Indian Self Custodial Okto Wallet Gets License in Ras Al Khaimah in the UAE
Okto, the self-custodial crypto wallet developed by Indian crypto exchange CoinDCX, has obtained a business license in the UAE city of Ras Al Khaimah (RAK). This marks a crucial milestone in Okto’s plans to expand into international markets, starting with the UAE, the company said on Tuesday. The reason why this license is significant is because RAK has established the world’s first and only Free Zone dedicated to supporting and nurturing businesses working with digital assets – the RAK Digital Assets Oasis (RAK DAO).
In 2022, CoinDCX launched Okto as a fully native DeFi (decentralized 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 its business license in RAK, Okto will have access to the extensive set of provisions that the RAK DAO has put in place to support the growth of Web3 companies. In its official websiteThe free zone said it helps Web3 companies open bank accounts, obtain office space and access opportunities to secure financing. Web3 entrepreneurs can also obtain residence visas and blockchain resources to grow their businesses.
“Okto has onboarded over a million users in just one year. This enterprise license will add an extra layer of trust and assurance to our users. We are confident that this milestone will accelerate the adoption of Web3 among the mainstream,” Okto co-founder Neeraj Khandelwal said in a prepared statement.
This license gives Okto the opportunity to explore the potential of the UAE’s Web3 sector. The platform allows users to set up new self-custody wallets, import existing wallets, and export their self-custody wallets to alternative software platforms. The blockchains that Okto supports include Ethereum, Base, BSC, Arbitrum, Solana, and Polygon.
In October of last year, Okto partnered 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.
Given the increase in hacks on crypto exchanges (WazirX was the company most recently affected), the discussion about the importance of investors keeping their assets in-house has also gained momentum among members of the global crypto community.
