CoinDCX, an India-based crypto exchange, recently announced that its Web3 wallet Okto has received a business license from RAK DAO.
Indian cryptocurrency exchange pioneer CoinDCX has reached a significant milestone with its self-custodial wallet, Okto.
The company announced today that it has received a business license from RAK Digital Assets Oasis (RAK DAO), the world’s first and only free zone dedicated to supporting digital asset companies.
This accomplishment marks a groundbreaking achievement as Okto becomes the first Web3 wallet to secure such a license.
CoinDCX Secures Business License From RAK Digital Assets Oasis (RAK DAO)
According to an official press release from Okto dated August 27, the Web3 wallet has obtained a business license with RAK DAO, representing a significant step forward in fostering Web3 adoption.
Okto is a Web3 wallet designed to facilitate the storage and management of digital assets across more than 10 EVM and non-EVM chains.
Neeraj Khandelwal, co-founder of CoinDCX and Okto, expressed, “We are honoured to have received the business license from RAK Digital Assets Oasis. Self-custody as a concept is revolutionary as it grants complete ownership of assets to the users.”
He added, “Okto has already onboarded more than a million users in one year. This business license will add another layer of confidence and trust to our users. We are confident that this milestone will accelerate the adoption of Web3 among the mainstream audience.”
With this move, the Indian exchange further strengthens its presence in the cryptocurrency sector.
Earlier this year, CoinDCX acquired the Dubai-based crypto exchange BitOasis to expand its reach into the Middle East and North Africa region.
Collectively, the Indian exchange has made significant strides recently, enhancing its appeal across the broader market.
CoinDCX has notably become a prominent name in the Indian cryptocurrency community, especially as WazirX’s popularity has waned.
The crypto exchange led by Nischal Shetty faced a $230 million exploitation attack, resulting in the loss of users’ funds and considerable criticism from the crypto community.
WazirX Hack: What’s Going On?
Following the $230 million hack, WazirX has been gradually recovering, providing some relief to its users.
The exchange has initiated its first phase of withdrawals, allowing users to access 66% of their INR balances.
However, the remaining 34% of the assets are still frozen, leaving users in a difficult situation.
WazirX and its founder Nischal Shetty have assured users that a plan is in place to recover the frozen funds.
Additionally, the current 66% INR balance settlement by WazirX is expected to occur over two weeks.
While the exploitation attack has been a setback for WazirX, CoinDCX continues to solidify its position in the cryptocurrency industry.
