Okto Commits $5 Million Treasury Fund to Support Vauld Users and Reinforce Trust in the Crypto Community

• Solidarity with the community: Transferring funds from Vauld to Okto comes with exclusive benefits as users can enjoy a 2% bonus on any amount they deposit when making the switch. While users have the flexibility to withdraw their funds at any time.
• Self-Custody Assurance: Okto offers Self-Custody Assurance, which emphasizes users’ control over their assets. This assurance is based on Okto’s self-custodial wallet, which grants users complete ownership of their private keys, ensuring that only they have access to their funds

Bangalore, November 06, 2023: Okto, the first-of-its-kind Defi wallet app backed by investors such as Steadview, BCap, Coinbase Ventures, Pantera, Bain Capital Ventures, among others has pledged a $5 million treasury fund to support Vauld users, demonstrating the company’s commitment to building trust within the crypto community. Vauld, a Singapore-based crypto exchange, recently suspended all trading, withdrawal, and deposit activities on its platform, and Okto is stepping forward to support the Vauld users. As a part of this initiative, Okto has introduced an exclusive 2% bonus for users who choose 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 24×7 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 prioritizes 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 which 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, Okto.

This is the stark difference with other MPC based wallets out in the market which uses Shamir Secret Sharing (SSS). SSS divides a full private key into multiple parts but for usage it has to recombine them which can lead to it being compromised. Okto’s MPC algorithm distributes the risk of private keys, providing no single point of failure.

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.

About Okto:

Okto is a secure multi-chain DeFi app that offers a keyless, self-custody wallet. It aims to simplify the world of decentralized finance (DeFi) by providing a secure, user-friendly, and innovative solution for managing digital assets. Okto utilizes Multi-Party Computation (MPC) technology to ensure security for users’ assets. But what really sets Okto apart is patent-pending AI-based Multi-Factor Authentication, a breakthrough technology that promises to revolutionize the security of self-custodial DeFi wallets.

With support for multiple chains and access to over 100 protocols, Okto offers a seamless experience for users to participate in various DeFi activities.This innovative super app offers an array of exclusive features, including the Quest Centre for curated quests and exclusive airdrops, a New Tokens Hub for fast access to the latest tokens and crypto, opportunities to earn passive income, and the ability to collect NFTs representing meaningful moments and experiences.

Okto is backed by investors such as Steadview, BCap, Coinbase Ventures, Pantera, Bain Capital Ventures, among others.

For more information, visit okto.tech