Complex onboarding and user experience is the price people pay to use decentralized applications – and it’s also one of the reasons why most don’t use these services. A top Indian crypto exchange wants to fix this for users worldwide.
CoinDCX launched on Friday Okto, a mobile platform that will host other decentralized applications and not require users to remember a long string of words as their password. The platform will store parts of the key and connect the rest to the customer’s device, where it will be authenticated using their biometric ID.
“To make decentralized investment opportunities further accessible, Okto has integrated multi-faceted computing technology to solve private key issues, helping users seamlessly recover their access key and funds,” said the B Capital Group-backed startup and Coinbase Ventures among its backers.
Okto aims to help introduce web3 to the masses, Neeraj Khandelwal, co-founder of CoinDCX, said in an interview. “The majority of the population is not comfortable with setting up their wallet accounts and storing and remembering the key,” he said.
The new platform will support over 20 chains and more than 100 protocols and will waive all transaction fees between chains, he said. Users around the world will have access to Okto, which launched on the waitlist today. The startup has started engaging developers to get their apps on Okto, he said.
CoinDCX started working on Okto eight months ago and has a dedicated team of over 50 people. The startup is sticking to its focus on crypto despite the market downturn and its main rival (CoinSwitch) expanding into standard fintech functions such as wealth management.
“As the technology matures, builders are creating use cases to unlock value and make the Internet a fairer space. Our new DeFi offering is the first step in this direction. In the next three to five years, we envision all CeFi platforms having a DeFi arm that will be efficient, cost-effective and provide broader opportunities for everyone in the ecosystem,” he said.