Our users are our priority and ensuring the safety of their assets is a key component in our internal drive towards ensuring compliance with all security protocols says Mr. Vivek Gupta, EVP, Technology @ CoinDCX
Can you tell us what is Okto?
Okto is the newest offering from CoinDCX, the first-of-its-kind DeFi mobile App with easy and native access to Web3. Okto helps users securely navigate DeFi and access thousands of tokens from multiple DEXs across chains with its in-built self-custody solution. The users can simple swap anytime, anywhere and maximize their yields across the best liquidity pools in DeFi. the Defi App will open doors by providing access to 20+ chains and 100+ protocols. To securely navigate opportunities in DeFi, Indian users will be able to access the Okto wallet through the CoinDCX Pro app, and it will be launched globally as a standalone Okto app. The Okto waiting list campaign currently has over 1,00,000 registrations and is growing by the day. On a side note, Okto is based on the Octopus, a naturally intelligent creature.
What are some of the challenges in DeFi? How does Okto overcome those challenges?
Web3 is currently complicated for newcomers. The most difficult issue for users is managing and safeguarding their private keys, which is the only way to access their assets. Keeping this in mind, we have developed Okto, making it keyless, allowing users to avoid having to manage lengthy private keys. With Okto, is our first steps towards making Web3 mainstream.
How is this newest offering built? How secure is it for the users?
Okto is built keeping in mind high safety standards. Okto is backed by multi-party computation (MPC) technology to protect users’ funds.
- The MPC infrastructure runs on a MPC cluster consisting of MPC nodes residing in geographically distributed data centers, combined with a mobile node running in a highly secure environment on the user’s device.
- Thus, our solution uniquely involves 2 independent computing parties: the user and geographically distributed Okto nodes. Each party runs nodes within their own secure network, making security compromise extremely hard.
- To ensure reliability all our infrastructure is backed by multiple layers of security, and robust backup mechanisms.
- This enables our users to benefit from a highly secure and highly available service.
How has technology been an enabler to Okto?
Our engineering team worked on building the enlisted technological advanced features to make it state-of-art
- Fully Keyless – Okto leverages threshold cryptography and advanced multi party computation (MPC) to offer a keyless infrastructure where no private keys are ever created, stored or shared at any point.
- Self-Custody– Okto offers a self-custody solution for crypto assets. It provides users full control of their funds; any transaction cannot be completed without user approval & consent; no fully validated transaction initiated by the user will be denied. Users are in full control of their assets as the wallets cannot be created or operated without their approval.
- Easy to Use – Okto offers an easy to use and intuitive solution that removes the complexity associated with private key management. It completely eliminates the need to understand Blockchain or Private Keys. Single click, mobile native user experience to create & operate wallets. Ensure access to 100s of protocols & multiple chains from a single wallet.
- Highly secure and reliable – Our MPC infrastructure runs on a MPC cluster consisting of MPC nodes residing in geographically distributed data centers, combined with a mobile node running in a highly secure environment on the user’s device.
What are some notable initiatives by CoinDCX?
In April 22, we closed an oversubscribed round of D Series funding by bagging over USD 135 million from Pantera and Steadview with strong participation from prominent investors like Kingsway, DraperDragon, Republic, and Kindred. The latest funding round also saw existing investors such as B Capital Group, Coinbase, Polychain, and Cadenza increase their investments, putting us in a strong position to support the growth of the crypto/web3 industry in India. This has made us the most valued crypto company.
In May 2022, we launched CoinDCX Ventures an investing arm which identifies and funds early-stage Web3 start-ups. Till now we have made over 10 investments in the Web3 ecosystem.
Our users are our priority and ensuring the safety of their assets is a key component in our internal drive towards ensuring compliance with all security protocols.
Recently, addressing the question of transparency on the back of FTX debacle, we shared reserves – to liability (R2L) ratio for CoinDCX’s top 10 assets. This R2L ratio position of the exchange will be published periodically, so that we continue to demonstrate transparency in our dealings and retain the trust of our investors.
Coming to our other initiatives of building the Web3 community, we announced community chapters that would bring innovators, builders, and developers together to learn from each other and grow. We are now going to take these community chapters to Tier 2 and Tier 3 cities and encourage women to join in the Web3 space. The team will explore topics on Web3, crypto, and blockchain while demystifying myths associated with it.
CoinDCX has also partnered with the Computer Science Department of BITS Pilani to explore research, development, and innovation in crypto among students. This collaboration is in line with CoinDCX’s crypto education initiatives to foster deeper understanding and adoption of crypto in the country.
Apart from this we rolled out ‘UNFOLD 2022’ this year in August. This high-energy, immersive event brought together developers, investors, Web3 start-ups and regulators to showcase and discuss how India can leverage its Web 3 talent and knowledge to be a global leader.
All these initiatives of CoinDCX came from our singular vision of making India’s crypto and Web3 ecosystem stronger each passing day.
Can you talk about CoinDCX’s outlook on the Web3 industry?
Web3 opens a whole new world of possibilities with technology. Fundamentally, it redefines the internet based on the principles of decentralisation. The benefits of Web3 include decentralisation, user-owned mindset and a consumer-first mindset while developing digital products among others.
We firmly believe that the future lies here. Blockchain will enable the next big innovation to happen in the Web 3 space. Recently, we aligned forces to form Bharat Web3 Association (BWA) with players from multiple verticals including NFTs, Web3 Gaming, Infrastructure Providers, Virtual Digital Assets (VDAs), and Token Projects. The association will enable and support the growth of the country’s Web3 ecosystem.
What is something we can look forward to with regard to Web3 by CoinDCX in the coming months?
There are several things coming up for CoinDCX in the coming months. We have already announced the CoinDCX-developed decentralised finance (DeFi) mobile app Okto, however this app will soon be introduced in India with its self-custody solutions will be launched soon. Our Venutres arm has anarrowed down on few investments which are likely to close this quarter and hopefully the number should go up to a total of 13 investments. We are also in the process to introduce new accessibility features on our CoinDCX app.