CoinDCX announces its foray into Web3 ecosystem

The crypto company reveals plans of new Okto app as part of its larger initiative to increase crypto adoption

By Shashank Bhardwaj

Image: Shutterstock

CoinDCX co-founder, Neeraj Khandelwal, unveiled the crypto company’s plans to accelerate the adoption of decentralised blockchain economy for mass market consumers while speaking at the Unfold 2022 convention. This move comes as part of the company’s plan to put in place a robust strategy and display commitment to strengthening its footprint in the Web3 and DeFi sphere.

Khandelwal said, “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 passphrases are the only way to access their assets. At CoinDCX, our vision is to always keep users at the centre of our design strategy. With this launch we will help take the world of Web3 mainstream by simplifying and enabling access & interaction for users.”

During the Unfold event, CoinDCX revealed that their strategy for Web3 would be launching innovative offerings that would provide access to an array of Web3 applications to individuals. As the introductory step towards this, the company unveiled the waitlist campaign for a first-of-its-kind mobile app, Okto, a self-custodial wallet with multiple layers of security backing it. Users would gain native access to over 100 decentralised apps.

Khandelwal seems to be very optimistic about CoinDCX’s future following the announcement, as he said, “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.”

The DeFi app would “unlock opportunities” through providing users access to more than 20 chains and 100 protocols. The CoinDCX app would also allow Indian users to access their Okto wallet and navigate DeFi opportunities while it would be launched as the standalone Okto app globally.

Gaurav Arora, the senior vice president of CoinDCX Pro, commented, “The utility and economic value offered by DeFi protocols are immense, however, it has remained incredibly underpenetrated. Okto is our first step in a much larger expansion on the horizon. We will continue to build efficient, convenient, and secure platforms that put the customer experience at the centre. Fundamentally, this ties back to CoinDCX’s mission to build services allowing value distribution, increasing transparency and putting back control with the users. This space is ever evolving and our eventual goal is to capture the full Web3 spectrum.”

CoinDCX, launched in April 2018, has come a long way since then, and is now one of India’s largest crypto exchanges serving upwards of 13 million users. The company aims to strengthen crypto education through DCX Learn as well as further the crypto trading experience in India. Here is the link to join the waitlist for the new Okto app.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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