CoinDCX exchange expands self-custody wallet to support 155 countries

Significant Indian cryptocurrency exchange CoinDCX is expanding its self-custody wallet, Okto, by incorporating significant on-ramp platform Transak.Okto, a multichain cryptocurrency wallet launched by CoinDCX in August 2022, has integrated the Transak platform to scale the wallets worldwide assistance, the firm announced to Cointelegraph on Oct. 5. The combination is instantly offered on Okto, the company said.With the new integration, the Okto wallet has actually increased the number of previously supported 60 nations to 155 jurisdictions, CoinDCX and Okto co-founder Neeraj Khandelwal said.By integrating Transak, Okto now particularly allows users to buy cryptocurrencies like Bitcoin (BTC) directly on Okto, utilizing a great deal of fiat currencies, consisting of the U.S. dollar, the euro, the Hong Kong dollar and others.Transak is the first and presently the only on-ramp solution introduced on Okto, Khandelwal kept in mind. Prior to this combination, the only method of sending crypto to Okto was by sending out the digital currency from an external wallet like MetaMask, Khandelwal added, specifying:” The combination of Transak now enables users to effortlessly transform fiat to crypto right within the app. Prior to this combination, users needed to move funds from another decentralized wallet, such as MetaMask.” While Transak supports around 160 tokens, Okto allows users to keep more than 1,000 tokens across numerous chains, consisting of Polygon, Fantom, Avalanche and others, according to the apps description on the App Store. Nevertheless, according to Oktos spokesperson, the wallet enables users to have up to 3,000 tokens in the wallet.Related: India dealing with 5-point crypto legislation as restriction is ruled outWhile Okto revealed the news about Transak assistance on Oct. 5, the procedure of presenting the on-ramp option began a few months earlier. Some online users in India reported having concerns with Transak as early as August 2023 as Okto was evaluating the on-ramp solution. “The process of incorporating started in April 2023,” a representative for the company informed Cointelegraph, including that the main rollout to all consumers took place in mid-September. Okto reporting working with Transak in August 2023. Source: XTransak is a worldwide Web3 payment and onboarding infrastructure provider intending to connect conventional finance and digital assets. It is a popular on-ramp solution in the cryptocurrency market, with platforms like MetaMask, Coinbase and PancakeSwap using its services.Earlier today, Transak revealed an integration with The Open Networks (TON) wallet referred to as Tonkeeper. The occasion significant Transaks entry into the TON environment, making it possible for the wallet to purchase Toncoin (TON) directly with fiat from more than 150 countries.Magazine: How to protect your crypto in an unstable market– Bitcoin OGs and experts weigh in

Other Questions People Ask

What is the significance of CoinDCX exchange expanding its self-custody wallet to support 155 countries?

The expansion of CoinDCX's self-custody wallet, Okto, to support 155 countries is a major milestone for the exchange, significantly increasing its global reach. This move allows users from a wider range of jurisdictions to access cryptocurrency services directly within the app. By integrating the Transak platform, CoinDCX enhances user experience by enabling seamless fiat-to-crypto transactions, which was previously limited to external wallets.

How does the integration of Transak benefit users of the CoinDCX exchange's self-custody wallet?

The integration of Transak into CoinDCX's Okto wallet allows users to purchase cryptocurrencies like Bitcoin directly within the app using various fiat currencies. This simplifies the process for users, eliminating the need to transfer funds from external wallets like MetaMask. With Transak supporting around 160 tokens, users can now easily convert their fiat into crypto without additional steps, enhancing accessibility and convenience.

What types of cryptocurrencies can users buy with the expanded CoinDCX self-custody wallet?

With the expansion of CoinDCX's Okto wallet, users can buy a variety of cryptocurrencies, including Bitcoin (BTC), directly through the app. The integration with Transak allows for transactions in multiple fiat currencies such as the U.S. dollar and euro. Additionally, Okto supports over 1,000 tokens across various chains, providing users with a broad selection of digital assets to manage and trade.

When did CoinDCX begin the process of expanding its self-custody wallet to support more countries?

The process of expanding CoinDCX's Okto wallet to support additional countries began in April 2023. Although the announcement regarding the integration with Transak was made on October 5, 2023, the rollout to all consumers took place in mid-September. This gradual implementation allowed for thorough testing and feedback from users before the official launch.

What challenges did users face before CoinDCX expanded its self-custody wallet?

Prior to the expansion of CoinDCX's Okto wallet, users faced challenges in sending cryptocurrencies as they could only transfer funds from external wallets like MetaMask. This limited access made it cumbersome for many users who wanted to engage with cryptocurrencies directly within the app. The integration of Transak has addressed these issues by allowing users to convert fiat to crypto seamlessly within Okto, significantly improving user experience.