CoinDCX Launches DeFi Mobile App ‘Okto’ Aimed at Widespread Expansion of Web3 in India

CoinDCX announced the launch of Okto during its ‘Unfold 2022’ event held in Bengaluru city on Friday.

By Radhika Parashar | Updated: 26 August 2022 16:20 IST

CoinDCX Launches DeFi Mobile App ‘Okto’ Aimed at Widespread Expansion of Web3 in India

Photo Credit: Twitter/ @Syndr_hq

CoinDCX claims to have around 13 million users

Highlights

Okto will be provided as a service within CoinDCX Pro in India
Globally, Okto will be launched as a standalone app
Okto will allow users to explore over a hundred DeFi app

Crypto exchange CoinDCX launched ‘Okto', a decentralised finance (DeFi) app to open the Web3 sector for a widespread adoption in India, on Friday, August 26. The company is aiming to help members of the Indian crypto community to dive deeper into the DeFi space. As per Investopedia, DeFi is an emerging financial technology based on secure distributed ledgers. The system removes the control that banks and institutions have on money, financial products, and financial services to democratise existing financial systems.

CoinDCX announced the launch of Okto during its ‘Unfold 2022' event held in Bengaluru city on Friday. This mobile app will offer a keyless, self-custodial wallet service backed by several layers of security as well as native access to more than a hundred decentralised apps ranging across DeFi, NFTs, synthetics, and cross-chain bridges, among others.

In India, this Okto app will be available within CoinDCX Pro, whereas globally, Okto will be rolled-out as a standalone app.

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I honestly believe India will create the highest number of unicorns in the world. And that's the dream we are working towards.
Kickstarting #Unfold2022 with this thought.:facepunch::skin-tone-2: #Web3 #Blockchain pic.twitter.com/5vhx4rQQi0
— Sumit Gupta (CoinDCX) (@smtgpt) August 26, 2022

“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,” Neeraj Khandelwal, Co-Founder, CoinDCX, said in his address at the event.

The company, which claims to have been handling over 13 million monthly active users, intends to open the Web3 world for everybody with an Internet-enabled smartphone in their hands.

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Wohoo! Okto Power of #DeFi in your Pocket! Welcome to the Tribe @Okto_app :the_horns::skin-tone-3::octopus:#coindcx #oktoapp #DeFi #web3 #Blockchain #Unfold2022 #tothemoon https://t.co/Y8dMyUce2m
— Jiegney Udwadia (@jiegneyudwadia) August 26, 2022

Back in July, CoinDCX had announced the appointment of Gaurav Arora as the Senior Vice President of CoinDCX Pro. Arora, the former Director of Products at Amazon Pay India, has a decade-long industry experience in growing and leading products and businesses.

CoinDCX is the first Indian unicorn (valued over a billion dollars) in the cryptocurrency space. Apart from its recently closed $135 million (roughly Rs. 1,044 crore) Series D funding round led by Pantera and Steadview, the company has previously raised over $100 million (roughly Rs. 760 crore) with Coinbase Ventures and Facebook co-founder Eduardo Saverin-led B Capital as its investors.

In a bid to provide early-stage support to budding blockchain projects in India and around the world, CoinDCX also launched its venture investment arm recently with the plan of investing Rs. 100 crore in the start-up industry.

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Further reading: Cryptocurrency, CoinDCX, DeFi, Okto, Web3, India

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More