Crypto company CoinDCX launches a DeFi App Okto with native access to Web3.

CoinDCX, an Indian crypto company on Friday announced ‘Okto’, a platform that will permit users easy access to Decentralised Finance (DeFi) apps, without the need to remember their long string of passwords. In addition, in order to do that CoinDCX has shared its long-term goal to accelerate the adoption of decentralized blockchain economy for mass market consumers, the market for which is expected to cross over 1 billion customers by 2030.

Speaking at UNFOLD 2022 on its user-oriented vision for Web3.0, Neeraj Khandelwal, Co-Founder, CoinDCX, says, Currently, Web3 is complicated for newcomers, as the technologies demand more, the users need to understand the complexities of chains and protocols. The biggest problem for users is managing and safeguarding their private keys as the crypto addresses and long passphrases are the only way to access their assets.”

CoinDCX, during UNFOLD 2022, unveiled its strategy for Web3.0, enabling any individual with a smartphone to take part in this economy and gain value from it.

“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,” Khandelwal added.

The crypto firm further noted that they will launch innovative offerings which will provide access to an array of Web3.0 applications ranging across DeFi, NFTs, Synthetics, Cross-chain bridges and many more.

“With that in mind, CoinDCX announced its waitlist campaign for a first-of-its-kind, easy-to-access mobile app called the Okto. Okto is inspired by Octopus, which is an inherently intelligent creature. Our offering is an innovative keyless self-custodial wallet backed by multiple layers of security that allows native access to 100+ decentralised apps,” CoinDCX said in the press statement.

However, Gaurav Arora – SVP, DeFi Initiatives says,” 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 CoinDCXs 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.”

Khandelwal further noted that as 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,” he said.

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