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- OKX to launch Pay Wallet next week, aiming to boost crypto adoption with keyless payments and stablecoins.
- Pay Wallet integrates with X Layer for faster transactions and enables DeFi features for staking stablecoins.
- New wallet simplifies crypto use with KYC verification and a built-in chat for transaction confirmation.
OKX reveals plans to release its new Pay Wallet next week. Specifically, CEO Star Xu announced and shared images of the keyless wallet introduced to promote global adoption of crypto. The Pay Wallet is designed to lower the barrier to the adoption of cryptocurrencies. And bring millions of new users on board. Xu further talked that the new wallet is going to help improve the adoption rate of digital currencies.
The Pay Wallet will have no private keys, requiring users to input them every time they utilize the system. This feature will enable newcomers to interact with cryptocurrencies more quickly and effectively. Users will also have to go through the Know Your Customer (KYC) process. To ensure the highest level of security possible. USDC and USDT as stablecoins will be incorporated as the main option for payment through the wallet.
X Layer Integration Benefits
Xu also introduced that the Pay Wallet will be connected to the existing OKX Ethereum Layer 2 solution, known as X Layer. This integration will improve the speed and usability of the wallet to the extent that it will be able to endorse transactions.
Additionally, the wallet will enable decentralized finance (DeFi), allowing users to stake their stablecoins and earn returns. With this added functionality, the Pay Wallet should serve not only as a payment system but also as a comprehensive financial management tool.
An initial aspect identified in the wallet’s design will be the presence of an in-app chat. It also allows users to authorise the transactions, thus guaranteeing that the payments made are accurately acknowledged and processed successfully. Xu’s announcement has generated positive reactions from high-profile personalities in the crypto industry. Expecting the product to bring major changes, including Tron founder Justin Sun and Tether CEO Paolo Ardoino.
OKX Wallet vs. Pay Wallet
The Pay Wallet is different from OKX’s previous Wallet app that the exchange had launched earlier this year. While the OKX Wallet allows users to have capabilities all within engaging in trading, custody, and management of crypto and NFTs in different blockchains, the Pay Wallet is more specific to serving payments in stablecoins and DeFi services. This could also make it possible to attract more users to the cryptocurrency system, particularly those who are new to it.
Early in March, the firm’s Web3 product manager, Kyle Chen, admitted that the details of the OKX wallet app had leaked too early. He only came to know this after the post had been made, that the app was only available for specific regions and was only accessible from Google Play.
Source: X
According to OKX, the Pay Wallet is a key instrument in making cryptocurrencies more accessible to users. This way, the company aims to make cryptocurrency more accessible and user-friendly for the general population by developing a simpler application that integrates stablecoins and DeFi. The new product might help cryptocurrency enter the mainstream, thus expanding the audience of active users.
