Crypto Exchange CoinDCX Marks DeFi Foray With Okto

• ByStartupStory     |    August 27, 2022

CoinDCX, a cryptocurrency exchange, has expanded into Decentralized Finance (Defi) in order to develop a larger presence in the worldwide Web3 market. This comes at a time when the sector is in turmoil due to regulatory crackdowns, Directorate of Enforcement investigations, and the overall slump in the crypto market.

CoinDCX, which was recently valued at $2.15 billion, has released the Defi app Okto, a keyless self-custodial wallet that provides users with access to over 100 decentralised apps. It has created a waitlist for consumers in India on CoinDCX Pro, the company’s premium trading platform. In other nations, Okto will be a different smartphone application.

Gupta and Neeraj Khandelwal established CoinDCX in 2018 to help individuals purchase and trade crypto tokens. Its products will give users access to a variety of Web3 applications, including Defi, nonfungible tokens (NFTs), synthetics, and cross-chain bridges. CoinDCX Ventures, CoinDCX’s corporate venture arm, was created earlier this year to support early-stage web3 and blockchain firms. 

The co-founder Sumit Gupta, said, “We are not focusing primarily on one country or location for this. Anyone who wants to interact with Defi, NFTs but has been unable to do so due to the intricacies of the procedure would be able to use it. “I think there is some slowdown in terms of the environment, and that is mostly due to the TDS consequence and recent developments in the business.”

Gupta added, “Referring to investor pessimism, the tax guidelines are primarily on the trading side where there is an exchange or transfer of assets. However, because certain actions, such as staking on Okto, are not considered trading, the 1% TDS may not apply.”

Follow Startup Story