CoinDCX, one of India’s largest crypto exchanges today announced Okto, a platform that will allow users easy access to Decentralised Finance (DeFi) apps, without the need to remember their long string of passwords.
It should be noted that DeFi apps are essentially crypto lending and borrowing platforms working on blockchain technology. It aims to remove any intermediary or third party and enable transactions between two or more parties. “Currently, Web3 is complicated for newcomers, as the technologies demand more, the users need to understand complexities of chains and protocols. The biggest problem for users is managing and safeguarding their private key as the crypto addresses and long passphrases are the only way to access their assets,” said Neeraj Khandelwal, Co-Founder, CoinDCX.
Okto will enable users to securely navigate DeFi and access thousands of tokens from multiple decentralised exchanges across chains with its in-built wallet. Users can swap crypto anytime, anywhere, and maximise their yields with access to the best liquidity pools in DeFi for the users. A liquidity pool is when hundreds of individuals stake (invest) their crypto into a DeFi platform, in return they are incentivised with more cryptos, after some time.
“We firmly believe that the next phase of growth for the crypto industry will not only come from the exchange of value but also applications built on the underlying blockchain technology. 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,” Khandelwal added.
The big question is will your cryptos be safe? CoinDCX notes that it is using Multi-Party Computation (MPC) cryptography technology that allows multiple (two or more) parties to securely input information into a system to activate (or achieve) a result—without any party being able to ever see the input from any of the other parties. When applied to Crypto wallets, this makes it possible to design a wallet that uses multiple parties to create and operate the wallet, while still keeping the funds in complete control of the users at all times.
Okto will give access to 20+ chains and 100+ protocols. For Indian users, Okto will be available within the CoinDCX Pro app once they are allow listed. For others, the offerings could be accessed through Okto App. There is no signup fee for registering the App. Users may join the waitlist campaign.