Indian Crypto Exchange CoinDCX’s DeFi Arm Okto to Launch Blockchain and OKTO Token

CoinDCX has expanded its Okto wallet into an Okto ecosystem to offer users a one-click mobile experience on Web3.

A points program has been launched, and a blockchain and $OKTO token to power this chain will arrive later this year.

Indian crypto exchange CoinDCX has expanded what started as an Okto wallet into an Okto ecosystem; This will include the launch of a blockchain, token and points program starting on Tuesday.

Its aim is to offer global users a one-click mobile experience while navigating the Web3 space, co-founders Neeraj Khandelwal and Sumit Gupta told CoinDesk in an interview.

The goal of Okto’s points program is to kickstart the launch of the Okto blockchain, which will occur in late 2024. This is also when the launch of the OKTO token will occur to power this chain. The points program will reward users for their on-chain transactions, and those who make transactions elsewhere can earn bonus points by moving assets to Okto Wallet. Up to 7% of the OKTO token will be airdropped to early users.

CoinDCX launched Okto in August 2022 as a DeFi mobile app with a built-in wallet aimed at making it easier for crypto consumers to transition to DeFi. Since then, it has spent almost two years testing ways to fix the problem of broken user experience in a bid to impact the next billion Web3 users.

“The self-custody wallet experience was completely broken and required users to overcome various hurdles in the Web3 space, such as blockchain, self-custody, security and trust, signature transactions, or gas fees,” said Khandelwal. “Okto is the first such system in Web3.” It provides a one-click mobile experience similar to Web 2.”

The idea of ​​creating a native experience was gradually made possible by first working on a solution internally to streamline the process of using various elements of DeFi.

In the second phase, the solution was packaged into a software development kit (SDK), a suite of software development tools, and made available to external organizations in a centralized scenario. This allowed developers to build applications without needing to understand the complexity of each blockchain.

“After experiencing the challenges of building a full-chain abstracted Okto wallet, in Phase 2 we introduced the Okto Web3 SDK, an industry-first embedded wallet that enables any application or internet company to fully leverage the potential of Web3,” said Khandelwal. We are currently in the process of building the entire Okto Ecosystem.”

“We believed that all CeFi platforms would eventually have a DeFi arm,” said Sumit Gupta, co-founder of CoinDCX. “Okto Chain will power thousands of applications created in the Web3 space.”

The story continues

More than 20 applications are being built through the SDK, more than 50 chains and protocols are being integrated, and over a million wallets have been created, which they call the “Okto Orchestration Layer.”

“We are not targeting just one partner or ecosystem, but we hope to build several partnerships that will help us roll this out globally everywhere,” Khandelwal said, without naming any specific entity.

Read More: What’s At Risk for Cryptocurrency in India as the World’s Largest Democracy is in the Midst of National Elections?