OKX To Launch New Pay Wallet for Easier Crypto Payments

OKX, one of the top crypto exchanges in the world, is getting ready to release a new product called Pay Wallet. In a recent X post , OKX’s CEO, Star Xu, shared the news, saying the wallet will launch next week. He even shared images of what the new wallet will look like. This move is part of the company’s broader plan to bring cryptocurrency to more users worldwide. What is OKX Pay Wallet? As revealed, the Pay Wallet will be a different crypto wallet. It will not require users to manage private keys. This means users will not need to remember or store long strings of characters to access their wallets. Instead, the wallet will use a new method to keep users’ funds safe. The Pay Wallet will also come with a card and require users to complete identity verification. This process, known as Know Your Customer (KYC), helps prevent fraud and ensure compliance with financial regulations. This regulatory step is critical now, as the exchange was recently hit with a new court order. Bloomberg recently reported that Malta’s top financial regulator fined the company $1.2 million for multiple failures in complying with anti-money laundering (AML) rules. OKX’s latest announcement caught the attention of other well-known figures in the crypto space. TRON founder Justin Sun and Tether CEO Paolo Ardoino reacted positively to the news and supported the upcoming launch. OKX’s Wallet Built for Stablecoin Payments and DeFi The new wallet will support payments using stablecoins such as USDC and USDT. It will also include features related to decentralized finance (DeFi), allowing users to earn returns on their digital assets. Another feature of the Pay Wallet is a chat function that lets users confirm if a payment has been received. This is poised to make the payment process easier and more transparent. OKX’s Pay Wallet will work on X Layer, the exchange’s Ethereum Layer 2 network. Layer 2 solutions are built to speed up transactions and lower fees so users can enjoy cheap crypto transfers. Pay Wallet Is Different From the Existing OKX Wallet Earlier this year, OKX launched its regular Wallet App, which lets people store, trade, and manage crypto and non-fungible tokens (NFTs) on over 100 blockchains. The new Pay Wallet is separate from this product and will focus on simple payments and user-friendly features. In March, Kyle Chen, OKX’s Web3 product manager, accidentally revealed details about the original wallet app before it was ready for an entire release. At the time, it was only available in a few regions and limited to Google Play. The post OKX To Launch New Pay Wallet for Easier Crypto Payments appeared first on TheCoinrise.com .

Source: The Coin Rise