CoinDCX Integrates Transak into Okto Wallet, Expanding Global Crypto Access to Over 155 Countries
Summary:
CoinDCX, a top Indian cryptocurrency exchange, incorporates on-ramp platform Transak into Okto, its self-custody wallet. The integration expands Okto's support from 60 to over 155 countries, allowing users to buy cryptocurrencies like Bitcoin directly through Okto using various global currencies. Transak is the only on-ramp solution on Okto, supplementing the earlier option of transferring crypto from external wallets like MetaMask. While Transak supports about 160 tokens, Okto can store over 1,000 tokens across different chains, potentially up to 3,000 as clarified by an Okto spokesperson.
CoinDCX, a leading cryptocurrency exchange in India, is enhancing its self-custody wallet, Okto, by linking it with renowned on-ramp platform Transak. Okto, a multi-chain crypto wallet debuted by CoinDCX in August 2022, has now integrated Transak to augment the wallet's global reach — a development revealed to Cointelegraph on October 5. The integration with Transak is now live on Okto.
The integration with Transak has broadened Okto's coverage from an initial base of 60 countries to over 155 jurisdictions, as disclosed by Neeraj Khandelwal, co-founder of CoinDCX and Okto. The partnership allows Okto users to acquire cryptocurrencies like Bitcoin directly via Okto, using numerous global currencies such as the U.S. dollar, Euro, and Hong Kong dollar among others.
Transak is the first and currently the sole onboarding solution to be launched on Okto, indicated Khandelwal. Until this development, users were only able to transfer cryptocurrencies onto Okto from other external wallets, such as MetaMask. "Post integration with Transak, our users can effortlessly switch from fiat to cryptocurrency within the app itself. Prior to this, moving funds from another decentralized wallet, like MetaMask, was the only way," elaborated Khandelwal.
Although Transak supports approximately 160 tokens, Okto allows storage of over 1,000 tokens from various chains such as Polygon, Fantom, and Avalanche per the wallet's description on Apple Store. However, an Okto spokesperson clarified that the wallet can accommodate up to 3,000 tokens.
Despite Okto's formal announcement of the Transak integration now, the onboarding process actually commenced a few months earlier. In fact, as early as August 2023, some Indian users reported encountering issues with Transak as Okto began testing the on-ramp solution. "The integration process kicked off in April 2023," a company spokesperson informed Cointelegraph.
Transak, a prominent Web3 payment and onboarding infrastructure provider, seeks to bridge traditional finance with digital assets. Its on-ramp solution is popular across the crypto industry, with major platforms such as MetaMask, Coinbase, and PancakeSwap utilizing its services.
Transak recently announced its integration with the Tonkeeper wallet from The Open Network (TON), marking Transak's first foray into the TON ecosystem. This enables wallet users to purchase TON's crypto, Toncoin, directly using fiat currency from over 150 countries.
Published At
10/5/2023 1:30:26 PM
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