Okto Wallet Goes Global: Introduces In-built AI-Driven Multi-Factor Authentication – A First in the DeFi Self-Custodial Wallet Space

Press Releases
Press Releases
  • The Made-in-India Okto App is being launched globally, reinforcing India’s potential to lead the Web3 innovation.
  • A first-ever in the industry, Okto provides unparalleled security to its self-custodial wallet with patent-pending AI-based technology, protecting users from DeFi wallet compromises and frauds.
  • In order to achieve mass adoption of DeFi and self-custody, Okto brings in best customer experience and DeFi earn opportunities via native integration of multiple protocols within the app, offering double-digit returns on top tokens such as ETH, Matic, and USDT
  • Okto has built in many optimisations to handle various failure scenarios and achieve a near 100% transaction success rate

Mumbai, May 23, 2023 – Okto, the first-of-its-kind Defi wallet app, is thrilled to announce its worldwide launch. Made in India, Okto has leveraged the industry knowledge of its Indian partner CoinDCX, India’s largest crypto exchange. This keyless, self-custody Web3 wallet provides secure access to DeFi services, ensuring the safety of users’ funds. Okto introduces AI-based Multi-Factor Authentication, a breakthrough technology that promises to revolutionize the security of self-custodial DeFi wallets. The wallet is designed to empower users to swap thousands of tokens and earn from vetted DeFi opportunities, all while ensuring a seamless user experience.  

By combining security, accessibility, and ownership, Okto marks a new era for the world of DeFi. 

Okto brings the best of DeFi technology built to match global standards for users around the world. Backed by investors like Coinbase Ventures, Bain Capital and Pantera, Okto has the relevant safety and compliance standards, along with a deep tech expertise in its DeFi App.

Okto Wallet stands out for its robust features that tackle the security challenges present in the DeFi space. The new security layer for the Okto Wallet uses advanced cognitive AI technology for adaptive and continuous authentication. By monitoring user activities in real-time, the system can identify any questionable activity to protect the user against any potential misuse. This real-time security check is completed within microseconds without any intervention from the user, ensuring a level of speed and efficiency that cannot be achieved manually.

The all-in-one Web3 app eliminates the need for safeguarding seed phrases ensuring full control of funds with users. It also removes the risk of single point of failure using state-of-the-art, custom-built, consensus-driven Multi-Party Computation (MPC) technology. With MPC, private keys used to access and control funds are never fully exposed, ensuring that users’ funds remain secure at all times.

“We are excited about the constantly evolving AI technology and the endless possibilities it presents in the Web3 space. With our innovative security feature backed by AI, we aim to increase user confidence and trust in self-custodial wallets. We have filed for a patent for this technology in India and will take it up in other relevant jurisdictions in due course,” said Neeraj Khandelwal, Cofounder, Okto & CoinDCX.

“Self-custody as a concept is revolutionary as it grants complete ownership of assets to the users. However, the safety and security of users’ wallets still remain a paramount concern amidst growing cybersecurity threats. It’s not enough to provide people with the key; their wallets must also be secure. With this pioneering AI-driven security feature, we are confident that Okto will elevate DeFi security to a new level, thus accelerating adoption for mainstream users,” added Neeraj.

Apart from robust security measures, Okto has built in many optimisations to handle various failure scenarios and achieve a near 100% transaction success rate. The wallet also provides a seamless user experience by abstracting the complexities of DeFi through cross-chain algorithms. It allows users to easily pay gas fees in any token, making transactions more convenient and efficient. This is enabled by an in-built gas optimisation service operating across chains.

Regarding Okto, Gaurav Arora, SVP of DeFI Initiatives, stated, “Okto is one of the few global apps that offer access to thousands of tokens on multiple chains within a single mobile app. With seamless access to a wide range of tokens across multiple chains, users can trade across different chains, pay gas fees in any token, and enjoy convenient and efficient transactions. Okto’s user interface is designed to make it easy for even novice users to explore various opportunities across pools on a single app, making it a powerful tool for navigating the world of decentralized finance.”

The wallet supports multiple protocols, and has successfully integrated with Web3 chains like Polygon, BSC, and Avalanche, as well as protocols like Stader and WooFi, among others, enabling users to access a wider range of DeFi services and opportunities. One of Okto’s key features is its Earn functionality, which allows users to earn returns on their existing tokens by adding them to liquidity pools and staking, providing a passive income stream. The Swap feature enables easy and hassle-free trading between different tokens supported by a user-centric design. In addition, Okto offers boosted APYs on selected assets, providing users with enhanced earning opportunities.

To commemorate the milestone, Okto announced an exclusive ‘Okto OGs’ NFT collection as a gesture of gratitude towards early Okto believers. The NFT collection will grant access to a comprehensive range of rewards curated by Okto, with eligible users who possess an Okto wallet as of June 15, 2023, receiving the NFT via an airdrop by the end of June 2023.

“The global launch of Okto reinforces the belief that India is poised to emerge as a key player in the Web3 ecosystem. India has been witnessing a surge in blockchain technology and crypto adoption in recent years, with a growing number of Web3 and blockchain startups and development communities. With the launch of Okto, India is showcasing its potential to lead the way in DeFi innovation and contribute significantly to the Indian economy. It is projected that India could potentially add $1.1 trillion to its economy by leveraging the opportunities offered by Web3,” says Neeraj.

Okto is now available for download on Playstore for Android users.

About Okto:

Okto is a secure multi-chain DeFi app owned by Primestack Pte Ltd. Okto  offers a keyless, self-custody wallet. It aims to simplify the world of decentralized finance (DeFi) by providing a secure, user-friendly, and innovative solution for managing digital assets. Okto utilizes Multi-Party Computation (MPC) technology to ensure security for users’ assets. But what really sets Okto apart is patent-pending AI-based Multi-Factor Authentication, a breakthrough technology that promises to revolutionize the security of self-custodial DeFi wallets. With support for multiple chains and access to over 100 protocols, Okto offers a seamless experience for users to participate in various DeFi activities. 

Okto is backed by investors such as Coinbase ventures and Bain Capital Ventures. 

For more information, visit okto.tech