Indian Exchange CoinDCX Launches DeFi Mobile Application
- India’s leading crypto exchange platform, CoinDCX, recently announced the launch of decentralized finance (DeFi) mobile app called Okto.
- Okto, a fully native mobile application created by a team of 50, will give users access to more than 20 chains and 100 protocols.
On Friday, India’s leading crypto exchange platform CoinDCX recently announced the launch of decentralized finance (DeFi) mobile app called Okto.
According to the exchange’s co-founder Neeraj Khandelwal, the newly launched DeFi app aims to smoothen the transition of crypto users to DeFi.
CoinDCX believes Okto, a fully native mobile application created by a team of 50, will give users access to more than 20 chains and 100 protocols while also pursuing transparency to help users make informed decisions about risks.
The solution doesn’t require a key because all that is needed from customers is a simple email address and phone number, which are protected using Multi-Party Computation (MPC) technology, saving consumers from having to keep hefty private keys.
Khandelwal stated that consumers in his country (India) are finding the migration from crypto to DeFi and Web3 “very complex.”
“First of all, you have to deal with seed phrases and private keys, and that’s very difficult for a common man to understand. Keeping it safe is another nightmare. And moving assets from one chain to another for a layman is very complex and prone to so many risks,”
He continued.
According to the announcement, the new DeFi app aims to help users “securely navigate DeFi and access thousands of tokens from multiple DEXs across chains with its in-built wallet” and “swap crypto anytime, anywhere and maximize their yields with access to the best liquidity pools in DeFi.”
The launch of Okto by CoinDCX will be carried out in two stages. In the first phase, the company will announce a waitlist at the Web3 tech conference Unfold that it is hosting this coming weekend. Khandelwal explained that it will be followed by the uploading of information into the website in the lead-up to the second step, a full “launch in a matter of two weeks or so.”
Notably, Okto will be accessible in India within the CoinDCX app’s Pro section and as a stand-alone app in every other region across the world.
India, which has the most number of crypto investors in the world, sincerely needs such a tool for mass crypto adoption, according to Khandelwal.
It’s interesting to note that CoinDCX has consistently gone above and beyond to raise crypto awareness and educate citizens about the benefits and risks involved in the sector. At one point, the exchange even hired Indian mega film star Amitabh Bachchan as a brand ambassador to educate Indians about cryptocurrency investing.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
