CoinDCX has announced that it is expanding its self-service wallet service called Okto beyond India to other international locations. To this end, the Indian cryptocurrency exchange has integrated its operations with Transak, a developer integration toolkit that allows users to buy/sell cryptocurrencies from any app, website or web plugin. According to the exchange, Okto digital wallet is now available in 60 countries and 155 jurisdictions. Digital wallet services that allow people to store their own private keys are classified as self-service wallets.
Okto was launched in 2022 and subsequently integrated with the Transak platform earlier this month. The company has a wallet integration with Transak that aims to expand the wallet’s functionality to work smoothly in other countries.
“Our vision is to make it easier for users to deposit and withdraw various tokens on multiple chains, allowing users to trade seamlessly, pay for gas with any token, and enjoy convenient and efficient transactions through a single wallet. Transak Integration into Okto will enable seamless fiat-to-crypto conversion within the app,” explained Neeraj Khandelwal, co-founder of Okto and CoinDCX, commenting on the development.
Back in May this year, CoinDCX claimed that Okto had been integrated with advanced cognitive artificial intelligence technology, making it the first-ever self-service wallet infused with artificial intelligence. Additionally, the wallet features machine learning (ML) capabilities to analyze and monitor patterns in common and unusual crypto transactions.
At the time, CoinDCX Chief Technology Officer (CTO) Vivek Gupta said that Okto’s update would provide “unparalleled protection” from phishing scams, account takeovers and malware attacks.
At the same time, this new development has opened Okto wallet services in European, North American, American, Asian, South American and African countries. The company claims that as of October 2023, Okto’s user base has exceeded 150,000.
The craze around self-hosted crypto wallets intensified in 2022, when wallet providers and exchanges like FTX went out of business, putting people’s finances at risk. Crypto industry leaders such as Binance CEO Changpeng Zhao and Michael Saylor have previously praised self-hosted wallets for storing valuable digital assets.
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