Crypto trading platform CoinDCX on August 26 unveiled the app aggregation platform Okto to allow users to access Web3 and Decentralised Finance (De-Fi) apps as the focus shifts to from cryptocurrencies to offerings in the larger Web3 ecosystem amidst the bear market.
The Coinbase-backed company aims to allow the app to be used by a global audience, CoinDCX’s first offering for a global market. The company also expects 20 to 40 percent of its user base to access Okto. The app is set to be live in the next two to four weeks and can be accessed via CoinDCX’s app for Indian users.
This comes at a time when the new user growth on the company’s core offering of crypto trading has seen a steep decline, pushing crypto platforms to diversify their offerings in a bid to add to the revenue pool.
"The internet economy will become more and more decentralised and blockchain technology will power every occasion. For that, a lot of problems need to be solved and that cannot be done by using just one app,” explained Neeraj Khandelwal, co-founder and Chief Technology Officer of CoinDCX at a media briefing in Bengaluru.
The app will also help customers who have invested in crypto to use their coins further on other use cases in the Web3 ecosystem without having to withdraw their crypto assets from their wallets. This may be seen as a positive in the current scenario where gains from crypto are taxed at 30 percent, as well as each transaction attracts a Tax Deduction at Source (TDS) of 1 percent.
“The apps on the platform will include NFTs, De-Fi, and cross-chain bridges, among others. The decentralised apps (Dapps) will be curated based on the security they provide to users,” Khandelwal added.In a move away from key-based access that crypto wallets usually provide, Okto’s access will be keyless, the company said. Users will instead be allowed to access it through biometrics, passwords and OTP-based logins, similar to that of bank apps.