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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.
The CoinDCX and Okto teams have been working hard for many months to make this happen. Really happy to share:
🌏@CoinDCX has expanded the Okto wallet into an @okto_web3 ecosystem to give users a single-click mobile experience in #Web3.
🚀A points program is being launched, and… pic.twitter.com/bCeSSTQv77
— Sumit Gupta (CoinDCX) (@smtgpt) May 14, 2024
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.”
I’ve personally reviewed the white paper of okto chain.. and I really like the intent centric architecture which allows web2 devs to quickly integrate web3/defi related features using simple dev tooling. https://t.co/21WWIXZODn
— hitesh.eth (@hmalviya9) May 14, 2024
“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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