OKX unveils OKX Pay to bring self-custodial crypto payments to the mainstream

OKX is launching a self-custodial platform that enables gasless crypto payments that’s easier to use.

OKX (OKB) is launching a new payments platform in hopes of making self-custody easier than ever. On Monday, April 28, OKX launched OKX Pay, a feature within the OKX app that enables easy crypto payments that, according to the exchange, feel like Venmo and PayPal.

OKX Pay allows users to send USDT and USDC stablecoins with zero fees. At the same time, users retain full custody over their assets, protecting them from exchange risk and ensuring secure storage.

How OKX Pay works

Users can send assets directly to other OKX Pay users by selecting their contacts or entering OKX usernames or IDs, no complicated wallet addresses needed. According to OKX, users will also benefit from fast transfers and flexible options.

“Settlement is almost instant and there are no limits to how much you can send and receive (subject to necessary compliance and risk controls),” OKX.

What is more, users won’t have to worry about losing their funds if they lose their seed phrases or devices. The goal, according to OKX, was to make transfers feel like Web2 applications, like Venmo and CashApp.

In addition, OKX Pay will reward users based on the yield generated from their deposits. OKX states that rewards will come from “low-risk on-chain protocols,” including staking, which the app handles automatically. Importantly, the assets are not locked, allowing users to withdraw and use their funds at any time.

OKX emphasized that the main goal of this project is to build a self-custodial solution that removes complexity. By eliminating the need for private key management, OKX hopes to drive broader adoption of self-custody, still the safest method for storing crypto assets.