Crypto Exchange CoinDCX Launches DeFi Wallet With Cognitive AI Technology
Indian crypto exchange has launched its decentralized finance (DeFi) wallet Okto globally. The wallet comes with an inbuilt AI-based multi-factor authentication system to provide users with security and protection against potential compromises and fraud in the DeFi space.
Okto, which was announced in August 2022 at the CoinDCX Unfold 2022 Web3 conference, 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 nearly 100% transaction success rate and efficient handling of various failure scenarios.
“With our innovative AI-backed security feature, we aim to increase user trust and trust in self-custodial wallets,” said Neeraj Khandelwal, Co-Founder, CoinDCX and Okto.
“We have filed a patent application for this technology in India and we will adopt it in other relevant jurisdictions in due course,” he added.
The wallet incorporates cognitive AI technology for adaptive and continuous authentication, improving user security. By monitoring user activities in real time, the AI-powered system can quickly identify suspicious behavior, protecting users from potential abuse, the statement said.
This real-time security check occurs in microseconds, ensuring a level of speed and efficiency that manual intervention cannot achieve, he added.
According to the statement, Okto eliminates the need to save seed phrases, granting users full control over their funds. It also mitigates the risk of a single point of failure by using Multi-Party Computing (MPC) technology.
With MPC, the private keys used to access and control funds are never fully exposed, ensuring continuous security for user assets, the statement added.
“Okto is one of the few global apps that offers access to thousands of tokens across multiple chains within a single mobile app,” said Gaurav Arora, Senior Vice President 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 provides access to a curated set of rewards.
