CoinDCX launches Okto to make DeFi apps accessible to the masses — TBEN

Please fol­low and like us:
Pin Share

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.

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *