Crypto Exchange CoinDCX Launches DeFi Mobile App in India

• Indian exchange CoinDCX has launched a DeFi mobile app.
• CoinDCX aims to grow the DeFi and web3 sector in India.
• The exchange’s UNFOLD event starts today.

On Friday, the Indian cryptocurrency exchange CoinDCX introduced Okto, a mobile app for decentralized finance (DeFi). According to the co-founder Neeraj Khandelwal, the development of Okto was for a convenient transition from cryptocurrency to DeFi and to make it simple for its users.

Regarding the move, Khandelwal said:

For crypto to succeed (in India), consumers will have to migrate to Web3 and DeFi setup, and at the moment, it’s very complex to access DeFi. Initially, you have to deal with seed phrases and private keys, and that’s very difficult for a common man to understand.

Khandelwal added that keeping crypto safe was another nightmare. “And moving assets from one chain to another for a layman is very complex and prone to various risks.”

Okto will have the goal of assisting its users in safely navigating DeFi, gaining access to thousands of tokens from numerous DEXs across chains with its in-built wallet, trading cryptocurrencies whenever and wherever they choose, and increasing their yields by providing access to the best liquidity pools that DeFi has to offer.

In related developments, CoinDCX’s much-anticipated UNFOLD event 2022 starts today. The team says that the integrated Web3 technology event that will end on 28th August will be the first of its kind, high-energy, and immersive. CoinDCX states that it has already established the standard for this transformation by releasing several cutting-edge solutions that are tailored to the needs of more than 12 million customers.

Keynote speakers Sumit Gupta, CEO of CoinDCX, and Neeraj Khandelwal, Co-founder of CoinDCX, will discuss the company’s plans to create an ecosystem that would position India as a global leader in the developing Web3 sector.