FinTech news in Coinswitch Kuber category

CoinDCX on Friday launched Okto, a mobile platform that will host other decentralized apps and won’t require users to remember the long string of words as their passwords. Okto is aimed at helping the masses get exposure to web3, said Neeraj Khandelwal, co-founder of CoinDCX, in an interview. The startup has started to engage with developers around the world to onboard their apps onto Okto, he said. The new platform will support over 20 chains and more than 100 protocols and absolve all transaction fee across chains, he said.

India financial crime-fighting agency conducted searches at multiple premises of the Bengaluru-headquartered CoinSwitch Kuber on Thursday, alleging the crypto exchange startup violated forex laws, four people familiar with the matter told journalist. The government agency has performed over half a dozen probes into tech firms this year, including Chinese smartphone vendors Vivo, Oppo and Xiaomi and seized more than $1 billion of capital that it said firms had evaded in fraudulent tax computations. The Enforcement Directorate searched the office facilities and residences of some executives and also questioned many, including chief executive Ashish Singhal, two people said, requesting anonymity as the matter is private and sensitive. The agency believes that the Indian startup acquired shares of over $200 million in violation of local forex laws, a person familiar with the matter said.

The exchange, one of the largest in India and which also helps power the orderbook of rival Andreessen Horowitz-backed CoinSwitch Kuber (valued at $1.9 billion), is also exploring building a ventures arm, as is popular among other global exchanges such as Coinbase, FTX and Binance2, Gupta said, but it’s not something CoinDCX is planning to launch anytime soon, he suggested.