OKX CEO Star Announcement:- The adoption of crypto payment for real-world utility has seen accelerated development. Global crypto users have surpassed 560 million including individuals holding or transacting in crypto.
Of these holders, 39 % have reported using crypto to purchase goods or services at least once in a year. Currently, over 18 000 merchants or businesses worldwide are accepting crypto payments.
In another strategic move towards this, the leading exchange OKX has hinted at a new business move. OKX Founder, Star Xu, has revealed in a X post that the exchange will launch OKX Pay Wallet next week.
He touted the Pay Wallet as “the road to billion-user crypto adoption.”
The separate Pay Wallet launch comes a month after OKX launched a standalone OKX Wallet app. The past month launch decoupled the OKX Wallet’s DeFi and self-custody features from the primary OKX CEX platforms.
And now this further splitting off payments into a standalone Pay Wallet signals company’s efforts to scale and enter crypto payments business segment.
How will OKX Pay Wallet look like
OKX CEO Star did not reveal explicit details about the product in his X post. However, he did share two screenshots from the OKX Pay Wallet interface.
Accordingly, certain features of the OKX Pay Wallet as indicated by OOX CEO Star would include:
1. The new payment product will be integrated into the OKX exchange application. This implies there will be no separate or standalone launch.
2. It will enable users to make P2P transfers, QR/NDC merchant checkouts. The wallet will be purely payment centric with instant fiat on-/off ramps.
3. The OKX Pay Wallet is shown as using only stablecoin – USDT/USDC – as the intermediary payment currency. Thus, the OKX Pay wallet will allow for stablecoin-supported crypto payments.
Adoption of stablecoin for crypto payment makes sense. They restrict market volality and are reliable for transactions.
CEO Star also revealed that these Pay Wallet-based Stablecoin transfers via USDC and USDT will run on X layer. X is OKX’s Layer-2 network on Ethereum which keeps transaction data off-chain to avoid Ethereum’s blockspace fees.
Thus, OKX Founder Star was quite evident as he declared making “X Layer as the global Payment Chain.”
Further, the Wallet includes simple UX such as Crypto gifts or red envelopes, Chat menus. The Chat feature would allow for social communication between the senders and receivers.
Launch Next Week! What to Expect
OKX CEO Star announcement hints at certain near-term strategic moves by the exchange next week.
OKX CMO Haider has also hinted at more new product launches by the brand. He said, “More to come in the next few days and over next week.”
The launch with integration of features like Chat menus and payment-centric signals the crypto exchange’s strategic entry into payment business. OKX seems to be developing a web3 version of web2 ‘to-C payment applications’ such as Paytm, Wechat, GooglePay.
Aligning with OKX Founder Star’s vision, it will make it easy for users to make crypto payments in USDT for personal usecases. This can onboard millions of users.
However, as Crypto payment adoption gains, OKX new product would need to carve out a niche for itself. The giants like Binance, Coinbase are already in the crypto payment business.
No existing app such as Binance Pay, Coinbase Pay, unites these many features into a single application. If successful, it can be a huge boost to the crypto payments adoption.
Further on April 16, cryptocurrency exchange OKX re-entered the US with new crypto exchange and wallet.
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