• CoinDCX’s Okto is the first Web3 wallet to receive a business license from RAK Digital Assets Oasis.
  • Okto supports over ten EVM and non-EVM chains and has boarded over one million users in its first year.
  • CoinDCX recently acquired BitOasis to expand its reach in the Middle East and North Africa.

CoinDCX, an Indian cryptocurrency exchange, reached an important milestone when its self-custodial wallet Okto obtained a business license from RAK Digital Assets Oasis (RAK DAO). This license is a significant step forward for both the business and the larger digital asset market. 

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Notably, the fact that RAK DAO is the first free zone in the world devoted to assisting companies that deal in digital assets is noteworthy. The fact that this approval is the first of its kind for a Web3 wallet emphasizes how important self-custody solutions are becoming to the cryptocurrency space.

1/ Thrilled to share that @Okto_web3 has secured an operational license from RAK Digital Assets Oasis ( @RAK_DAO ), the world's first Free Zone dedicated to digital assets!

This milestone makes Okto the first Web3 wallet to achieve such a license, marking a significant step in our… pic.twitter.com/1aLDlkmXSj

— Neeraj Khandelwal (@neerajKh_) August 27, 2024

A Major Step Towards Web3 Adoption

CoinDCX created the Web3 wallet Okto with the goal of making it easier to manage and store digital assets securely. More than ten EVM and non-EVM chains are supported. It is anticipated that the wallet’s credibility will be greatly increased and that the adoption of Web3 technologies will accelerate with the business license from RAK DAO.

As stated in the official press release from Okto on August 27, reaching this milestone is a major sign of the wallet’s expanding market share. Neeraj Khandelwal, co-founder of CoinDCX, underlined the significance of this accomplishment, saying that the license upholds the faith and confidence of Okto’s user base. He also emphasized the wallet’s strong user adoption rate, pointing out that in just its first year, more than a million users had been added.

Expanding Global Reach in the Crypto Sector

Notably, this move is a component of CoinDCX’s larger plan to increase its market share in the global cryptocurrency industry. To bolster its position in the Middle East and North Africa, the company purchased BitOasis, a cryptocurrency exchange located in Dubai, earlier this year. The acquisition is consistent with CoinDCX’s goal to increase its market share and influence. 

Furthermore, Okto’s acquisition of the RAK DAO license gives the exchange a new direction, especially in the area of self-custodial solutions. The growing acceptance of these wallets by regulators may open the door for decentralized finance (DeFi) technologies to become more widely used.

CoinDCX’s Rising Influence in the Indian Crypto Market

Consequently, given the difficulties other exchanges are facing, CoinDCX’s recent achievements stand out in the Indian cryptocurrency market. The difficulties faced by rivals like WazirX, which was the victim of a serious hack earlier this year, have contributed to the exchange’s increased visibility. The company’s emphasis on self-custody through Okto may set CoinDCX apart as a market leader as it gains momentum. 

Moreover, the company’s reputation will probably be further enhanced by the RAK DAO license, which will give it a competitive advantage in an increasingly crowded market. CoinDCX’s initiatives to support self-custodial options highlight how user-controlled digital assets are becoming more and more significant.

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