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 countries are now supported by the CoinDCX exchange's self-custody wallet?

The CoinDCX exchange has expanded its self-custody wallet, Okto, to support a total of 155 countries. This significant increase from the previous 60 countries was made possible through the integration of the Transak platform. Users in these jurisdictions can now easily buy cryptocurrencies like Bitcoin directly within the Okto wallet using various fiat currencies.

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

The integration of Transak into the CoinDCX exchange's self-custody wallet allows users to convert fiat to crypto directly within the app. Previously, users had to transfer funds from external wallets like MetaMask, which was less convenient. Now, with Transak, users can seamlessly purchase cryptocurrencies using multiple fiat currencies, enhancing the overall user experience.

What features does the Okto wallet offer after its expansion to 155 countries?

After expanding to 155 countries, the Okto wallet now supports over 1,000 tokens across various blockchains, including Polygon and Avalanche. Users can hold up to 3,000 tokens in their wallets, providing a robust platform for managing digital assets. The integration with Transak further simplifies the process of purchasing cryptocurrencies directly within the app.

When did CoinDCX begin integrating Transak into its self-custody wallet?

The integration of Transak into CoinDCX's self-custody wallet began in April 2023, with testing phases reported as early as August 2023. The official rollout to all consumers occurred in mid-September 2023. This timeline highlights CoinDCX's commitment to enhancing user accessibility and convenience in cryptocurrency transactions.

What advantages does the CoinDCX exchange's self-custody wallet offer to users in supported countries?

The CoinDCX exchange's self-custody wallet offers users in supported countries the ability to buy cryptocurrencies directly with fiat currencies, making it more accessible for newcomers to the crypto space. Additionally, with support for a wide range of tokens and blockchains, users can diversify their portfolios easily. This expansion not only simplifies transactions but also enhances security through self-custody features.