Crypto exchange CoinDCX on Friday, 26 August launched a decentralized finance (DeFi) app ‘Okto’ to open up the Web3 sector for widespread adoption in India. The company aims to help members of the Indian crypto community to dive deeper into it. Defy Space. According to Investopedia, DeFi is an emerging financial technology based on secure distributed ledgers. The system removes the control of banks and institutions over money, financial products and financial services to democratize existing financial systems.
CoinDCX on Friday announced the launch of Okto during its ‘Unfold 2022’ event held in the city of Bengaluru. This mobile app will offer multiple layers of security as well as a keyless, self-custodial wallet service for over a hundred decentralized apps including DeFi, NFT, Synthetix, and Cross-Chain Bridge.
In India, the Okto app will be available within CoinDCX Pro, while globally, Okto will be rolled out as a standalone app.
“We strongly believe that the next stage of growth for the crypto industry will come not only from the exchange of value, but also from applications built on the underlying blockchain technology. As the technology matures, builders will unlock value. We are building use cases to make the Internet a more equitable place. Our new DeFi offering is the first step in this direction,” said Neeraj Khandelwal, co-founder of CoinDCX, in his address.
The company, which claims to handle over 13 million monthly active users, intends to open the Web 3 world to everyone with an internet-enabled smartphone in their hands.
Back in July, CoinDCX announced the appointment of Gaurav Arora as Senior Vice President of CoinDCX Pro. Arora, former Director of Products at Amazon Pay India, has over a decade of industry experience developing and pioneering products and businesses.
CoinDCX is the first Indian unicorn (worth over a billion dollars) in the cryptocurrency space. In addition to the recently closed $135 million (about Rs 1,044 crore) Series D funding round led by Pantera and Steadview, the company previously raised $100 million (about Rs 760 crore) with Coinbase Ventures and Facebook co-founder Eduardo Saverin. collected more than Led by B Capital as its investors.
To provide early stage support to budding blockchain projects in India and around the world, CoinDCX also recently launched its venture investment arm with plans to invest Rs. 100 crores in the start-up industry.
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