India’s Okto Wallet secures license in Ras Al Khaimah for UAE expansion
India’s CoinDCX-developed Okto Wallet secures license in Ras Al Khaimah's Digital Assets Oasis, boosting Web3 access
Okto Wallet Secures Business License in UAE’s RAK Free Zone, Advancing Global Web3 Expansion
Okto, a self-monitoring crypto wallet developed by Indian crypto exchange CoinDCX, has received a business license in Ras Al Khaimah (RAK), UAE. This marks a major milestone in Okto’s plans to expand into international markets, starting with the UAE, the company said on Tuesday. The reason this license is important is because RAK has established the world’s first and only free zone dedicated to supporting and growing businesses that work around digital assets – the RAK Digital Assets Oasis (RAK DAO).
In 2022, CoinDCX launched Okto as a completely native DeFi (decentralized finance) application with multichain compatibility. The Indian crypto exchange’s wallet platform claims to use multi-party computation (MPC) technology, artificial intelligence (AI) and multi-factor authentication to provide security for user assets.
By securing a commercial license in RAK, Okto will be able to access RAK DAO’s extensive provisions to support the growth of Web3 companies. On its official website, Free Zone said Web3 helps companies open bank accounts, get office space and access opportunities to secure funding. Entrepreneurs from the Web3 sector can also purchase residency visas and blockchain resources to grow operations.
“Okto has already onboarded more than one million users in a year. This commercial license will add trust and confidence to our users. We believe this milestone will accelerate the adoption of Web3 among key audiences,” Okto co-founder Neeraj Khandelwal said in a prepared statement.
This license will give Okto the opportunity to explore the potential of the UAE’s Web3 sector. The platform enables users to install new self-security wallets, import existing ones, and export their self-security wallets to alternative software platforms. Blockchains supported by Okto include Ethereum, Base, BSC, Arbitrum, Solana and Polygon.
In October last year, Okto merged with Transak to make its platform accessible in 60 countries and 155 jurisdictions. Transak is a developer integration toolkit that allows users to buy/sell crypto in any app, website or web plugin.
In crypto exchanges (WazirX being the most recent victim), discussions about the importance of investors self-custody their assets have gained momentum among members of the global crypto community.
