging across DeFi, NFTs, synthetics, cross-chain bridges, and many more.

“As the technology is maturing, builders are creating use-cases to unlock value and make the internet a more equitable space. Our new DeFi offering is the first step in this direction. In the next three to five years, we foresee all CeFi platforms will have a DeFi arm which will be efficient, economical and provide wider opportunities for everyone in the ecosystem,” stated Neeraj.

CoinDCX said it has supported building a crypto portfolio for 13 million users. It is further working to make decentralised investment opportunities more accessible by integrating multi-party computation (MPC) technology to solve private keys related issues, and helping users recover their passkey and funds seamlessly without compromising the security of their data.

“The utility and economic value offered by DeFi protocols are immense, however, it has remained incredibly underpenetrated. Okto is our first step in a much larger expansion on the horizon. We will continue to build efficient, convenient, and secure platforms that put the customer experience at the centre,” said Gaurav Arora, SVP, DeFi Initiatives, who has been roped in by CoinDCX to lead the foray into the Web3 and DeFi ecosystem.

(To access CoinDCX' Okto app waitlist, you can click here.)