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India’s CoinDCX Announces Launch of New Blockchain and OKTO Token by the End of the Year –
Indian cryptocurrency exchange CoinDCX is expanding its Okto wallet, a digital payments solution, into a 360-degree Okto ecosystem, announcing a native blockchain and token launching later this year. Co-founders Neeraj Khandelwal and Sumit Gupta announced the move in an exclusive interview with CoinDesk, insisting that the ultimate goal is to offer global users a seamless mobile experience within Web3.
The CoinDCX and Okto teams have worked hard for many months to make this happen. Really happy to share:
🌏@CoinDCX has expanded the Okto portfolio into a @okto_web3 ecosystem to provide users with a one-click mobile experience #Web3.
🚀A points program is being launched and… pic.twitter.com/bCeSSTQv77
— Sumit Gupta (CoinDCX) (@smtgpt) May 14, 2024
Smart Time for OKTO Token and Blockchain Launch
The Okto blockchain will launch in late 2024 alongside the $OKTO token, as the team announced a points program starting this week. According to the company, points will be awarded to early adopters for on-chain transactions. Additional bonuses will also be made available for those who transfer assets to the Okto Wallet. The team announced that up to 7% of the token supply will be distributed to early adopters.
As of August 2022, Okto began as a DeFi mobile application with a built-in wallet, offering a smooth transition for new cryptocurrency users into the decentralized financial space. Khandelwal added that their app simplifies the complexities of blockchain, self-custody, security and transaction fees. Okto Web3’s Software Development Kit (SDK) helps developers build apps without requiring in-depth knowledge of blockchain technology. It has integrated over 50 chains and protocols so far, resulting in over a million wallets on the “Okto orchestration layer”.
I’ve personally reviewed the okto chain whitepaper… and I really like the intent-centric architecture that allows web2 developers to quickly integrate web3/defi related functionality using simple development tools. https://t.co/21WWIXZODn
— hitesh.eth (@hmalviya9) May 14, 2024
“The self-custody wallet experience was completely compromised and required users to overcome several hurdles of the Web3 space such as blockchain, self-custody, security and trust, transaction signing, or gas fees,” Khandelwal said. “Okto is the first system of its kind that provides a one-click mobile experience similar to Web 2 in Web3.”
Meanwhile, Gupta highlighted Okto Chain’s potential to support thousands of Web3 applications, with over 20 apps already in development ahead of the mainnet launch, a fully developed blockchain protocol, later this year.
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Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.