Cryptocurrency adoption has caught pace over the last couple of years. However, this Indian crypto exchange wants to take up a new challenge by introducing its decentralized finance [DeFi] wing. CoinDCX launched Okto on Friday, a mobile platform to host other decentralized applications with a little twist. As per the announcement, CoinDCX is trying to simplify the onboarding of users and their experience with Okto.
Intending to make the transition from crypto to DeFi easier, co-founder Neeraj Knadelway said to a media publication,
“For crypto to succeed (in India) consumers will have to migrate to Web3 and DeFi setup and at the moment, it’s very complex to access DeFi. 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.”
This means the crypto users will not have to worry about the long string of words as their password, as the platform will store parts of the key and link the rest to the customer’s device, where it will be authenticated using their biometric ID.
The startup further noted,
“To make decentralized investment opportunities further accessible, Okto has integrated multi-party computation technology to solve private key related issues, helping users to recover their passkey and funds seamlessly.”
Crypto, Defi, and Web3
Okto will help Indian users to gain exposure to the world of web3 as per the co-founder and will also support over 20 chains and more than 100 protocols. Adding to this, it also claims to absolve all transaction fees across chains. Although the co-founders have taken the habits of Indian traders into account, Okto will be available for crypto users worldwide and will launch on the waitlist today.
Although the country has not laid any official regulations concerning cryptocurrencies, and in fact, the central bank of India stood against the technology, the startup exchange understands the maturing market and the needs of its users.
“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 that will be efficient, economical, and provide wider opportunities for everyone in the ecosystem.”
Innovation was necessary for the Indian crypto exchanges as the competition was increasing. CoinDCX’s competition, CoinSwitch Kuber, recently expanded to standard fintech features such as wealth management. However, caution was of the essence as the rival was now accused of violating forex laws. CoinDCX should note this regulatory uncertainty and ensure at least the users are secure if the central bank once again brings down the hammer.