CoinDCX Aims to Make Web3, DeFi Accessible with Okto App

Mumbai-based crypto exchange CoinDCX announced a strategy to strengthen its footprint in the Web3 and DeFi ecosystem. During Unfold 2022CoinDCX’s Web3 event, it announced its waiting list campaign for a one-of-a-kind mobile app called ‘Oct’.

The DeFi app offers a keyless self-custodian wallet backed by multiple layers of security that allows native access to over 100 decentralized apps.

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

The company shared its long-term goal of accelerating the adoption of a decentralized blockchain economy for mass-market consumers, with the market expected to top 1 billion customers by 2030.

Neeraj Khandelwal, Co-Founder, CoinDCXsaid,

“Currently, Web3 is complicated for newcomers, because technologies require more, users need to understand the complexity of strings and protocols. The biggest problem for users is managing and safeguarding their private keys, as cryptographic addresses and long passphrases are the only way to access their assets. At CoinDCX, our vision is to always keep users at the center of our design strategy.

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

The company has announced that it will launch innovative offerings that will provide access to a range of Web3.0 applications, ranging from DeFi, NFT, synthetics, cross-chain bridges, and many more.

“As the technology matures, builders are creating use cases to unlock value and make the internet a fairer space. Our new DeFi offering is the first step in that direction. Over the next three to five years , we envision that all CeFi platforms will have a DeFi arm that will be efficient, economical, and provide broader opportunities for everyone in the ecosystem,” Neeraj said.

CoinDCX said it supported the creation of a crypto wallet for 13 million users. It further strives to make decentralized investment opportunities more accessible by integrating Multi-Party Computing (MPC) technology to solve private key issues and helping users recover their access key and funds from seamlessly without compromising the security of their data.

“The utility and economic value offered by DeFi protocols is immense, however, it has remained incredibly underutilized. 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 center,” said Gaurav Arora, Senior Vice President, DeFi Initiatives, who was enlisted by CoinDCX to lead the foray into the Web3 and DeFi ecosystem.

(To access CoinDCX’s Okto app waiting list, you can click here.)