CoinDCX, one of the leading cryptocurrency exchanges in India, is expanding its self-custody wallet called Okto by integrating the on-ramp platform Transak. This integration is aimed at scaling the wallet’s global support, according to CoinDCX and Okto co-founder Neeraj Khandelwal.
The integration of Transak into the Okto wallet allows users to buy cryptocurrencies like Bitcoin (BTC) directly on the platform using a wide range of fiat currencies such as the US dollar, euro, Hong Kong dollar, and more. Prior to this integration, users had to transfer funds from another decentralized wallet like MetaMask. With the introduction of Transak, fiat-to-crypto conversions can now be seamlessly executed within the Okto app.
The integration has significantly expanded the Okto wallet’s reach, boosting the number of supported countries from 60 to 155 jurisdictions. This means that users from around the world can now take advantage of the Okto wallet’s features and services. Furthermore, Okto supports over 1,000 tokens across multiple chains, including popular ones like Polygon, Fantom, and Avalanche. Users can now have up to 3,000 tokens in their Okto wallets, providing them with a versatile and convenient storage solution for their digital assets.
The process of integrating Transak into Okto began in April 2023, and after months of testing and fine-tuning, the official rollout to all customers took place in mid-September. During the testing phase, some Indian users reported encountering issues with Transak as they were trying out the on-ramp solution. However, CoinDCX assured that these issues have been addressed and resolved.
Transak is a globally recognized payment and onboarding infrastructure provider in the Web3 ecosystem. It acts as an on-ramp solution for several prominent platforms, including MetaMask, Coinbase, and PancakeSwap. The integration with the Okto wallet further strengthens Transak’s position in the cryptocurrency industry, allowing more users to easily access and utilize its services.
In addition to the integration with Okto, Transak recently made headlines by announcing its entry into The Open Network’s (TON) ecosystem. Through an integration with the Tonkeeper wallet, Transak now enables users to buy TON directly with fiat from over 150 countries. This expansion into the TON ecosystem further demonstrates Transak’s commitment to providing global accessibility to digital assets.
As the cryptocurrency market continues to evolve and gain mainstream adoption, platforms like Okto and Transak play a vital role in providing users with secure and user-friendly solutions for buying, storing, and managing cryptocurrencies. The integration between these two platforms opens up new possibilities for users, making the process of buying and storing cryptocurrencies more streamlined and convenient.