CoinDCX Launches Okto to Make DeFi Apps Accessible to Many – TechCrunch

Complicated user experience and engagement is the price people pay for using decentralized applications – and it’s also one of the reasons why most don’t use those services. A leading Indian crypto exchange wants to fix that for users around the world.

CoinDCX Launches on Friday Okto, a mobile platform that will host other decentralized applications and will not require users to remember long string of words as their password. The platform will store parts of the key and tie the rest to the customer’s device, where it will be authenticated using their biometric ID.

“To make decentralized investment opportunities more accessible, Okto has integrated multi-party computing technology to solve problems related to private keys, helping users recover their passwords and funds. them seamlessly,” the startup backed by B Capital Group and Coinbase Ventures among backers. .

Neeraj Khandelwal, co-founder of CoinDCX, said Okto aims to give the public exposure to web3. “The larger population is not comfortable with setting up their wallet accounts and storing and remembering keys,” he said.

The new platform will support more than 20 chains and over 100 protocols and waive all transaction fees on chains, he said. Users from around the world will have access to Okto, which will launch on the waitlist today. The startup has already started interacting with developers to bring their apps to Okto, he said.

CoinDCX started working on Okto 8 months ago and has a dedicated team of over 50 people. The startup is focusing on crypto despite the market downturn, and its main competitor (CoinSwitch) is expanding into standard fintech features like asset management.

“As technology advances, builders are creating use cases to unlock value and make the Internet a more equal space. Our new DeFi offering is the first step in this direction. Over the next three to five years, we anticipate all CeFi platforms will have a DeFi fork that is efficient, economical, and offers more opportunities for everyone in the ecosystem,” he said.

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