CoinDCX’s objective with Okto is to offer global users a seamless mobile experience within the Web3 space with just a single click.
CoinDCX has evolved its Okto wallet into a comprehensive Okto ecosystem, aiming to simplify the mobile experience within Web3. A new points program has been introduced alongside plans to launch a blockchain and the $OKTO token later this year.
The goal of the Okto points program is to kickstart the Okto blockchain’s launch, scheduled for later in 2024. CoinDCX co-founders Neeraj Khandelwal and Sumit Gupta explained to CoinDesk that the points program will incentivize users for on-chain transactions, with additional bonus points available for users who transfer assets to the Okto Wallet. Early users stand to receive up to 7% of the OKTO token through an air-drop.
Initially launched in August 2022 as a DeFi mobile app with an integrated wallet, Okto was designed to facilitate the transition of crypto users to DeFi. Over nearly two years, CoinDCX has focused on refining the user experience to cater to the next billion Web3 users.
According to Khandelwal, the traditional self-custody wallet experience was cumbersome, involving multiple steps such as dealing with blockchains, self-custody, security, transaction signing, and gas fees. Okto aims to offer a Web 2-like simplicity in the complex Web3 environment.
The development of Okto proceeded in phases, with internal solutions initially devised to streamline DeFi usage. Subsequently, the solution was packaged into a software development kit (SDK), allowing external developers to build applications without delving into blockchain intricacies.
Sumit Gupta emphasized the belief that all centralized finance (CeFi) platforms would eventually incorporate a DeFi component. The Okto Chain, which is set to power numerous applications within the Web3 space, is a testament to this vision.
The Okto ecosystem is rapidly expanding, with over 20 apps currently being developed through the SDK, integration with more than 50 chains and protocols, and the creation of over a million wallets on the Okto Orchestration Layer.
Khandelwal emphasized that CoinDCX is actively seeking partnerships to make the Okto ecosystem globally ubiquitous, though specific entities were not mentioned.
