Okto, the self custody wallet created by India’s CoinDCX crypto exchange which already has 1 million users, has secured a business license within the UAE through the RAK Digital Assets Oasis.
As per the blog post, Okto stated, that this is a significant milestone that underscores their commitment to compliance and operational excellence and marks a new chapter in their journey to democratize blockchain technology.
RAK Digital Assets Oasis is an initiative by the government of Ras Al-Khaimah, designed to foster innovation in digital assets, Web3, and AI. RAK DAO’s mission is to create a robust ecosystem that supports developing and adopting cutting-edge technologies. By providing operational clarity, RAK DAO plays a crucial role in positioning Ras Al-Khaimah as a global hub for digital innovation.
The license will enable a broader reach for Okto wallet. It will also bring new user benefits and improved services and security.
The business license will allow them to offer more robust tools and resources for developers, helping them create cutting-edge applications with ease. The blog post also notes that it will strengthen their platform.
The company plans to launch new features such as enhancing the Okto Wallet and Web3 SDK.
On X Neera Khandelwa, Co Founder of Coindex noted, “Thrilled to share that Okto has secured an operational license from RAK Digital Assets Oasis the world’s first Free Zone dedicated to digital assets! This milestone makes Okto the first Web3 wallet to achieve such a license, marking a significant step in our mission to democratize blockchain technology and foster Web3 adoption.”
In July 2024, CoinDCX acquired UAE based BitOasis crypto exchange, which according to Bloomberg could add $50 million in revenues to Coin DCX as it expands into the MENA region with the acquisition.
Established in 2018, CoinDCX has a user base of over 15 million, offers access to over 500 crypto assets, and facilitates average quarterly trading volumes exceeding $840 million in spot in 2024 while BitOasis established in 2016, holds over 60 tokens with fiat currencies such as AED, SAR, and USD and has processed over $6 billion in trading volume.
