CoinDCX Unveils Okto Ecosystem Expansion

Indian cryptocurrency exchange CoinDCX has unveiled plans to expand its Okto wallet into a comprehensive 360 Okto ecosystem, with the introduction of a native blockchain and token set to debut later this year. 

Co-founders Neeraj Khandelwal and Sumit Gupta disclosed the development in an exclusive interview with CoinDesk, underscoring their vision to provide global users with a seamless mobile experience within Web3.

The Okto blockchain, slated for launch in late 2024 alongside the $OKTO token, is accompanied by the introduction of a Points program commencing this week. Early adopters stand to receive points for on-chain transactions, with additional bonuses available for asset transfers to the Okto Wallet. Notably, up to 7% of the token supply will be airdropped to early users.

Initially launched as a DeFi mobile application with an integrated wallet in August 2022, Okto aims to simplify the onboarding process for new crypto enthusiasts into the decentralized finance ecosystem. Khandelwal emphasized that the app streamlines blockchain intricacies, offering enhanced user experience in terms of self-custody, security, and transaction fees. 

The Okto Web3 Software Development Kit (SDK) enables developers to create applications without extensive blockchain knowledge, with integration spanning over 50 chains and protocols, resulting in over a million wallets on the “Okto Orchestration Layer.”

“Okto is the first such system which provides a Web 2-like single click mobile experience in the Web3,” stated Khandelwal, addressing the challenges associated with self-custody wallet experiences.

Meanwhile, Gupta highlighted the Okto Chain’s scalability potential, capable of supporting thousands of Web3 applications. Over 20 apps are currently in development, and we anticipate the mainnet launch later this year. The mainnet signifies the full-fledged deployment of the blockchain protocol, poised to revolutionise the landscape of decentralised applications (dApps).

CoinDCX’s strategic move to expand its Okto ecosystem and introduce the Okto blockchain and $OKTO token underscores the company’s commitment to fostering innovation and enhancing accessibility within the cryptocurrency space. With a focus on user-centric solutions and developer-friendly tools, CoinDCX aims to catalyse the adoption of blockchain technology and drive the evolution of Web3 applications.

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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