Two years after entering the decentralized finance (DeFi) space with Okto Wallet, Indian cryptocurrency exchange CoinDCX is gearing up to launch its own blockchain and token to boost DeFi adoption in the country.
The blockchain, named ‘Okto Chain’, will allow developers to integrate Web3 functionalities into their applications, providing a unified platform for building advanced Web3 apps without the complexities of the blockchain ecosystem. The platform will offer simple software development kits (SDKs) and pre-built blocks to enable developers to incorporate Web3 rails, protocols, and chains into their apps quickly.
Okto Chain will be powered by the $OKTO token, which will play a key role in ensuring network security and fueling network growth. CoinDCX has also introduced the Okto points program to reward early users for their on-chain transactions.
In a bid to simplify interactions in the multichain world, CoinDCX aims to enhance front-end usability and develop Web3 applications efficiently through Okto Chain. This move comes at a time when the crypto sector is facing regulatory challenges and heavy taxation, leading some players to exit the market.
CoinDCX’s investment in crypto taxation platform KoinX aligns with its efforts to provide a secure crypto trading experience for users. Despite regulatory uncertainties, the company remains committed to driving innovation and facilitating the growth of DeFi in India.