CoinDCX unveils mobile DeFi application

Updated: 26 August 2022

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CoinDCX, an Indian-based crypto exchange, has unveiled its DeFi mobile platform, Okto. The exchange announced the development on Friday via a Twitter post. According to CoinDCX, the mobile app possesses native access to Web3 and DeFi use cases.

The exchange added that the DeFi mobile app would enable subscribers to explore the DeFi space safely. More so, CoinDCX says Okto will, through its in-built wallet, enhance accessibility to thousands of decentralized exchanges (DEX) across chains. With this, users can easily swap their crypto assets at any location or time. The exchange is optimistic that the app will help maximize yields with access to the liquidity pools in DeFi.

The Co-founder of CoinDCX, Neeraj Khandelwal, in a separate Twitter post, confirmed the initiation of Okto. The co-founder noted that Okto possesses the capacity to enhance the experiences of DeFi users. Khandelwal added the app would better facilitate the smooth transition of its users into the world of Decentralized Finance (DeFi).

The co-founder lamented the manner through which Indians usually struggle to explore crypto, DeFi, and Web 3.0 at the same time. Khandelwal said the emergence of Okto will help simplify the complicated processes and risks involved in migrating their assets from one chain to another. Also, he affirmed the capacity of Okto to protect users’ private keys and seed phrases.

Okto is posed to excel in the DeFi world

According to CoinDCX, Okto manifested as a product of the expertise and professionalism of a team with 50 members. The exchange is optimistic that Okto has what it takes to excel in the world of decentralized finance. The new DeFi app will avail users of the platform to harness about 100 protocols and 20 chains. He added that Okto enjoys substantial features capable of availing transparent trading data. CoinDCX promises to provide users with the necessary information to aid their usage of Okto and trading choices.

According to reports, the app enables the termination of private keys through its unique features. Its Multi-Party Computation (MPC) mechanism can safeguard users’ accounts. Subscribers can bank on this mechanism to access their accounts with their respective emails and mobile numbers.

According to reports, CoinDCX intends to implement DeFi in two phases. The Indian exchange says it will introduce the app’s waitlist during the Web 3.0 conference planned to unfold this weekend. This, according to the protocol, will be the first phase of the project unveiling. Also, it intends to carry out the full launching of Okto in September as its second phase. CoinDCX maintained that it would upload necessary information about the project before the full launch takes place next month.

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