CoinDCX launches Okto to make DeFi apps accessible to the masses – TBEN
The complex onboarding and user experience is the price people pay for using decentralized apps — and it’s also one of the reasons most people don’t use those services. A top Indian crypto exchange wants to fix that for users around the world.
CoinDCX Friday launched Okto, a mobile platform that will host other decentralized apps and won’t require users to remember the long string of words as a password. The platform keeps parts of the key to itself and links the rest to the customer’s device, where it is verified using their biometric ID.
“To further open up decentralized investment opportunities, Okto has integrated multi-party computing technology to solve private key issues, allowing users to seamlessly recover their passwords and funds,” said the startup, backed by B Capital Group and Coinbase Ventures among its backers. . .
Okto is focused on helping the masses gain exposure to web3, CoinDCX co-founder Neeraj Khandelwal said in an interview. “The larger population is not comfortable setting up their wallet accounts and storing and remembering the key,” he said.
The new platform supports more than 20 chains and more than 100 protocols and eliminates all transaction costs across chains, he said. Users from all over the world can access Okto, which is on the waiting list today. The startup has begun reaching out to developers to onboard their apps to Okto, he said.
CoinDCX started working on Okto eight months ago and has a dedicated team of over 50 people. The startup continues to focus on crypto despite the market downturn and its main rival (CoinSwitch) expanding into basic fintech functions such as wealth management.
“As technology matures, builders are creating use cases to unlock value and make the internet a more equitable space. Our new DeFi offering is the first step in this direction. Over the next three to five years, we expect all CeFi platforms will have a DeFi arm that will be efficient, economical and provide more opportunities for everyone in the ecosystem,” he said.
