This business license will go a long way in helping CoinDCX expand its tentacles both locally and internationally.
Indian crypto exchange CoinDCX has shared some interesting new updates about its self-custodial wallet Okto. In a Tuesday press release, the firm revealed that Okto has just bagged a business license from RAK Digital Assets Oasis (RAK DAO).
RAK DAO is the world’s first-ever free zone whose sole focus is to support digital asset companies. As a matter of fact, it is the only one. Therefore, the latest development means that Okto has now become the first Web3 wallet to score such a major achievement.
RAK DAO Hands CoinDCX Business License as Firm Eyes Mainstream Adoption of Web3
Speaking about the new development, Neeraj Khandelwal, co-founder of CoinDCX & Okto, expressed that it is an honor to receive the license. He stressed the importance of self-custody as it grants users full control and ownership of their assets.
Khandelwal also noted that Okto has been doing remarkably well in this regard, adding that the wallet onboarded over a million users in one 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 also noted that the achievement has now put the firm in a position to champion the cause of bringing Web3 to a mainstream audience.
India Takeover Underway
Meanwhile, it goes without saying that the business license goes a long way in helping CoinDCX expand its tentacles both locally and internationally.
In India, WazirX, that once was the talk of the crypto industry, is fast fading into oblivion. As Coinspeaker earlier reported, the crypto exchange was hit by an exploitation attack. This attack led to the loss of $235 million worth of users’ funds.
While WazirX has so far offered slight relief to users by granting them access to 66% of the INR balances, the remaining 34% remain frozen, leaving users frustrated.
As expected, the situation may have helped the crypto exchange to lose its appeal to the crypto community. For CoinDCX, however, it may just have emerged as the new place to be for crypto enthusiasts in the region.
On the global scene, CoinDCX is also holding nothing back in its expansion quest. Earlier this year, the Indian exchange acquired Dubai-based crypto exchange BitOasis to expand into the Middle East and North Africa region.
Okto is a Web3 wallet designed to store and manage digital assets over 10 EVM and non-EVM chains.
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