One of the most prominent cryptocurrency exchanges in India, CoinDCX, has announced the launch of its decentralized finance (DeFi) mobile app. CoinDCX confirmed the development today via a post on its official Twitter page. The cryptocurrency exchange revealed the name of the decentralized finance mobile app as Okto.
Also, in a separate tweet, the Co-founder of CoinDCX, Neeraj Khandelwal, confirmed the launching of Okto. According to him, the new DeFi application will usher in a new era of enhancing users’ experience. He opined that Okto would aid the smooth transition of its customers into the world of Decentralized Finance. Further revelation by the cryptocurrency exchange confirmed that Okto is the brain work of a team of 50 experts.
CoinDCX expresses strong faith in the success of the Decentralized Finance mobile app. The cryptocurrency exchange believes it will offer users the privilege to utilize more than 100 protocols and 20 chains. According to CoinDCX, Okto is equipped with features that provide transparent trading information. The cryptocurrency exchange divulged that it would provide relevant information to users that would help them make trading decisions.
One of the most distinctive features of Okto is the termination of private keys. Notably, the DeFi mobile app protects users’ accounts through Multi-Party Computation (MPC) technology. This implies that users can access their accounts via their registered mail and mobile number. Therefore, eliminating the need for keeping private keys.
The Opinion Of CoinDCX Co-Founder On The DeFi Mobile App
Meanwhile, Khandelwal has reacted to the latest development. He described how Indians find it challenging to migrate from Cryptocurrency to DeFi and Web 3.0. The co-founder illuminated the ordeal of users to understand and protect their private keys and seed phrases. Also, He bemoaned the rigorous process, and risks users go through to move their assets from one chain to another.
Now, the Co-Founder of CoinDCX believes that Okto has come to eliminate those deterrents. He said the application would seamlessly aid users in navigating through the DeFi ecosystem and access scores of tokens from numerous DEXs. He added that Okto would assist users to swap their tokens anytime, anywhere, and maximize their yields with access to the best liquidity pools in DeFi.
Lastly, the inauguration of the DeFi app by CoinDCX will come up in two phases. In the first stage, CoinDCX will unveil a waitlist at the Web 3.0 conference scheduled for this weekend. Further, the full launch will come up in by next month. However, before the second phase, the Co-Founder of the firm indicated that the uploading of information would come up first.