Okto Allocates $5 Million Fund to Entice Vauld Users to Join the Platform

Crypto news today:

 Okto is offering a 2% bonus to users who move their assets from Vauld to Okto.

Crypto news today by Cryptocrit

 

Okto is a non-custodial decentralized finance (DeFi) crypto wallet that allows users to store, manage, and earn passive income on their cryptocurrency assets. The wallet supports a wide range of tokens, including Bitcoin, Ethereum, and other popular altcoins. Recently, Okto has set aside a $5 million fund to attract users of the Singapore-based crypto-exchange Vauld. Vauld stopped trading, withdrawing, and depositing funds on its platform. Okto is offering a 2% bonus to users who move their assets from Vauld to Okto.

MPC algorithms create private keys for Okto users, and these keys are never fully exposed. Three nodes work together using encryption channels to create unique sensitive information on each node. This technology keeps users' funds safe.

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Okto is a secure wallet for Web3 that allows access to DeFi services while safeguarding users' funds. They use a technology called Multi-Party Computation (MPC) to eliminate the risk of a single point of failure, ensuring the security of funds. Okto has the backing of investors like Steadview, BCap, Coinbase Ventures, Pantera, and Bain Capital Ventures, among others.

Neeraj Khandelwal, Founder at Okto said "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.”