Okto Launched by CoinDCX: Making DeFi apps available to everyone
Okto by CoinDCX was recently launched at Unfold, a blockchain event in Bangalore, 2022. More details inside.
People pay a price for using decentralized apps because of the difficult onboarding and user experience, which is also one of the reasons why most people don’t utilize these services on a regular basis. For consumers around the world, a leading Indian crypto exchange wants to fix that.
A three-day Web 3 event called Unfold 2022 has begun in Bengaluru, India’s Silicon Valley, by CoinDCX, one of the biggest cryptocurrency exchanges in the nation with over 13 million customers. In August 2021, the cryptocurrency exchange became the first unicorn in the country.
What is Okto?
On Friday, CoinDCX revealed details of its waiting list drive for Okto, a groundbreaking, user-friendly smartphone application. The octopus, an intelligent animal by nature, served as the model for Octo. The mobile platform doesn’t ask users to remember a long string of words as a password and can host a variety of decentralized apps. The platform will hold some of the key information close to itself, while tying the remaining information to the customer’s device, where it will be verified using the customer’s biometric ID. The cryptocurrency exchange is providing users with a keyless self-custodial wallet with access to more than 100 decentralized apps, all of which are protected by numerous security levels.
Okto has integrated multi-party computation technology to address issues related to personal keys, enabling users to improve their passkey and funds without any interruption. This increases the accessibility of decentralized funding options. Okto is designed to help many people spread the word about web 3. According to its creators, the larger population has trouble keeping track of their bank accounts and remembering and retaining crucial information.
More than 20 chains and more than 100 protocols will be supported by the new platform, which will also eliminate all transaction fees across chains. Customers can access Okto, which is now launching with a waitlist, from anywhere in the world. In order to bring builders’ apps onto Okto, the startup has started working with them.
How do you get to it?
To navigate opportunities in DeFi safely, Indian customers will be able to utilize Okto Wallet along with the CoinDCX Pro software, and globally, it will be released as a standalone Okto app. With the use of this software, users can find opportunities to produce big returns while having access to thousands of tokens from various DEXs on their mobile device. In order to support and coach Web3 startups in India, CoinDCX created CoinDCX Ventures in May 2022. Unfold Web3 venture capitalists, developers, and cryptocurrency aficionados will all be gathered in 2022 under one roof.
So what is Web 3?
The upcoming World Wide Web version, known as Web 3, seeks to decentralize data ownership. Decentralization and technology based on blockchains are used to accomplish this. Beginning on August 26 and running through August 28, CoinDCX’s Web 3 event Unfold 2022 will highlight the Indian crypto community. On the day of the hackathon to be hosted during the event, Indian Web 3 developers are expected to collect incentives of over $50,000. A 1% TDS must be deducted on transfers of cryptocurrencies and other digital assets under new tax regulations that India has put in place as of July 1 to control the cryptocurrency business. How to best assist Web3 innovation in India has been a topic of considerable discussion in the cryptosphere.
With a dedicated staff of more than 50 people, CoinDCX began working on Okto eight months ago. The business is continuing to focus on cryptocurrency despite the market slump and the fact that its main competition Coinswitch is expanding into straightforward fintech services akin to wealth management. As the technology develops, developers are coming up with use cases to generate value and make the web a more egalitarian place. The first stage in this process is their new DeFi offering. All CeFi platforms will eventually have a DeFi arm that will be effective, affordable, and provide more options for everyone in the ecosystem within the next three to five years.