Okto, a self custodial wallet by CoinDCX has received a business license from RAK DAO. RAK Digital Assets Oasis or RAK DAO is the world’s first Free Zone dedicated to digital assets. Okto has become the first Web3 wallet to secure this license. Let’s explore the significance of this license and why this is a huge achievement for Okto.
What Does This Mean for Okto
Getting a business license from RAK DAO is not an ordinary thing. With this License in hand, the self custodial gains enhanced operational capabilities and regulatory compliance. The self custodial wallet has already onboarded over a million users in a small span of one year. Getting this license will boost the trust and confidence of these users. This license also makes Okto a leader in the Web3 space and allows it to expand its services globally while ensuring highest standards and security. The Co-founder of CoinDCX and Okto wallet, Neeraj Khandelwal shared an X thread with the details of this license acquisition and its benefits for all.
What is RAK DAO
RAK Digital Assets Oasis is a leading initiative by the government of Ras-Khaimah in the UAE. It is the only free zone in the world, designed to support and nurture companies in the crypto space. This zone provides a business friendly environment with tax benefits, smooth regulatory support and world class infrastructure. All these things make Okto and RAK DAO ideal partners as both seek to drive innovation.
Impact on Users and Developers
Okto acquiring this license also means a great deal for its users. They will get enhanced features, improved security and another layer of commitment that their digital funds are safe. Developers using the Okto SDK will receive increased support and opportunities. It will enable them to create more advanced applications. This license strengthens the market position of Okto, making it a more reliable and innovative platform in the blockchain sector. The Web3 wallet organization has provided full details of license and their future plans in its official blog post.
Okto’s Future Plans
With the business license from RAK DAO, Okto is poised for growth. The company plans to expand its global user base as well as launch new features for its Web3 wallet. They want to invest in research and development to stay ahead and become a true leader in blockchain innovation. Okto’s achievement in securing this business license is a pivotal moment in its journey. This milestone not only validates Okto’s efforts but also sets stage for its future growth. As the platform keeps growing and pushes boundaries of what’s possible in blockchain, the future of Web3 is bright with such platforms.
