Okto is a self-custodial wallet that was made by CoinDCX, an Indian cryptocurrency exchange. A business license from RAK Digital Assets Oasis (RAK DAO), a free trade zone in the United Arab Emirates just for digital assets, was a big step forward that it just made. Okto is now the first Web3 wallet to get this type of license. This gives it a big advantage in the fast-growing digital market in the area.
When it came out in 2023, the Okto wallet became very famous very quickly. In just one year, it had over a million users. It works with more than ten blockchain networks, such as Polygon, Solana, BSC, and Ethereum. This makes it simple for people to create, import, or export self-custody wallets.
Neeraj Khandelwal, one of the founders of CoinDCX, said that this license is a big step toward getting more people to use Web3. He said that self-custody gives people power because it lets them own everything they own, which is a new idea in the digital world we live in now.
This comes after CoinDCX bought BitOasis in June 2024 to mark its move into the UAE. BitOasis was the first exchange to report itself to the UAE Financial Intelligence Unit. Making rules about crypto in this area took a big step forward with this.
Sheikh Saud bin Saqr Al Qasimi, who owns Ras Al Khaimah, opened RAK DAO in October 2023. Cryptocurrencies, blockchain technology, Web3, and artificial intelligence are the only things that this economic free zone in the UAE is focused on. Business can do well there thanks to tax breaks, help from the government, and modern buildings. A lot of big people in the blockchain and cryptocurrency fields have joined RAK DAO since it first started. Partnerships and investments have formed because of this, and they will likely have a big impact on the digital economy in the area in the years to come.
Getting this license has made Okto even stronger as a star in the Web3 space. It is now ready to offer more services all over the world while still maintaining the greatest standards of safety and legality. The license gives developers who use the Okto SDK new ways to make apps that are more advanced and fit into the Okto environment. It also makes users trust the developers more.
As time goes on, Okto wants to keep expanding by making its Web3 wallet better and getting more people all over the world to use it. The business will keep putting money into research and development to learn about new blockchain ideas. It will become an even bigger player in the future of digital banking because of this.
