Okto, the self-custodial crypto wallet developed by Indian crypto exchange CoinDCX, has secured a business licence in UAE’s Ras Al Khaimah (RAK) city. This marks a pivotal milestone in Okto’s plans for expansion in international markets, starting with the UAE, the company said on Tuesday. The reason why this licence is important is because RAK has established the world’s first and only Free Zone dedicated to supporting and nurturing businesses working around digital assets — the RAK Digital Assets Oasis (RAK DAO).
In 2022, CoinDCX launched Okto as a completely native DeFi (decentralised finance) app 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 the business licence in RAK, Okto will be able to access the comprehensive set of provisions that the RAK DAO’s has put in place to support the growth of Web3 firms. On its official website, the free zone said it helps Web3 firms open bank accounts, obtain office workspaces, and access opportunities to secure fundings. Entrepreneurs from the Web3 sector can also procure residency visas and blockchain resources to grow operations.
“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,” Okto Co-Founder Neeraj Khandelwal said in a prepared statement.
This licence will give Okto the opportunity to explore the potential of UAE’s Web3 sector. The platform lets users establish new self-custody wallets, import existing ones, and export their self-custody wallets to alternate software platforms. The blockchains that Okto supports include Ethereum, Base, BSC, Arbitrum, Solana, and Polygon.
Back in October last year, Okto teamed up with Transak to make its platform accessible across 60 countries and 155 jurisdictions. Transak is a developer integration toolkit to let users buy/sell crypto in any app, website or web plugin.
Given the rise in hacks on crypto exchanges (WazirX was the most recent firm to be impacted), the discussions around the importance of investors holding their assets in self-custody have also gained momentum among members of the global crypto community.