CEO and founder of cryptocurrency exchange OKX, Star Xu unveiled the company’s latest product—OKX Pay—during a keynote session at the Token2049 conference in Dubai. The application is positioned as a new cryptocurrency payment solution, aiming to simplify digital asset transactions and expand real-world utility.
The new sub-application, OKX Pay, will be launched within the existing OKX application and will initially be available to users in select markets, with a full global rollout expected in the coming months. This solution introduces a dual-key security approach, where one half of the private key is stored in a passkey wallet controlled by the user, while the other half is retained by OKX. This structure allows users to recover their wallets using zero-knowledge (ZK) email recovery if they forget their password. It also eliminates the need to store private keys on paper or hardware wallets, offering a more secure and user-friendly alternative. Funds remain protected, as no transaction can be executed without the user’s explicit permission.
OKX Pay is designed to make cryptocurrency payments more practical and intuitive, functioning similarly to sending a message. At launch, the application will support stablecoins only, beginning with USDT and USDC, with additional stablecoins expected to be added over time. Users will be able to send funds to individuals or groups quickly and easily, with no transaction fees. Transfers are settled almost instantly, and there are no hard limits on the amounts that can be sent or received, provided compliance and risk control measures are met.
A notable feature of OKX Pay is “Silent Rewards,” which allows users’ deposits to grow automatically through yield earned from low-risk on-chain protocols. The platform handles yield discovery and staking on behalf of the user, removing the need for manual involvement. Deposits remain fully accessible and can be withdrawn at any time, offering a simple and flexible way to earn rewards without the typical complexity of traditional staking solutions.
OKX Pay: A Self-Custody App With Zero Fees, Built-In Compliance, And Smart-Earning Features
OKX Pay’s core feature is its self-custody design, allowing users to control their cryptocurrency without needing to manage private keys—an element that has often limited broader adoption. The product includes a compliance layer with know-your-customer (KYC) verification, anti-money laundering (AML) protocols, and multisignature security, ensuring customer protection. OKX itself cannot move funds without user authorization. If a user forgets their password, recovery is simplified through account abstraction and ZK email, similar to traditional banking systems.
Transactions on OKX Pay are free, enabled by X Layer, OKX’s ZK-based Layer 2 blockchain built using Polygon’s CDK. At launch, users also gain access to a smart-earning feature that provides yield on held funds. Looking ahead, OKX plans to integrate major payment providers like Mastercard and Stripe to enable in-store and online payments, with partnership announcements expected soon.
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Source: Mpost.io
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