CoinDCX has announced that it is expanding its proprietary wallet service called Okto beyond India to other international locations. To do this, the Indian crypto exchange has merged its operations with Transak, a developer integration toolkit that allows users to buy/sell crypto in any app, website or web plugin. According to the exchange, Okto’s digital wallet will now work in 60 countries and 155 jurisdictions. Digital wallet services that allow people to store their private keys with themselves are classified as self-custodial wallets.
Okto launched in 2022 and was later integrated with the Transak platform earlier this month. The company carried out the integration of the wallet with Transak, with the aim of scaling the functionality of the wallet so that it could work smoothly in other countries.
“The vision is to provide easier access to a wide range of tokens across multiple chains, allowing users to trade seamlessly, pay gas fees in each token, and enjoy convenient and efficient transactions through a single wallet. Transak’s integration into Okto allows for seamless fiat-to-crypto conversions right within the app,” explains Neeraj Khandelwal, co-founder of Okto and CoinDCX, while commenting on the development.
In May this year, CoinDCX claimed that Okto has been integrated with an advanced cognitive AI technology, making it the first-ever self-custodial wallet infused with AI. Moreover, the wallet also gained machine learning (ML) capability to analyze and monitor patterns in common and unusual crypto transactions.
At the time, Vivek Gupta, CoinDCX’s Chief Technology Officer (CTO), said this update for Okto will provide “unparalleled protection” against phishing, account takeovers, and malware attacks.
This new development has meanwhile opened the Okto wallet service in countries in Europe, North America, USA, Asia, South America and Africa. As of October 2023, Okto’s user base exceeded 150,000, the company claimed.
The frenzy around self-custodial crypto wallets intensified in 2022, as wallet providers and exchanges like FTX collapsed, putting people’s finances at risk. Crypto industry leaders such as Binance CEO Changpeng Zhao and Michael Saylor have also previously praised self-custodial wallets for storing valuable digital assets.
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