On April 28, according to official sources, OKX announced the launch of a new product - the OKX Pay V1 payment application for over 100 million global users. OKX Pay will be integrated as a sub-application within the existing OKX App, initially launching in select markets with plans for a global rollout in the coming months. Its core innovations include:
1. Simplified self-custody experience: By splitting the private key in half, with one half stored by users in a Passkey wallet and the other half managed by OKX, achieving both secure and convenient wallet management. It also supports email recovery through zero-knowledge (ZK) technology, reducing the risk of loss.
2. Convenient crypto payments: Supports via messaging, initially supporting USDT and USDC, with zero transaction fees, instant transfers, and unlimited transfers (compliant with regulations).
3. Silent yield function: Deposited funds will automatically participate in low-risk on-chain protocols to generate returns, without manual staking, and funds can be withdrawn at any time.
In terms of security and compliance, OKX Pay is equipped with KYC, AML, and multi-controls signature controls safety, ensuring user fund security and preventing OKX from operating user assets without authorization.
On the technical support, OKX Pay is based on the ZK Layer2 blockchain - X Layer, ensuring zero transaction costs and planning future integration with payment service providers like Mastercard and Stripe to enable convenient merchant payments.
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