CoinDCX exchange expands self-custody wallet to 155 countries.

CoinDCX Expands Okto Wallet with Integration of Transak

Okto reporting working with Transak in August 2023

CoinDCX, a major Indian cryptocurrency exchange, has announced the expansion of its self-custody wallet, Okto, through the integration of the Transak platform. This move aims to enhance the wallet’s global reach and support. Okto, launched in August 2022, has integrated Transak to increase the number of countries it supports. With this integration, the Okto wallet now offers services in 155 jurisdictions, up from the previous 60 countries. CoinDCX and Okto co-founder Neeraj Khandelwal highlights the significance of this integration, as it now enables users to buy cryptocurrencies directly on Okto using a wide range of fiat currencies, including the U.S. dollar, the euro, and the Hong Kong dollar, among others[^1^].

Prior to the incorporation of Transak, the only way to send crypto to Okto was by transferring digital currency from an external wallet like MetaMask. However, the integration of Transak now allows users to seamlessly convert fiat to crypto within the Okto app itself. By leveraging the Transak on-ramp solution, Okto users can now directly purchase cryptocurrencies like Bitcoin (BTC)[^1^]. This integration is a significant milestone for Okto, as it marks the first on-ramp solution to be introduced on the wallet.

Okto offers a wide range of features to its users. While Transak supports around 160 tokens, Okto enables users to store over 1,000 tokens across various blockchain networks, including Polygon, Fantom, Avalanche, and more. The app also allows users to have up to 3,000 tokens in their wallet[^1^]. This flexibility and extensive support for tokens showcase Okto’s commitment to providing users with a comprehensive and versatile cryptocurrency management experience.

The integration process between Okto and Transak began in April 2023, with testing conducted over several months. The official rollout to all customers occurred in mid-September[^1^]. The collaboration between CoinDCX and Transak has been a step towards bridging the gap between traditional finance and digital assets. Transak is well-known in the cryptocurrency industry for its role as a global Web3 payment and onboarding infrastructure provider. It has partnered with prominent platforms such as MetaMask, Coinbase, and PancakeSwap to enable seamless fiat-to-crypto transactions[^1^].

Transak has recently made headlines with its integration with The Open Network’s (TON) wallet, Tonkeeper, expanding its services to more than 150 countries[^1^]. This move further emphasizes Transak’s commitment to broadening its reach and enabling users worldwide to access digital assets through fiat currency.

The expansion of CoinDCX’s Okto wallet through the integration of Transak significantly enhances the user experience by allowing direct fiat-to-crypto conversions within the app. This development opens up new avenues for individuals in different jurisdictions to easily enter the cryptocurrency space. With Okto’s wide token support and Transak’s robust infrastructure, users can enjoy a seamless and secure cryptocurrency management experience.

Conclusion

As the blockchain industry continues to evolve, the integration of on-ramp solutions like Transak onto cryptocurrency wallets such as Okto highlights the importance of accessibility and convenience. By enabling users to convert fiat to crypto directly within the app, these integrations remove barriers and simplify the onboarding process for newcomers. This is a crucial step towards mainstream adoption of cryptocurrencies and blockchain technology, as it allows individuals from around the world to participate in this increasingly global and decentralized ecosystem.

References: [^1^] CoinDCX. (2023, October 5). CoinDCX Expands Okto Wallet’s Global Support With the Integration of Transak. Cointelegraph. https://cointelegraph.com/press-releases/coindcx-expands-okto-wallet-s-global-support-with-the-integration-of-transak

Bitcoin,Business,India,Self custody,Wallet

CoinDCX exchange expands self-custody wallet to 155 countries.