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

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As a seasoned researcher who has closely followed the dynamic world of cryptocurrencies for years now, I find myself impressed and intrigued by the recent developments in the Indian crypto sector. CoinDCX’s achievement of securing a business license from RAK Digital Assets Oasis is indeed a significant step towards fostering Web3 adoption. It’s not every day that we witness a self-custodial wallet becoming the first to achieve such a feat!

Indian crypto exchange leader CoinDCX has made history with its self-custodial wallet, Okto. The digital currency company announced today that they have obtained a business license from RAK Digital Assets Oasis, the globe’s unique free zone designed for digital asset businesses. This move signifies an innovative first, making Okto the initial Web3 wallet to achieve such recognition.

CoinDCX Secures Business License From RAK Digital Assets Oasis (RAK DAO)

Based on an announcement made by Okto on August 27, their Web3 wallet has obtained a business license from RAK DAO, signaling a significant advancement in promoting the use of Web3 technology. Okto is a user-friendly digital asset management tool designed to handle and organize assets across over ten EVM and non-EVM blockchain networks.

As a proud co-founder of CoinDCX & Okto, I’m thrilled to share that we’ve been granted a business license from RAK Digital Assets Oasis. The self-custody concept is truly revolutionary, empowering our users with full ownership of their assets.

With this new move, the Indian exchange is increasing its influence in the cryptocurrency industry. It’s also worth noting that CoinDCX bought Dubai-based crypto exchange BitOasis earlier this year to expand into the Middle East and North Africa region. Lately, the Indian exchange has made significant strides, growing in popularity across a wider market.

Significantly, CoinDCX has gained prominence within India’s cryptocurrency scene, with WazirX’s reputation seemingly diminishing. The exchange, led by Nischal Shetty, previously experienced a cyber attack that resulted in a loss of approximately $230 million worth of users’ assets. This incident and the subsequent fallout from the crypto community have had a significant impact on WazirX’s standing.

WazirX Hack: What’s Going On?

Following the $230 million cyber attack, the WazirX cryptocurrency platform has been making a gradual comeback, providing some comfort to its users. The exchange initiated its initial stage of withdrawals, enabling users to access 66% of their Indian Rupee (INR) balances. Unfortunately, the remaining 34% of their assets are temporarily unavailable, leaving users in a precarious position.

1. Nischal Shetty, the founder of the exchange, has promised an active strategy to retrieve users’ stranded funds. Additionally, it has been disclosed that the 66% INR balance settlement conducted by WazirX will extend over a period of two weeks.

WazirX suffered a significant setback due to a security breach (exploitation attack), whereas CoinDCX maintains its dominance within the cryptocurrency sector.

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2024-08-27 13:08