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Leading Indian cryptocurrency exchange CoinDCX is enhancing its self-custody wallet, Okto, by incorporating the prominent on-ramp platform Transak.
Launched by CoinDCX in August 2022, Okto is a multichain cryptocurrency wallet that has now integrated the Transak platform to broaden the wallet’s global reach, as announced by the firm to Cointelegraph on Oct. 5. The integration is available for immediate use on Okto, the company reported.
With this new integration, the Okto wallet has expanded its support from the previous 60 countries to 155 jurisdictions, as stated by CoinDCX and Okto co-founder Neeraj Khandelwal.
By incorporating Transak, Okto now enables users to purchase cryptocurrencies such as Bitcoin (BTC) directly within the wallet, utilizing a wide array of fiat currencies, including the U.S. dollar, the euro, the Hong Kong dollar, and others.
Khandelwal pointed out that Transak is the first and currently the sole on-ramp solution available on Okto. Before this integration, users could only send crypto to Okto by transferring digital currency from an external wallet like MetaMask, Khandelwal explained, commenting:
“The integration of Transak now allows users to effortlessly convert fiat to crypto directly within the app. Before this integration, users had to move funds from another decentralized wallet, such as MetaMask.”
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While Transak supports around 160 tokens, Okto provides users the ability to store over 1,000 tokens across various chains, including Polygon, Fantom, Avalanche, and others, according to the app’s description on the App Store. However, as per Okto’s representative, the wallet can accommodate up to 3,000 tokens for users.
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Although Okto announced the news regarding Transak support on Oct. 5, the rollout of the on-ramp solution began several months earlier. Some online users in India reported experiencing issues with Transak as early as August 2023 while Okto was testing the on-ramp solution. “The integration process started in April 2023,” a spokesperson for the firm told Cointelegraph, adding that the official rollout to all customers took place in mid-September.
Transak is a global Web3 payment and onboarding infrastructure provider that aims to bridge traditional finance and digital assets. It is a well-known on-ramp solution within the cryptocurrency sector, with platforms like MetaMask, Coinbase, and PancakeSwap leveraging its services.
Earlier this week, Transak announced a partnership with The Open Network’s (TON) wallet known as Tonkeeper. This development marked Transak’s entry into the TON ecosystem, allowing the wallet to purchase Toncoin (TON) directly with fiat from over 150 countries.
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