Just-In: CoinDCX Okto Secures License In World’s First And Only Free Zone

Indian crypto exchange pioneer CoinDCX has secured a milestone achievement for its self-custodial wallet, Okto. The crypto firm today revealed that it attained a business license from RAK Digital Assets Oasis, the world’s first and only free zone dedicated to supporting digital asset companies. This mover marks a first-of-its-kind initiative, with the self-custodian wallet emerging as the first Web3 wallet to secure such a feat.

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 secured a business license with RAK DAO, indicating a major stride in culturing Web3 adoption. Okto is a Web3 wallet by crypto exchange CoinDCX streamlined to facilitate the storage and management of digital assets over 10 EVM and non-EVM chains.

Neeraj Khandelwal, co-founder of CoinDCX & Okto, stated, “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.” Further, 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 mover, the Indian exchange further expands its foothold in the crypto sector. Meanwhile, it’s also worth mentioning that CoinDCX acquired Dubai-based crypto exchange BitOasis to expand into the Middle East and North Africa region earlier this year. Altogether, the Indian exchange has marked a tempest of strides recently, solidifying appeal across the broader market.

Notably, CoinDCX has also emerged as the talk of the Indian crypto town, primarily due to WazirX’s faded stardom. The Nischal Shetty-led crypto exchange earlier faced a $230 million hack, resulting in the loss of users’ funds and severe backlash from the crypto community.

WazirX Hack: What’s Going On?

In the aftermath of the $230 million hack, the WazirX crypto exchange has gradually recovered, offering slight relief to users. The exchange kickstarted its first phase of withdrawals, allowing users access to 66% of their INR balances. However, the remaining 34% of the assets are currently frozen, leaving users stranded.

The exchange and its founder Nischal Shetty assured users of a plan in action for the recovery of frozen funds. Besides, the current 66% INR balance settlement by WazirX is revealed to take place over a duration of two weeks.

The exploitation attack has presented WazirX with quite a setback while, CoinDCX continues to cement its position across the crypto industry.