Okto Gets Business License from RAK Digital Assets Oasis, the world’s first and only Free Zone dedicated to supporting and nurturing digital assets companies
A historic first, Okto becomes the inaugural Web3 wallet to secure such a license
Okto, the self-custodial wallet from CoinDCX, today announced it has received a business license from RAK Digital Assets Oasis, the world’s first and only Free Zone with Common Law features established to support and nurture digital assets companies. Okto wallet becomes the industry’s first Web3 Wallet to secure such a business license, signaling a major step forward in fostering Web3 adoption.
Okto is a global Web3 Wallet designed to facilitate the storage and management of digital assets across a diverse array of blockchain networks, encompassing over 10 EVM and non-EVM based chains including Ethereum, Base, BSC, Arbitrum, Solana, Polygon. Through Okto, users retain complete autonomy over their assets, with the ability to establish new self-custody wallets, seamlessly import existing ones, and export their self-custody wallets to alternate software platforms as desired. The security of users’ digital assets within Okto is upheld through the utilization of either multi-party computation (MPC) technology or standard seed phrase technology.
“We are honoured to have received the business license from RAK Digital Assets Oasis. Self-custody as a concept is revolutionary as it grants complete ownership of assets to the users. Okto has already onboarded more than a million users in one year. This business license will add another layer of confidence and trust to our users. We are confident that this milestone will accelerate the adoption of Web3 among the mainstream audience,” added Neeraj Khandelwal, Co-Founder, CoinDCX & Okto.
CoinDCX has already established a business footprint in the UAE region, having acquired BitOasis in June 2024. BitOasis was the first platform to register with the UAE Financial Intelligence Unit in 2021 and has maintained strong, constructive, and proactive relationships with regulators across the region since its launch.
About RAK DAO:
RAK Digital Assets Oasis (RAK DAO) is the world’s first and only Free Zone with Common Law features established to support and nurture digital assets companies. In the UAE Emirate of Ras Al Khaimah, RAK DAO offers a transparent legislative framework that simplifies the process of opening and operating digital assets companies. By fostering a vibrant ecosystem and providing comprehensive services, RAK DAO drives the future of emerging sectors, propelling innovation, and unlocking the potential of digital assets.
About Okto:
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.
