CoinDCX, an Indian cryptocurrency exchange, has expanded its Okto wallet into a comprehensive Okto ecosystem, which includes launching a blockchain, a token, and a points program starting Tuesday. According to co-founders Neeraj Khandelwal and Sumit Gupta, the goal is to offer global users a seamless mobile experience while navigating the Web3 space.
The Okto points program aims to kickstart the launch of the Okto blockchain, scheduled for later in 2024. This program will reward users for their on-chain transactions, with bonus points available to those who transfer assets to the Okto Wallet from other platforms. Additionally, up to 7% of the OKTO token will be distributed as airdrops to early users.
Initially launched in August 2022 as a DeFi mobile app with an integrated wallet, Okto aimed to simplify the transition for crypto consumers into DeFi. Over nearly two years, CoinDCX has focused on solving the challenges of user experience to engage the next billion Web3 users.
Neeraj Khandelwal highlighted that the traditional self-custody wallet experience was complex, requiring users to navigate multiple hurdles of the Web3 space. Okto aims to provide a seamless Web 2-like mobile experience in the Web3 environment.
The journey towards creating a native experience involved internal solutions to streamline DeFi usage and then packaging these solutions into an SDK, allowing external developers to build applications without understanding each blockchain’s complexities.
Sumit Gupta noted that they anticipated all centralized finance (CeFi) platforms would eventually embrace decentralized finance (DeFi). The Okto Chain is envisioned to power numerous applications in the Web3 space.
Currently, over 20 apps are under development using the SDK, with integration of 50+ chains and protocols. The Okto Orchestration Layer has facilitated the creation of over a million wallets.
Khandelwal emphasized their intention to establish multiple partnerships to make Okto globally ubiquitous, although specific entities were not mentioned.
May 2024, Cryptoniteuae
