Okto, the self-custodial wallet from CoinDCX, 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.
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 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’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.
Okto is backed by investors such as Steadview, BCap, Coinbase Ventures , Pantera, Bain Capital Ventures, among others.