Cryptocurrency exchange CoinDCX has announced the launch of Okto, a decentralized finance (DeFi) mobile app with native access to Web3 and DeFi use cases.
Okto helps users securely navigate DeFi and access thousands of tokens from multiple decentralized exchanges (DEXs) across chains through its integrated wallet. Users can trade crypto anytime, anywhere and maximize returns by accessing DeFi liquidity pools.
The announcement was made by CoinDCX co-founder Sumit Gupta at Unfold 2022, a web 3 event hosted by the exchange in Bengaluru.
Okto is inspired by Octopus, which is an inherently intelligent creature. The offering is a keyless self-custodial wallet backed by multiple layers of security, which provides access to more than 100 decentralized applications, the company said.
Neeraj Khandelwal, co-founder of CoinDCX, said, “As blockchain 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 this direction. Over the next three to five years, the platform expects all CeFi platforms to have a DeFi arm that will be efficient, cost-effective, and provide broader opportunities for all members of the ecosystem, it said. he adds.
As a first step in realizing its vision, the DeFi app will unlock opportunities by providing access to over 20 chains and around 100 protocols. Indian users will be able to access the Okto wallet with the CoinDCX Pro app, and globally it will launch as a standalone Okto app. With this app, users can access thousands of tokens from multiple DEXs through chains on their mobile.
This launch is the first step in line with CoinDCX’s broader vision and commitment to strengthening its footprint in the Web3 and DeFi ecosystem, the company said.
She unveiled her strategy for Web3.0, allowing anyone with a smartphone to participate in this economy and derive value from it. CoinDCX 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.
August 26, 2022