Home Technology CoinDCX Launches DeFi App ‘Okto’ at Unfold 2022

CoinDCX Launches DeFi App ‘Okto’ at Unfold 2022

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CoinDCX Launches DeFi App ‘Okto’ at Unfold 2022

Cryptocurrency exchange CoinDCX announced the launch of ‘Okto’, a decentralized finance application, at the web3 Unfold 2022 conference held on Friday in Bangalore.

The crypto exchange defined Okto as a “keyless self-custodial wallet” that would enable “native access to over 100 decentralized applications.”

Neeraj Khandelwal, Co-Founder of CoinDCX, said at the event, “We at CoinDCX strongly believe that Web3 will lead to a new decentralized world and define the future of the internet, going beyond the adoption of cryptography. We strongly believe that the next phase of growth in the crypto industry will not only come from the exchange of value, but also from applications based on the underlying blockchain technology. As the technology matures, builders are creating use cases to unlock value and make the internet a fairer space. Our new Defi offer is the first step in this direction. Over the next three to five years, we expect all CeFi platforms to have a DeFi arm that will be efficient, cost-effective, and provide broader opportunities for everyone in the ecosystem.

At the event, CoinDCX shared its long-term goal of accelerating the adoption of the decentralized blockchain economy for mass market consumers. Khandelwal added, “Currently, Web3 is complicated for newcomers, as technologies demand more, users need to understand the complexity of strings and protocols. The biggest problem for users is managing and safeguarding their private key, as crypto addresses and long passphrases are the only way to access their assets.

The exchange announced in a statement that Indian users will be able to access Okto through the CoinDCX Pro app to browse Web De-Fi and globally it will launch as a standalone app. The exchange further noted in its statement, “Users could access thousands of tokens from multiple DEXs across your mobile chains and discover high yield generation opportunities.”

Gaurav Arora – SVP, De Fi Initiatives at CoinDCX said, “The utility and economic value offered by De-Fi protocols is immense, however, they have remained incredibly underutilized. Okto is our first step in a much larger expansion on the horizon.”

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