India's largest cryptocurrency exchange, CoinDCX, has obtained a business license from Ras Al Khaimah Digital Assets Oasis (RAK DAO) in the United Arab Emirates for its Web3 wallet, Okto. This milestone signifies a significant development as Okto becomes the first Web3 wallet to secure a business license in the UAE, allowing it to operate legally within the dedicated free zone for digital assets.
RAK DAO License Features
RAK DAO is recognized as the world's first and only free zone exclusively dedicated to supporting digital asset companies. The license allows Okto to operate legally within this unique zone, offering particularly favorable conditions for the development of digital assets.
Okto Wallet Development
Developed by CoinDCX, Okto is a Web3 wallet designed to simplify the storage and management of digital assets across various chains, including EVM and non-EVM chains. As a multichain DeFi wallet service, it offers a keyless, self-custody option for managing digital assets. Okto has gained significant traction, onboarding over a million users since its launch.
Founders' Views of CoinDCX
Commenting on the achievement, Neeraj Khandelwal expressed his gratitude for receiving the business license from RAK Digital Assets Oasis. He highlighted the importance of this milestone in building confidence and trust among the user base, as well as the potential to accelerate the adoption of Web3 among mainstream audiences. In June 2024, CoinDCX acquired Dubai-based digital asset custody provider BitOasis, which is part of its long-term plan to expand globally.
The acquisition of the RAK DAO business license for Okto is a pivotal step for CoinDCX in strengthening its global market position and increasing user trust.
Comments