On Friday, August 26, cryptocurrency exchange CoinDCX released "Okto," a decentralised finance (DeFi) tool to allow the Web3 sector to be widely adopted in India. The company wants to assist members of the Indian crypto community in learning more about the DeFi market. DeFi is a new financial system built on secure distributed ledgers, according to Investopedia. In order to democratise current financial systems, the system eliminates the authority that banks and institutions now hold over money, financial products, and financial services.
During its 'Unfold 2022' event on Friday in Bengaluru, CoinDCX announced the launch of Okto. This mobile software will provide access natively to over a hundred decentralised apps, including DeFi, NFTs, synthetics, and cross-chain bridges, as well as a keyless, self-custodial wallet service protected by many layers of protection.
The Okto app will be included with CoinDCX Pro in India, but it will be made available worldwide as a separate app.
"We firmly believe that the applications created using the underlying blockchain technology will drive the next phase of growth for the cryptocurrency sector. Builders are developing use-cases as the technology develops to unlock revenue and make the internet a more egalitarian place. Neeraj Khandelwal, Co-Founder of CoinDCX, stated in his talk at the event that our new Defi product is the first step in this approach.
The startup wants to make the Web3 globe accessible to anyone with an Internet-enabled smartphone in their hands. It claims to be handling over 13 million monthly active users.
Gaurav Arora had been named the Senior Vice President of CoinDCX Pro back in July, according to a CoinDCX announcement. Arora, who was formerly the Director of Products at Amazon Pay India, has ten years of expertise in the industry creating and running businesses.
The first unicorn in the cryptocurrency market to be based in India is CoinDCX, which is worth over a billion dollars. In addition to the $135 million (roughly Rs. 1,044 crore) Series D funding round led by Pantera and Steadview that just closed, the company has previously raised over $100 million (roughly Rs. 760 crore) from investors including Coinbase Ventures and B Capital, which is led by Facebook co-founder Eduardo Saverin.
CoinDCX has formed its venture investment arm with the goal of investing Rs. 100 crore in the start-up business in an effort to provide early-stage support to developing blockchain initiatives in India and throughout the world.
