On Friday, India’s leading crypto exchange CoinDCX announced the launch of Okto, its indigenous decentralized finance app. The company believes the app will help ease the transition for crypto users in the country to DeFi, as the space continues to gain momentum.
According to the exchange, “For crypto to thrive in the country, especially among consumers, the company believes it needs to transition to Web3 and DeFi.” The crypto exchange added that the current climate in the crypto space in India has made it challenging for crypto users to access DeFi products.
The current realities in the crypto space in India mean that users have to deal with complexities that come with managing seed phrases and private keys, which can be somewhat tricky for the average crypto user to understand. More so, moving assets between chains aren’t something the everyday person can easily grasp.
Through Okto, CoinDCX aims to simplify DeFi by making it seamless for users to navigate and access thousands of DeFi products scattered across different DEXs. The Okto app also comes with swap features, making it easy for users to swap their tokens anytime and anywhere.
The Okto app at a glance
CoinDCX added that a team of 50 developers developed its new native Okto DeFi mobile app over many months. The company believes its newly launched DeFi app will provide DeFi enthusiasts in India an opportunity to access over 100 protocols and 20 plus chains. The app will also offer educational content for users just getting into DeFi.
CoinDCX states that its Okto app is keyless and only requires users to sign up using basic information like email and phone number. In terms of security, Okto is reportedly secured by Multi-Party Computation (MPC) technology, which the company reportedly uses to ensure that users don’t have to maintain a lengthy private key to access their accounts.
Further, the company stated that the launch of its Okto app would come in two phases. The first phase will be the announcement of a waitlist at Untold, the exchange Web3 tech conference happening over the weekend. The second phase is a full launch of the app, which should be rolled out in about a week.