Crypto exchange CoinDCX launches DeFi wallet with cognitive AI tech

Indian crypto exchange CoinDCX has launched its decentralised finance (DeFi) wallet Okto globally. The wallet comes with an in-built AI-driven multi-factor authentication system to provide users with security and protection from potential compromises and fraud in the DeFi space.

Okto—which was announced in August 2022 at CoinDCX's Web3 conference Unfold 2022—is now open to a global audience and will allow users to access multiple protocols. It not only enables self-custody of crypto assets but also allows users to earn yield on tokens such as ETH, MATIC, and USDT.

CoinDCX said the patent pending technology behind Okto will enable a near-100% transaction success rate and efficient handling of various failure scenarios.

"With our innovative security feature backed by AI, we aim to increase user confidence and trust in self-custodial wallets," said Neeraj Khandelwal, Co-Founder, CoinDCX and Okto.

"We have filed for a patent for this technology in India and will take it up in other relevant jurisdictions in due course," he added.

The wallet incorporates cognitive AI technology for adaptive and continuous authentication, enhancing user safety. By monitoring user activities in real-time, the AI-powered system can quickly identify any suspicious behaviour, thus safeguarding users against potential misuse, said the statement.

This real-time security check occurs within microseconds, ensuring a level of speed and efficiency that manual intervention cannot achieve, it added.

According to the statement, Okto eliminates the need to safeguard seed phrases, granting users full control over their funds. It also mitigates the risk of a single point of failure by utilising multi-party computation (MPC) technology.

Through MPC, the private keys used to access and control funds are never fully exposed, thus ensuring continuous security for users' assets, the statement added.

"Okto is one of the few global apps that offer access to thousands of tokens on multiple chains within a single mobile app," said Gaurav Arora, SVP of DeFi Initiatives, CoinDCX.

"With seamless access to a wide range of tokens across multiple chains, users can trade across different chains, pay gas fees in any token, and enjoy convenient and efficient transactions," he added.

CoinDCX has also launched the 'Okto OGs' NFT collection for early adopters, which grants access to a curated set of rewards.