Blockchain
CoinDCX To Expand Okto Ecosystem With In-House Blockchain And Token
Two years after entering the decentralized finance (DeFi) realm with Okto Wallet, Indian cryptocurrency exchange CoinDCX is gearing up to introduce an in-house blockchain and token, signaling a strategic move to bolster DeFi adoption within the country.
Dubbed ‘Okto Chain,’ this blockchain will empower developers to seamlessly integrate Web3 functionalities into their applications, simplifying the process with a unified platform. By serving as an orchestration layer, Okto Chain aims to streamline the development of advanced Web3 apps, sparing developers the complexities inherent in the blockchain ecosystem.
Furthermore, the platform will furnish developers with accessible software development kits (SDKs) and pre-built blocks, enabling swift integration of Web3 rails, protocols, and chains into their applications.
CoinDCX emphasized that Okto Chain will be underpinned by the $OKTO token, which will play a pivotal role in ensuring network security and fostering network expansion.
In a bid to incentivize early adopters, CoinDCX has introduced the Okto points program, rewarding users for their on-chain transactions. Existing self-custody wallets have received bonus points, while users conducting trades on other centralized exchanges stand to earn bonus points by transitioning assets to the Okto wallet. Additionally, up to 7% of $OKTO tokens will be distributed to early users through an airdrop campaign.
This initiative builds upon CoinDCX’s earlier foray into the DeFi landscape with the launch of the fully native Okto app in 2022. Boasting access to over 100 decentralized apps (dApps) and 20+ blockchains, the Okto Wallet app has already garnered over 1 million users, with over 20 dApps building on its foundation.
According to Neeraj Khandelwal, co-founder of CoinDCX and Okto, what initially began as Okto Wallet has evolved into a comprehensive Okto ecosystem. Khandelwal emphasized the importance of simplifying user interactions in the Web3 space, particularly amid the burgeoning multichain landscape. Okto Chain aims to address this challenge by offering chain abstraction, thereby enhancing front-end usability and enabling rapid development of Web3 applications.
This development unfolds against the backdrop of regulatory uncertainty and heightened taxation within the crypto sector. While regulatory pressures have prompted some players to exit the Indian market, CoinDCX remains committed to innovation and user security, exemplified by its recent investment in crypto taxation platform KoinX.
Source: startupnews.fyi
The post CoinDCX To Expand Okto Ecosystem With In-House Blockchain And Token appeared first on HIPTHER Alerts.
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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