CoinDCX forays into Web3 through its "Okto" app with a promise to make Defi accessible to all
Decentralised finance, a fledgling concept only a few years ago, is booming. As compared to just $10 billion in early 2020, over $100 billion are bundled up in tokens inside financial smart contracts that have applications in decentralised finance or are deposited to earn yields. The figure is expected to be worth $231.1 billion by 2030.
But for all its vaunted potential, DeFi has not entered the mainstream yet. And Web3–an idea for a new iteration of the world wide web which incorporates decentralisation–has not been adopted by the masses. Its promise for being the “future of the internet” may well be true but it needs to see more traction. CoinDCX, one of India’s leading and most valued crypto companies wants to contribute to that change.
This will entail a series of innovative offerings that will provide access to users across myriad Web3.0 applications across Non-fungible tokens and decentralised finance. It will also include cross-chain bridges that connect independent blockchains and enable the transfer of assets and information between them.
Meet Okto
The app named, “Okto” is a first-of-a-kind mobile app that will empower millions of consumers to access Web3 with ease. It would also offer better control to individuals over their assets. Its innovative keyless self-custodial wallet is backed by multiple layers of security that allows native access to over 100 decentralised apps.
Often in any disruptive applications such as DeFi or novel concepts such as decentralisation-led Web3, it takes time for the technology to evolve before it starts seeing adoption at scale. Now is the time to scale up. For instance, as technology matures, enthusiasts are building use cases to create value with the vision of making the internet a level-playing field for everyone.