India’s largest exchange CoinDCX announces industry-first Orchestration Layer Okto

• Okto is leveling up Chain Abstraction by building a fully expressive orchestration layer.

• Developer-Friendly Simple SDKs: Empowering developers to incorporate web3 rails, protocols, and chains within hours, enabling the creation of single-click web2-like experiences for end users

• Whitepaper on the Orchestration Layer: Outlines the necessity of an Orchestration Layer for chain abstraction and to unify these disparate ecosystems has been released; inviting feedback from the community and co-builders. 

• Growing ecosystem of users and partners: 1M+  users, 50+ chains & protocols, 20+ apps

Bengaluru, May 14, 2024: Pursuing its vision to accelerate the adoption of a decentralized economy CoinDCX brings the Okto Chain out of stealth. This Orchestration Layer, designed as a chain by CoinDCX, aims to simplify blockchain technology for developers looking to integrate web3 rails into their applications. At its core, the Okto chain functions as an orchestration layer, elegantly concealing the intricacies of the complicated and fragmented web3 ecosystem behind a unified interface. Through a unified set of SDKs, Okto is empowering developers to easily integrate complex Web3 functionalities and flows into their applications while offering single-click mobile-native web2-like experiences for their users.

The company also announced that the Okto Chain will be powered by the $OKTO Token. The Token will play a crucial role in ensuring network security and fuelling network growth. 

The Okto chain is coming out of stealth by powering 1Mn+ users through the Okto Wallet App and other 20+ dApps building on it.  Being the first wallet built on the Okto Chain, Okto Wallet provides a truly elevated trading experience with Chain Abstraction built in.

CoinDCX group  also announces  Season 1 of the Okto Wallet points program, rewarding users for their on-chain transactions. All existing self-custody wallets have been dropped bonus Okto points which they can check at Okto’s website. Users trading on other centralised exchanges can earn bonus points by moving their assets to Okto Wallet. A significant 7% of the $OKTO token will be airdropped to early users through the Okto points program.

Talking about CoinDCX’s progress over the last six years, Sumit Gupta, Co-Founder, CoinDCX, said, “At CoinDCX, our vision is to always keep users at the centre of our strategy. We started by simplifying access to crypto for masses. We believed all CeFi platforms would eventually have a DeFi arm. In 2022, we unveiled a strategy for Web3, wherein we committed that we would enable any individual using  a smartphone to take part in this economy and gain value from it. We introduced Okto Wallet which was our first step in this direction.”

Commenting further, Neeraj Khandelwal, Co-Founder of CoinDCX & Okto, said, “Post experiencing the challenges of building a fully chain abstracted Okto wallet,  in Phase 2, we introduced the Okto Web3 SDK, an industry-first embedded wallet enabling any app or internet company to fully harness the potential of Web3, decentralization, and smart contracts. We have already onboarded 1 million users.”

He further stated, “We are now in the process of building an entire Okto Ecosystem and  are proud to bring the Okto Chain out of stealth. In the future, an average web3 user will interact with multiple chains, doing cross-chain token swaps, confirming identity across multiple chains, and transferring NFTs from one application to another across various blockchains. This would result in fragmented liquidity and a disjointed experience for users. To engage the next billion Web3 users, simplifying these interactions by chain abstraction is crucial for enhancing front-end usability. Developing web 3 applications in a fast and composable manner is key to solving this fragmentation in a multichain world. This is precisely the role Okto Chain aims to play.” 

“The Okto Chain will power thousands of applications being built in the web3 space, alongside multiple applications in our ecosystem, such as the companies funded by CoinDCX Ventures. CoinDCX’s vision is to empower individuals worldwide with financial freedom by making Web3 accessible. We are committed to bring blockchain technology to billions, making it accessible to everyone, everywhere,” added Sumit.

About Okto Chain:
Okto is leveling up chain abstraction by building a fully expressive orchestration layer. Okto offers developers a unified platform to build next-generation applications on web3 rails by providing simple SDKs on one hand, and access to Protocol / community created Blocs on the other hand (think easy-to-use scripts). Okto does the heavy lifting of abstracting web3 complexities across fragmented ecosystem while providing users web2 like experiences.

Okto Wallet
Okto is a secure multi-chain DeFi app that offers a keyless, self-custody wallet. It aims to simplify the world of decentralized finance (DeFi) by providing a secure, user-friendly, and innovative solution for managing digital assets. Okto utilizes Multi-Party Computation (MPC) technology to ensure security for users’ assets. But what really sets Okto apart is patent-pending AI-based Multi-Factor Authentication, a breakthrough technology that promises to revolutionize the security of self-custodial DeFi wallets.

With support for multiple chains and access to over 100 protocols, Okto offers a seamless experience for users to participate in various DeFi activities.This innovative super app offers an array of exclusive features, including the Quest Centre for curated quests and exclusive airdrops, a New Tokens Hub for fast access to the latest tokens and crypto, opportunities to earn passive income, and the ability to collect NFTs representing meaningful moments and experiences.

Okto is backed by investors such as Steadview, BCap, Coinbase Ventures , Pantera, Bain Capital Ventures, among others.About Okto SDK
Okto’s SDK empowers partners to integrate Web3 functionalities natively, setting a precedent for seamless Web3 adoption across platforms. Okto’s Embedded Web3 Wallet empowers customer-facing companies to enhance their bottom line by reducing infrastructure costs and accelerating time-to-market. This collaboration serves as a valuable testing ground for Okto’s technology, paving the way for wider industry adoption.