CoinDCX, a leading Indian cryptocurrency exchange, is transforming its innovative Okto wallet into a comprehensive Okto ecosystem, introducing a blockchain, a token, and a points program starting Tuesday. This strategic expansion aims to streamline the Web3 experience for global users through a seamless, single-click mobile interface, as revealed by co-founders Neeraj Khandelwal and Sumit Gupta.
The Okto ecosystem’s cornerstone is its points program, designed to catalyze the launch of the Okto blockchain in late 2024. Simultaneously, the OKTO token would debut to support the new blockchain. Users will earn points for on-chain transactions, and those transferring assets to the Okto Wallet from other platforms will receive bonus points. Impressively, up to 7% of the OKTO tokens will be airdropped to early adopters, incentivizing initial engagement.
CoinDCX first introduced Okto in August 2022 as a decentralized finance (DeFi) mobile app with an integrated wallet, aimed at easing the transition for crypto users into the DeFi space. Over the past two years, the team has focused on enhancing user experience, addressing complex Web3 challenges such as blockchain navigation, self-custody, security, transaction signing, and gas fees.
The creation of this native experience unfolded in phases. Initially, the team worked internally to streamline DeFi’s various components. In phase two, they developed a software development kit (SDK), a collection of software tools, and made it available to external entities in a centralized framework. This SDK enables developers to create applications without needing in-depth blockchain knowledge.
After overcoming the challenges of developing a fully abstracted Okto wallet, CoinDCX transitioned to phase two with the launch of the Okto Web3 SDK. This pioneering embedded wallet enables any app or internet company to fully leverage Web3. Khandelwal explained, “We are now in the process of building an entire Okto Ecosystem.”
Co-founder of CoinDCX Sumit Gupta highlighted the broader vision, stating:
We believed all CeFi platforms would eventually have a DeFi arm. The Okto Chain will power thousands of applications being built in the Web3 space.
The Okto ecosystem already boasts over 20 applications developed using the SDK, with more than 50 chains and protocols integrated. Over a million wallets have been created within the Okto Orchestration Layer. Khandelwal expressed ambitions for widespread adoption, asserting that the firm aims to secure multiple partnerships to make this globally ubiquitous. CoinDCX’s Okto ecosystem represents a significant leap forward in making Web3 accessible and user-friendly, potentially setting a new standard in the industry.
