Okto, a self-custodial wallet from 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 is 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?
Obtaining a business license from RAK DAO is not an ordinary thing. With this license in hand, the self-custodial wallet gains enhanced operational capabilities and regulatory compliance. The self-custodial wallet has already onboarded over a million users in a short span of one year. Obtaining this license will increase the trust and assurance of these users. This license also makes Okto a leader in the Web3 space and allows it to expand its services globally while ensuring the highest standards and security. CoinDCX and Okto wallet co-founder Neeraj Khandelwal shared an X-thread detailing this license acquisition and its benefits for everyone.
What is RAK DAO
RAK Digital Assets Oasis is a leading initiative by the Ras Khaimah government in the UAE. It is the world’s only free zone designed to support and nurture businesses in the crypto space. This zone offers a business-friendly environment with tax incentives, smooth regulatory support, and world-class infrastructure. All these things make Okto and RAK DAO ideal partners as both strive for innovation.
Impact on users and developers
Okto acquiring this license also means a lot to its users. They get enhanced features, improved security, and an extra layer of assurance that their digital funds are safe. Developers using the Okto SDK will get more support and opportunities. It will allow them to create more advanced applications. This license strengthens Okto’s market position, making it a more reliable and innovative platform in the blockchain sector. The Web3 wallet organization has provided full details of the license and their future plans in its official blog post.
Okto’s future plans
With the RAK DAO enterprise license, Okto is poised for growth. The company plans to expand its global user base and launch new features for its Web3 wallet. They are committed to investing in research and development to stay ahead of the curve and become a true leader in blockchain innovation. Okto’s achievement of obtaining this enterprise license is a pivotal moment in its journey. This milestone not only validates Okto’s efforts, but also sets the tone for its future growth. As the platform continues to grow and push the boundaries of what is possible in blockchain, the future of Web3 looks bright with platforms like this.