CoinDCX launches DeFi app 'Okto' at Unfold 2022

Cryptocurrency exchange CoinDCX announced the launch of 'Okto', a decentralised finance app, at the web3 conference Unfold 2022 held in Bengaluru on Friday.

The crypto exchange defined Okto as a "keyless self-custodial wallet" which would allow "native access to 100+ decentralised apps."

Neeraj Khandelwal, co-founder of CoinDCX, said at the event, “At CoinDCX we strongly believe that Web3 will lead to a decentralised new world and define the future of the internet, going beyond crypto adoption. We firmly believe that the next phase of growth for the crypto industry will not only come from exchange of value but also from applications built on the underlying blockchain technology. As the technology is maturing, 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. In the next three to five years, we foresee all CeFi platforms will have a DeFi arm which will be efficient, economical and provide wider opportunities for everyone in the ecosystem.”

At the event, CoinDCX shared its long-term goal to accelerate the adoption of decentralised blockchain economy for mass market consumers. Khandelwal added, “Currently, Web3 is complicated for newcomers, as the technologies demand more, the users need to understand complexities of chains and protocols. The biggest problem for users is managing and safeguarding their private key as the crypto addresses and long pass-phrases are the only way to access their assets.”

The exchange announced in a release that Indian users will be able to access the Okto via the CoinDCX Pro app to navigate the De-Fi web and globally it will be launched as a standalone application. The exchange further noted in its statement, "Users could access thousands of tokens from multiple DEXs across chains in your mobile and discover high yield generating opportunities."

Gaurav Arora - SVP, De Fi Initiatives at CoinDCX said, “The utility and economic value offered by De-Fi protocols are immense, however, it has remained incredibly underpenetrated. Okto is our first step in a much larger expansion on the horizon."