CoinDCX has announced that it is expanding its self-custody wallet service named Okto outside of India to other international locations. To do so, the Indian crypto exchange has stitched its operations with Transak, which is a developer integration toolkit to let users buy/sell crypto in any app, website or web plugin. As per the exchange, the Okto digital wallet will now work across 60 countries and 155 jurisdictions. Digital wallet services that allow people to store their private keys with themselves are classified as self-custody wallets.
Okto was launched in 2022 and was later integrated with the Transak platform earlier this month. The company did the wallet’s integration with Transak aiming to scale the wallet’s functionality to operate smoothly in other nations.
“The vision is to offer easier access to a wide range of tokens across multiple chains, enabling users to trade seamlessly, pay gas fees in any token, and enjoy convenient and efficient transactions through a single wallet. Integrating Transak into Okto will bring seamless fiat-to-crypto conversions right within the app,” explained Neeraj Khandelwal, Co-founder, Okto and CoinDCX while commenting on the development.
Back in May this year, CoinDCX claimed that Okto has been integrated with an advanced cognitive AI technology, making it the first ever self-custody wallet infused with AI. In addition, the wallet also got the machine learning (ML) capability to analyse and monitor patterns in usual and unusual crypto transactions.
At the time, Vivek Gupta, the Chief Technology Officer (CTO) of CoinDCX said this update to Okto will provide an ‘unparalleled protection’ against phishing scams, account takeovers, and malware attacks.
This new development, meanwhile, has opened the Okto wallet service in countries within Europe, North America, USA, Asia, South America, and Africa. As of October 2023, Okto’s userbase has amassed over 150,000, the company claimed.
The frenzy around self-custodial crypto wallets rose in 2022, when wallet providers and exchanges like FTX collapsed, putting people’s finances at risk. Crypto industry leaders like Binance CEO Changpeng Zhao and Michael Saylor have also previously hailed self-custodial wallets for storing valuable digital assets.
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