Okto, a DeFi wallet app with investments from Steadview, BCap, Coinbase Ventures, Pantera, Bain Capital Ventures, and others, announces a $5 million treasury fund to aid Vauld users, demonstrating its commitment to fostering trust in the crypto community. Singapore-based crypto exchange, Vauld, recently suspended all trading, withdrawal, and deposit activities, and Okto stepped up to assist Vauld users. As part of this initiative, Okto introduces an exclusive 2 per cent bonus for users opting to transfer their assets from Vauld to Okto.
In addition to this offer, Okto brings a unique Self-Custody Assurance to its users, prioritizing their control over their assets. With this wallet, users gain complete ownership of their private keys, ensuring that only they have access to their funds. Moreover, users can have 24x7 access to monitor their assets, providing peace of mind and control over their crypto holdings.
Founder of Okto, Neeraj Khandelwal, shared the company's broader vision, saying, "While this $5 million fund represents one of our initiatives to support the crypto ecosystem, our overarching vision is to empower the Web3 community through cutting-edge technology-backed platforms and apps designed to tackle the broader challenges within the ecosystem. The concept of self-custody is revolutionary as it grants complete ownership of assets to the users. Okto was founded with a clear mission: to address the intricate balance between security, convenience, and custody, ultimately resolving the crypto wallet trilemma. Okto's enduring mission has been to provide users with a secure and user-friendly app, and we will persistently strive to achieve this objective."
Okto, launched globally early this year, is a keyless, self-custody Web3 wallet that provides secure access to DeFi services, ensuring the safety of users' funds. The all-in-one Web3 app eliminates the need for safeguarding seed phrases, ensuring full control of funds with the user.
It also removes the risk of a single point of failure using state-of-the-art, custom-built, consensus-driven Multi-Party Computation (MPC) technology. With MPC, private keys used to access and control funds are never fully exposed, ensuring that users' funds remain secure at all times.
“Okto prioritises users' self-custody above all else. Okto uses state-of-the-art Multi-Party-Computation algorithms to create users' private keys. Our MPC algorithm never produces a complete private key. Our MPC algorithm uses three nodes that communicate with each other under proprietary encryption channels and create a unique sensitive material on each node. The MPC algorithm uses a homomorphic encryption scheme to securely communicate with each other and perform signing operations using the sensitive material and the hash of the transaction, making it the most secured wallet in the world. ”, adds Vivek Gupta, chief technology officer of Okto.
The wallet supports multiple protocols, and has successfully integrated with Web3 chains like Polygon, BSC, and Avalanche, as well as protocols like Stader and WooFi, among others, enabling users to access a wider range of DeFi services and opportunities, the company said in its statement.