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CoinDCX launches DeFi app “Okto” to strengthen Web3 footprint

CoinDCX launches DeFi app Okto
Okto is defined as a keyless self-custodial wallet that will allow native access to over 100 DeFi apps.

 

Indian crypto exchange, CoinDCX, launched a decentralized finance app named “Okto” to allow users easy access to several DeFi apps.

 

The launch of Okto, which is defined as a keyless self-custodial wallet that will allow native access to over 100 DeFi apps, was made at the ‘Unfold 2022′ event held in the southern Indian city of Bengaluru.

 

“As the technology is maturing, builders are creating use-cases to unlock value and make the internet a more equitable space. Our new Defi offering is the first step in this direction,” said Neeraj Khandelwal, co-founder of CoinDCX.

 

“In the next three to five years, we foresee all CeFi platforms will have a DeFi arm which will be efficient, economical and provide wider opportunities for everyone in the ecosystem,” he added.

 

The app will let users track all their investments, across all different chains seamlessly and easily. Users can earn more out of their crypto investments by leveraging them in high yield generating pools. Additionally, the company claims that its “revolutionary” MPC (or Multi-Party Computation) technology makes it nearly impossible for hackers to compromise their platform, by removing any single point of failure. Okto can further aid users in aggregating all their investments and assets across multiple chains simultaneously on the same platform.

 

While Indian users can access the Okto app via the CoinDCX Pro app, for the rest of the world it will be launched as a standalone application wherein users can access several tokens from various decentralized exchanges across chains on their smartphones. 

 

CoinDCX, the first Indian unicorn in the cryptocurrency space, commenced working on Okto eight months back and has a dedicated team of over 50 people, according to an article by TechCrunch. “The startup is sticking to focusing on crypto despite the market downturn and its chief rival (CoinSwitch) expanding to standard fintech features such as wealth management,” the article added.

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