30 Under 30 2024

Okto, a first-of-its-kind DeFi wallet app, launches globally

The Made-in-India Okto App, a first-ever in the industry, provides unparalleled security to its self-custodial wallet with AI-based technology

Shashank Bhardwaj
Published: May 23, 2023 06:26:58 AM IST

Okto, a first-of-its-kind DeFi wallet app, launches globallyImage: Shutterstock

The Made-in-India DeFi wallet Okto, has now been launched globally. It's a fairly unique and compelling offering that packs in multi party computation, AI-based multi factor authentication, and support for practically all protocols that crypto users can want.

Okto is "the product of the years of experience" its Indian partner CoinDCX has gathered as the largest crypto exchange in India. The app is a self custody solution that has set itself apart from the many web3 wallets we tend to see flooding the market. As a result, customer experience and DeFi earning opportunities should be noticeably superior on Okto, thanks to its native integration of multiple protocols within the app.

Okto is unique in introducung AI-based multi-factor authentication, which it claims is a breakthrough technology for the security of self-custodial DeFi wallets.

Neeraj Khandelwal, the co-founder at Okto and CoinDCX, had this to say about the new opportunities Okto creates: "We are excited about the constantly evolving AI technology and the endless possibilities it presents in the Web3 space. With our innovative security feature backed by AI, we aim to increase user confidence and trust in self-custodial wallets. We have filed for a patent for this technology in India and will take it up in other relevant jurisdictions in due course."

The system can identify questionable user activities by monitoring user behaviour in real-time to safeguard users from any potential misuse. This security check finishes "within microseconds and doesn't require any intervention from users." And it achieves this without privacy-intrusive data collection.

A big value-add from Okto is that it eliminates the risk of a single point of failure using consensus-driven Multi-Party Computation (MPC) technology. This ensures full control of funds with users by removing the need for safeguarding a single seed phrase - a practice very common in the crypto world.

Another unique feature of Okto, as the developers put it, is enabling users to pay gas fees in any token, which makes transactions simpler and more efficient. This feature comes through an in-built gas optimisation service that operates across blockchains. "The key to mass adoption for crypto lies in simplifying user onboarding and removing complexities in day-to-day usage," says Neeraj. Okto does seem to deliver on this goal in its current form.

With its support for virtually unlimited protocols, Okto also becomes a compelling solution to “view your crypto P&L in one place”, Neeraj aads. As any crypto trader would reaffirm, this is a clear market need that hasn’t been met yet in a comprehensive way.

Notably, the Okto Wallet is backed by investors like Coinbase Ventures, Bain Capital and Pantera. But it is refreshing to see that Okto is a truly Made-in-India product made for the world, built by a 60+ strong team here in the country. It's a phenomenon very rare, if not unique, in crypto. So Okto cofounder Neeraj Khandelwal, and the Indian crypto community as a whole, certainly have much to rejoice about as Okto goes live for download on Playstore for Android users, with its iOS app coming soon.

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

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