KEY TAKEAWAYS
- OKX launches OKX Pay, a crypto payment app designed to integrate cryptocurrency into daily life, offering a Web2-like experience on a Web3 platform.
- The app enhances self-custody by splitting private key management between the user and OKX, using zero-knowledge email recovery for easy wallet recovery.
- OKX Pay supports stablecoins like USDT and USDC, with zero transaction fees and instant settlement, aiming to simplify crypto payments.
- Future integrations with Mastercard and Stripe are planned to bridge the gap between crypto and traditional payment systems.
OKX has announced the launch of OKX Pay, a new crypto payment app designed to integrate cryptocurrency into daily life. The app, which is available within the existing OKX platform, aims to simplify crypto payments and self-custody for users worldwide. Initially, OKX Pay will be accessible to customers in select markets, with a broader rollout planned in the coming months.
OKX Pay is positioned as a first-of-its-kind solution, offering a Web2-like experience on a Web3 platform. The app focuses on practical self-custody and crypto payments, addressing historical challenges associated with self-custody wallets and crypto transactions. According to OKX CEO Star Xu, the app is part of the company’s vision to make cryptocurrency a seamless part of everyday transactions.
Enhancing Self-Custody and Crypto Payments
One of the key features of OKX Pay is its approach to self-custody. The app splits private key management between the user and OKX, allowing for easy recovery of wallets through zero-knowledge (ZK) email recovery. This method eliminates the need for users to store private keys on paper or hardware wallets, enhancing security and accessibility.
In terms of payments, OKX Pay supports stablecoins such as USDT and USDC, with plans to integrate additional stablecoins in the future. The app allows users to send crypto as easily as sending a message, with zero transaction fees and instant settlement. This functionality aims to overcome the barriers that have historically hindered the adoption of crypto payments in mainstream finance.
Introducing Silent Rewards and Future Integration
OKX Pay also introduces a feature called silent rewards, where users earn yield on their deposits through low-risk on-chain protocols. This feature is designed to simplify the staking process, allowing users to earn rewards without active management of their funds.
The app is built on OKX’s X Layer, a zero-knowledge-based layer-2 blockchain developed with Polygon’s cloud development kit. This infrastructure supports zero transaction costs and enhances the app’s compliance and security features, including know-your-customer (KYC) and anti-money laundering (AML) controls.
Looking ahead, OKX plans to integrate payment service providers like Mastercard and Stripe, enabling users to utilize the app at merchant points of sale. This integration is expected to further bridge the gap between crypto and traditional payment systems.
For more details, visit the official announcement here.
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