CoinDCX Completes Transak Integration for Supporting Fiat-to-Crypto Transfers

Despite the pitched battle to provide regulatory clarity on digital assets, India has witnessed high adoption of crypto assets. CoinDCX, the leading crypto exchange in India, revealed plans to broaden its product offering.

The crypto exchange plans to invest heavily in integrating on-ramp platforms into its Transak toolkit. The report indicated that nurturing the CoinDCX on-ramp platforms will strengthen its self-custody wallet, Okto.

CoinDCX Expands its Self-Custody Wallet to over 150 Countries

Initially, the Okto is a multichain wallet built on the decentralized finance (DeFi) platform to improve the reliability and accessibility of Web3 services. Since its inception in 2022, the Okto platform has experienced significant developments to widen its use case across the globe.

On Thursday, October 5, the CoinDCX team integrated the Transak platform onto the Okto wallet. This development aimed at supporting CoinDCX to support the wallet in gaining dominance in the crowded crypto market quickly.

In a blog post, the CoinDCX team was pleased to announce the successful integration of Transak on the Okto wallet. Besides the integration, the CoinDCX team stated that the Okto wallet will be available to around 155 countries.

Speaking exclusively to local media, Neeraj Khandelwal, the co-founder of CoinDCX, noted that the Okto wallet will be available to more users. He pointed out that integrating Transak into the wallet will improve the buying and selling of crypto assets on the Okto platform.

The executive explained that CoinDCX’s latest development will enable users to transact using the local fiat currency. Currently, the Okto platform has increased the number of fiat currencies available.

CoinDCX Intergrates Transak on Okto Wallet

Khandelwal confirmed that CoinDCX customers can now trade their crypto assets using US dollar, Euro, Hong Kong dollar and other currencies. The executive described the integration of Transak on a multichain wallet as a significant milestone for CoinDCX to attain desired global financial inclusivity.

Initially, the Okto wallet was only available in 60 countries and had limited use of certain currencies. The executive noted that initially, the users were forced to transfer their digital assets through external wallets such as MetaMask.

He argued that the need to provide users with fast and reliable transaction challenged the firms to invest in integrating Transak on Okto wallet. The official noted that CoinDCX development was the first intergration on Transak platform. Khandelwal was pleased to state that users can now transfer their fiat to crypto effortlessly through the Okto application.

The CoinDCX spokesperson told the media that the latest integration on the Okto platform allows users to store over 3000 tokens. Initially, the Transak platform can support approximately 160 tokens, while the Okto wallet can support over 1000 tokens in multiple chains.

The spokesperson confessed that the integration of on-ramp services started in early April. In the development stage of Transak intergration, the spokespersons regretted that some users experienced technical issues.

However, early last month, the spokesperson revealed that the team behind the integration of Transak were finalizing the project. At that time, the spokesperson noted that the Transak services were partially available on the Okto wallet.

He observed that the Transak services have gained popularity in bridging the gaps between traditional finance and the crypto sector. The report indicates that the Transak services are available on MetaMask, PancakeSwap and Coinbase. A few days ago, The Open Network (TON) integrated Transak on its wallet Tonkeeper. This integration enabled TON users from over 150 jurisdictions to purchase digital assets using fiat currencies.

Leave a Reply

Your email address will not be published. Required fields are marked *