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India’s CoinDCX Announces New Blockchain and OKTO Token Launch Later This Year

Okto wallet from CoinDCX is launching a native blockchain and Okto token later this year in a huge shakeup for Web3.

Indian crypto exchange CoinDCX is expanding its Okto wallet, a digital payments solution, into a 360 Okto ecosystem, announcing a native blockchain and token set to launch later this year. Co-founders Neeraj Khandelwal and Sumit Gupta announced the move in an exclusive interview with CoinDesk, insisting that the ultimate goal is to offer global users a seamless mobile experience within Web3.

Smart Time For OKTO Token and Blockchain Launch

The Okto blockchain will launch in late 2024 alongside the $OKTO token, as the team announced a Points program starting this week. According to the company, points will be rewarded to early adopters for transacting on-chain. Additional bonuses will also be made available for those who transfer assets to the Okto Wallet. The team has announced that up to 7% of the token supply will be airdropped to early users.

Beginning in August 2022, Okto started as a DeFi mobile application with a built-in wallet, offering a smooth transition for newer crypto users into the decentralized finance space. Khandelwal added that their app simplifies blockchain complexities, self-custody, security, and transaction fees. The Okto Web3 Software Development Kit (SDK) helps developers build apps without requiring a deep understanding of blockchain technology. So far, it has integrated over 50 chains and protocols, resulting in over a million wallets on the “Okto Orchestration Layer.”

“Self-custody wallet experience was completely broken and required users to go through several hurdles of the Web3 space like blockchain, self-custody, security and trust, signing transactions or gas fees,” Khandelwal said. “Okto is the first such system which provides a Web 2-like single click mobile experience in the Web3.”

Meanwhile, Gupta highlighted Okto Chain’s potential to support thousands of Web3 applications, with over 20 apps already in development in anticipation of the mainnet- a fully developed blockchain protocol – launch later this year.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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