As a seasoned researcher with a keen interest in the dynamic world of blockchain technology and digital assets, I find the recent developments at CoinDCX particularly intriguing. The acquisition of a business license from RAK Digital Assets Oasis (RAK DAO) by their self-custodial wallet Okto is a significant stride towards mainstream adoption of Web3. This achievement makes Okto the first Web3 wallet to secure such a license, which I believe will add credibility and build trust among its users.
As a researcher, I’m excited to share that Indian crypto exchange CoinDCX recently disclosed some captivating updates regarding their self-custodial wallet, Okto. In a press release on Tuesday, the company announced that Okto has successfully acquired a business license from RAK Digital Assets Oasis (RAK DAO).
In simple terms, RAK DAO stands out as the globe’s initial and singular free zone dedicated exclusively towards nurturing digital asset businesses. This uniqueness makes it the only one of its kind. Consequently, Okto’s recent advancement signifies that it has been the first Web3 wallet to accomplish a significant milestone in this sector.
RAK DAO Hands CoinDCX Business License as Firm Eyes Mainstream Adoption of Web3
Regarding the recent update, Neeraj Khandelwal, a co-founder of both CoinDCX and Okto, expressed his pride in receiving the license. Emphasizing the significance of self-custody, he noted that it allows users to have complete control and ownership over their assets.
Additionally, Khandelwal pointed out that Okto has shown exceptional progress in this area, mentioning that they managed to onboard more than a million users within just a year.
Despite the success it is currently seeing, however, he believes that the newly-obtained business license adds even more credence to the Okto wallet. He said in a part statement:
“This business license will add another layer of confidence and trust to our users.”
Khandelwal additionally pointed out that this success places the company in a strong position to advocate for making Web3 accessible to the general public.
India Takeover Underway
Of course, having a business license is crucial for CoinDCX as it allows them to extend their reach, not just within the local market, but also globally.
In India, WazirX, once a buzzword in the cryptocurrency sector, appears to be slipping into obscurity. As Coinspeaker previously reported, this digital currency exchange suffered from an exploitation attack. This incident resulted in approximately $235 million worth of users’ assets being compromised.
Although WazirX has allowed users partial access to 66% of their INR holdings, the remaining 34% continues to be blocked, causing user dissatisfaction.
Just as anticipated, the circumstances might have diminished the crypto exchange’s popularity among the crypto community. On the other hand, for CoinDCX, these events could potentially make it a go-to destination for crypto enthusiasts in the area.
Worldwide, CoinDCX continues its aggressive growth strategy without compromise. This year alone, it has expanded by acquiring a crypto exchange based in Dubai – BitOasis – which allows it to penetrate the markets of the Middle East and North Africa.
Okto is a Web3 wallet designed to store and manage digital assets over 10 EVM and non-EVM chains.
Read More
Sorry. No data so far.
2024-08-27 16:21