Quick take:
- CoinDCX has integrated the Transak toolkit to expand its self-custody services globally.
- The India-based crypto exchange’s Okto wallet will now be available in over 150 countries and jurisdictions.
- The integration allows Okto wallet users to buy crypto directly from their wallets using fiat currency.
CoinDCX is ramping up its self-custody wallet services with the integration of the Transak toolkit. This integration expands CoinDCX’s Octo wallet availability to 155 jurisdictions worldwide, up from the previous 60.
According to the announcement, Okto wallet users will now be able to buy cryptocurrencies directly from their wallets using fiat currency. Some of the supported fiat currencies include the US dollar, the euro and the Hong Kong dollar.
Transak is a developer integration toolkit that allows users to buy and sell crypto in any app, website or web plugin. Transak currently supports 170 cryptocurrencies and over 75 blockchains. Its developer toolkit is used across multiple segments of Web3, including wallets, blockchain games, non-fungible tokens (NFTs), and decentralised finance applications (DeFi).
According to Okto co-founder Neeraj Khandelwal, Transak is the first and currently the only on-ramp solution introduced on Okto, Cointelegraph reported.
“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,” Khandelwal said.
Self-custody wallets are increasingly becoming popular following the collapse of the crypto exchange company FTX last year. Exchanges are now taking measures to show fidelity of user funds, by embracing non-custodial wallet services.
Even mainstream financial services companies the UK’s Standard Chartered, Germany’s DZ Bank AG, and Paris-based BNP Securities Services have joined the bandwagon, as they look to give their clients access to crypto assets.
Some of these organisations have leveraged products to what Transak offers. The blockchain infrastructure company wants to connect traditional finance with digital assets, and some of the top players in the space including MetaMask, Coinbase and PancakeSwap have already integrated its toolkit.
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