Crypto exchange CoinDCX has forayed into the decentralised finance (DeFi) space with the launch of Okto, a keyless, self-custody wallet for which CoinDCX will manage customers’ keys.
“This is the perfect time to make it mainstream. Through CoinDCX Ventures we have seen that there’s a big migration to web3 from web2 when we speak to developers. If Web3 needs to go to billions of people, it is important to have lakhs of applications. And the development is happening,” said cofounder and CTO Neeraj Khandelwal at CoinDCX’s event Unfold 2022 in Bengaluru.
He added that decentralised applications are complex and tricky to use and that’s what Okto will solve for.
In May, the Coinbase-backed company launched CoinDCX Ventures to invest Rs 100 crore in the web3 space.
Khandelwal said, “Using a decentralised website is not as easy as using Swiggy or Zomato. If web3 has to be successful the internet has to be more decentralised, but if customers find it difficult to access these applications and developers find it hard to build them, then it will be a big challenge. That's what Okto solves.”
At the event, cofounder and CEO Sumit Gupta said India had the largest number of web3 developers, despite the tough environment, and about 25 million web3 users.