Okto Secures Business License in UAE, Paving the Way for International Expansion
Okto, a self-custodial crypto wallet developed by Indian crypto exchange CoinDCX, has made a significant milestone in its plans for global expansion. The company has secured a business license in Ras Al Khaimah (RAK) city, UAE, allowing it to tap into the region’s vibrant digital assets ecosystem.
The RAK Digital Assets Oasis (RAK DAO) is the world’s first and only free zone dedicated to supporting businesses in the digital assets sector. This partnership will grant Okto access to a comprehensive range of provisions, including the ability to open bank accounts, obtain office workspaces, and access funding opportunities. Additionally, entrepreneurs in the Web3 sector can benefit from residency visas and blockchain resources to grow their operations.
Okto’s Co-Founder, Neeraj Khandelwal, expressed confidence that this milestone will accelerate the adoption of Web3 among the mainstream audience. “Okto has already onboarded more than a million users in one year. This business license will add another layer of confidence and trust to our users,” he said.
The self-custodial crypto wallet platform, launched in 2022, utilizes multi-party computation (MPC) technology, artificial intelligence (AI), and multi-factor authentication to ensure the security of user assets. With its business license in place, Okto will be able to explore the potential of the UAE’s Web3 sector, supporting blockchains such as Ethereum, Base, BSC, Arbitrum, Solana, and Polygon.
In a bid to increase its global footprint, Okto teamed up with Transak in October last year, allowing users to access its platform across 60 countries and 155 jurisdictions. Transak is a developer integration toolkit that enables users to buy and sell crypto in any app, website, or web plugin.
The growing awareness of the importance of self-custody following recent high-profile hacks on crypto exchanges, such as WazirX, has led to increased interest in Okto’s self-custodial approach. With its new business license in place, Okto is well-positioned to capitalize on this trend and continue to drive the adoption of Web3 technology globally.
