Blockchain
DeFi Arm Okto from Indian cryptocurrency exchange CoinDCX launches Points and Blockchain program
Indian cryptocurrency exchange CoinDCX has expanded what started as an Okto wallet into an Okto ecosystem, which will include the launch of a blockchain, token and points program starting Tuesday.
The goal is to give global users a one-click mobile experience as they traverse the Web3 space, its co-founders Neeraj Khandelwal and Sumit Gupta told CoinDesk in an interview.
The goal of Okto’s points program is to start the launch of the Okto blockchain, which will happen later in 2024. This is also when the launch of the OKTO token will occur to power that chain. The points program will reward users for their on-chain transactions, and those who trade elsewhere will be able to earn bonus points by moving assets to the Okto Wallet. Up to 7% of the OKTO token will be delivered to early adopters.
CoinDCX launched Okto in August 2022 as a DeFi mobile app with an integrated wallet aimed at easing cryptocurrency consumers’ transition to DeFi. Since then, it has spent nearly two years testing ways to solve the problem of a broken user experience to engage the next billion Web3 users.
“The self-custody wallet experience was completely compromised and required users to overcome several hurdles of the Web3 space such as blockchain, self-custody, security and trust, transaction signing, or gas fees,” Khandelwal said. “Okto is the first system of its kind that provides a one-click mobile experience similar to Web 2 in Web3.”
The idea of creating a native experience was made possible in several stages, initially working on an internal solution to simplify the process of using the various elements of DeFi.
In the second phase, the solution was included in a software development kit (SDK), which is a set of software development tools, and made available to external entities in a centralized scenario. This allowed developers to create applications without having to understand the complexities of each blockchain.
“After experiencing the challenges of building a full-chain abstract Okto wallet, in Phase 2, we introduced the Okto Web3 SDK, an industry-first embedded wallet that enables any app or internet company to leverage the full potential of Web3, ” Khandelwal said. “Now we’re building an entire Okto ecosystem.”
“We believed that all CeFi platforms would eventually have a DeFi arm,” said Sumit Gupta, co-founder of CoinDCX. “The Okto chain will power thousands of applications built in the Web3 space.”
More than 20 apps are built through the SDK, over 50 chains and protocols have been integrated, and over a million wallets have been created on what they call the “Okto Orchestration Layer.”
“We are not targeting just one partner or one ecosystem, but we hope to forge several partnerships that will help us make it ubiquitous globally,” Khandelwal said without naming any specific entity.