OKX gears up to launch new Pay Wallet next week

OKX CEO Star Xu declared that the crypto exchange is preparing to launch a new product called Pay Wallet next week to boost broader crypto adoption.

In a recent post, the crypto exchange’s CEO revealed screenshots of the firm’s latest product that will be unveiled next week. Xu said the purpose of the new product would be to drive crypto adoption forward and get more new users onboard.

“We will launch OKX Pay Wallet next week. It’s a road to billion users crypto adoption! Looking forward to try it!” said Xu.

Xu’s announcement also garnered positive responses from crypto industry figureheads like Tron (TRX) founder Justin Sun and Tether (USDT) CEO Paolo Ardoino.

The Pay Wallet is designed to be a new type of private keyless wallet. The application will come equipped with a card and require users to input Know-Your-Customer verification.

Not only that, the new keyless wallet will also be integrated into the platform’s Ethereum (ETH) Layer2 network, X Layer. Based on the screenshots shared by Xu, the Pay Wallet will focus on enabling USDC (USDC) and USDT stablecoin payments, combining it with DeFi to provide returns. The app also provides users with a chat feature that enables them to confirm whether payments are received.

The keyless wallet appears to be a separate feature to the already existing OKX Wallet app, which was released earlier this year on the App Store and Google Play.

“OKX Wallet allows you to store, trade, earn, and manage your crypto and your NFTs across 100+ blockchains – all in one simple solution,” said the crypto exchange in the official description.

Last March, the firm’s web3 product manager Kyle Chen admitted that they had accidentally revealed details about the OKX wallet app too early. It was only after the post was shared that he realized the app was only available in select regions and could only be found on Google Play.