Major cryptocurrency exchange OKX is poised to introduce a novel product, the ‘Pay Wallet,’ with its launch anticipated next week, signaling a push towards simplifying digital asset use.
OKX CEO Star Xu recently announced the initiative via social media, sharing initial glimpses of the upcoming application. Xu highlighted the wallet’s primary goal: to accelerate mainstream broader crypto adoption and attract a wave of new users to the ecosystem.
[Screenshots of OKX Pay Wallet interface]
“We will launch OKX Pay Wallet next week. It’s a road to billion users crypto adoption! Looking forward to try it!” Xu stated in his announcement, which drew positive attention from prominent industry figures, including Tron founder Justin Sun and Tether CEO Paolo Ardoino.
The ‘Pay Wallet’ represents a new direction, designed as a private keyless wallet. This approach aims to lower the entry barrier for users potentially intimidated by traditional private key management. The application will feature card integration and necessitate Know-Your-Customer (KYC) verification.
Furthermore, the wallet integrates directly with X Layer, OKX’s Ethereum Layer 2 network. Based on the shared visuals, the ‘Pay Wallet’ will emphasize facilitating USDC and USDT stablecoin payments, potentially combining these transactions with Decentralized Finance (DeFi) protocols to generate user returns.
A built-in chat function will also allow users to confirm payment receipt directly within the app.
This upcoming offering appears distinct from the exchange’s existing OKX Wallet application, which debuted on app stores earlier this year. The current OKX Wallet serves as a comprehensive tool for managing crypto and NFTs across numerous blockchains.
The development follows a previous incident in March where details about the standard OKX Wallet app were shared prematurely by a product manager, revealing it was initially available only in specific regions via Google Play.