Okto will allow users to securely navigate DeFi and access thousands of tokens from multiple decentralized exchanges across chains with its built-in wallet.
The global cryptocurrency market peaked at $2.9 trillion in November 2021 but has stalled so far this year. (file photo)
CoinDCX, one of India’s largest crypto exchanges, today announced Okto, a platform that gives users easy access to decentralized finance (DeFi) apps without having to remember their long passwords.
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It should be noted that DeFi apps are essentially crypto lending and borrowing platforms that operate on the blockchain technology. It aims to remove any intermediary or third party and allow transactions between two or more parties. “Currently, Web3 is complicated for newcomers as the technologies demand more and users need to understand the complexities of chains and protocols. The biggest problem for users is managing and securing their private key as the crypto addresses and long passphrases are the only way to access their assets,” said CoinDCX co-founder Neeraj Khandelwal.
Octo is activated Users to safely navigate DeFi and access thousands of tokens from multiple decentralized exchanges across chains with the built-in wallet. Users can exchange crypto anytime, anywhere and maximize their returns with access to the best liquidity pools in DeFi for the users. A liquidity pool is when hundreds of individuals stake (invest) their cryptos in a DeFi platform, in return they are incentivized with more cryptos after some time.
“We firmly believe that the next phase 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 technology matures, builders are creating use cases to unlock value and make the internet a more equitable space. Our new Defi offer is the first step in this direction. We expect that in the next three to five years, all CeFi platforms will have a DeFi arm that is efficient, economical and offers broader opportunities for everyone in the ecosystem,” added Khandelwal.
The big question is, will your cryptos be safe? CoinDCX notes that it supports multi-party computation (MPC) Cryptographic technology that allows multiple (two or more) parties to safely enter information into a system to activate (or achieve) an outcome—all without party is able to see the submissions from all other parties. When applied to crypto wallets, this allows designing a wallet that will be used multiple parties to create and operate the wallet while still keeping the funds inside complete control over users at all times.
Okto provides access to 20+ chains and 100+ protocols. To the Indian Users will have Okto available in the CoinDCX Pro app once they are allowed listed. Others can access the offers via the Okto app. There are no registration fees for registering the app. Users can join the Waitlist Campaign.
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