Major Indian cryptocurrency exchange CoinDCX is expanding its self-custody wallet Okto by integrating major on-ramp platform Transak.
Okto wallet, a multichain cryptocurrency wallet launched by CoinDCX in August 2022, has integrated the Transak platform to scale the wallet’s global support, the firm announced to Cointelegraph on Oct. 5. The integration is immediately available on Okto, the company said.
With Transak's incorporation, the Okto wallet has increased the number of previously supported 60 countries to more than 155 jurisdictions, CoinDCX and Okto co-founder Neeraj Khandelwal said.
By integrating Transak, Okto now specifically allows users to buy cryptocurrencies like Bitcoin (BTC) directly on Okto, using a large number of fiat currencies, including the U.S. dollar, the euro, the Hong Kong dollar and others.
Transak is the first and currently the only on-ramp solution introduced on Okto, Khandelwal noted. Prior to this integration, the only way of sending crypto to Okto was by sending the digital currency from an external wallet like MetaMask, Khandelwal added, stating:
“The integration of Transak now allows users to seamlessly convert fiat to crypto right within the app. Prior to this integration, users had to transfer funds from another decentralized wallet, such as Metamask.”
While Transak supports around 160 tokens, Okto allows users to store more than 1,000 tokens across multiple chains, including Polygon, Fantom, Avalanche, and others, according to the app’s description on the Apple Store. However according to Okto’s spokesperson, the wallet allows users to have up to 3,000 tokens on the wallet.
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While Okto announced the news about Transak support today, the process of rolling out the on-ramp solution started a few months ago. Some online users in India reported having issues with Transak as early as August 2023 as Okto was testing the on-ramp solution on its platform. "The process of integrating began in April 2023," a spokesperson for the firm told Cointelegraph, adding that the official rollout to all customers occurred in mid-September.
Transak is a global Web3 payment and onboarding infrastructure provider, aiming to connect the traditional finance and digital assets. Transak is a popular on-ramp solution in the cryptocurrency industry, with platforms like MetaMask, Coinbase and PancakeSwap utilizing its services.
Earlier this week, Transak announced integration with The Open Network's (TON) wallet known as Tonkeeper. The event marked Transak's entry into the TON ecosystem, enabling the wallet to buy Toncoin (TON) directly with fiat from more than 150 countries.
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