Coinbase Ventures-backed DeFi wallet app Okto has allotted a $5 million treasury fund to attract users of Singapore-based crypto-exchange Vauld, which suspended trading, withdrawal, and deposit activities on its platform.
Okto said it has introduced a 2 per cent bonus for users who choose to transfer their assets from Vauld to Okto.
Vauld had suspended operations in July last year.
“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,” said Neeraj Khandelwal, Founder at Okto.
Okto is a keyless, self-custody Web3 wallet that provides access to DeFi services and ensures the safety of users’ funds.
The company said it removes the risk of a single point of failure using custom-built, consensus-driven Multi-Party Computation (MPC) technology.
Private keys used to access and control funds are never fully exposed with MPC, which ensures that users’ funds remain secure.
“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 unique sensitive material on each node,” said Vivek Gupta, Chief Technology Officer (CTO) at Okto.
The company is backed by investors such as Steadview, BCap, Coinbase Ventures, Pantera, and Bain Capital Ventures, among others.
First Published: Nov 6 2023 | 8:17 PM IST
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