to establish a broader footprint in the global Web3 space.
This comes at a time when the sector is facing turbulence due to regulatory clampdowns, probes by the Directorate of Enforcement, and the overall crash in the crypto market.
CoinDCX, which was last valued at $2.15 billion, has launched DeFi app Okto, a keyless self-custodial wallet that allows users access to over 100 decentralised apps.
It has opened a waitlist to users in India accessible on CoinDCX Pro, the company’s trading product for advanced traders. Okto will be a separate mobile application in other countries.
The offerings will provide access to an array of Web3 applications ranging across DeFi, nonfungible tokens (NFTs), synthetics, cross-chain bridges among other things.
“We are not specifically focusing on one country or one geography for this. Anyone who wants to interact with DeFi, NFTs but was not able to do it in the past because of the complexities around the process would be able to use it,” cofounder Sumit Gupta told ET.
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CoinDCX was founded in 2018 by Gupta and Neeraj Khandelwal, and helped people buy and sell crypto tokens.
Ever since the introduction of the latest tax on Virtual Digital Assets (VDAs) – which coincided with a bear market for cryptocurrencies – where users will have to pay 30% tax on gains and 1% tax deducted at source (TDS) on the sale of VDAs, volumes on crypto exchanges in India have been trending at all-time lows compared to last year.
“I think in terms of the environment, there is some slowdown, and it is largely because of the TDS implication and because of the recent news in the industry,” Gupta said, referring to the investor sentiment. “If you look at the tax guideline, it is more on the trading side where there is an exchange or transfer of assets. But because certain activities, such as staking on Okta, are not trading, the 1% TDS may not be applicable,” he said.
In its bid to diversify beyond exchange services, CoinDCX earlier this year launched its corporate venture arm, CoinDCX Ventures, to back early-stage web3 and blockchain startups.
The platform also shared its long-term goal to accelerate the adoption of decentralised blockchain economy for mass market consumers.
Gupta said India had the largest number of web3 developers, despite the tough environment, and about 25 million web3 users.