OKX, known as the 2nd-biggest crypto exchange in terms of trading volume has recently upgraded the OKX Wallet. The product has become the initial Web3-based wallet that uses the latest multi-party computation (MPC) technology. Along with this, it also supports the top thirty-seven blockchain companies across the industry.
OKX Wallet Incorporates MPC Technology and Compatibility with 37 Blockchains
Moreover, the new upgrade of the wallet also takes into account a feature related to the recovery of assets. The feature named independent “Emergency Escape” is exclusive in the market as it permits the clients to redeem access to the assets in their possession without OKX’s involvement. To utilize this option when needed, the consumers will require 2 of 3 access credentials. These include a device, an account log in on OKX, or a cloud backup.
With the MPC technology, there is no requirement for conventional seed phrases and keys. This technology splits the private key of the customer into 3 parts. In this way, it greatly enhances security along with eradicating a sole vulnerability. Furthermore, the upgrade adds more to the present features of the well-known OKX Wallet.
OKX Wallet is a multi-chain and decentralized wallet that permits the consumers to be the custodians of their crypto holdings. It also permits them to trade non-fungible tokens (NFTs), enter DeFi protocols as well as access numerous decentralized applications (DApps). Haider Rafique, the chief marketing officer of OKX, commented on this move and stated that this landmark development indicates the start of a remarkable future.
Latest Upgrade Provides Enhanced Security and Agility, Says an OKX Executive
As per him, crypto-related wallets are becoming more interoperable, ubiquitous, and accessible along with being secure and safe over time. Furthermore, the executive opined that those who familiarized with the rapid and decentralized Web3 sector often have to choose between security and agility in the case of wallet experience. However, the new upgrade provides the best of the respective factors.
Nate Zou, the Web3 Product Head of OKX, mentioned that Web3’s philosophy stands at the pivot of self-custody, which lets individuals control their financial decisions. Nevertheless, the elimination of mediators additionally signifies assuming huge responsibility dealing with the acquisition of an individual’s on-chain property, taking into account crypto and digital artworks. According to the executive, the use of the MPC technology for the OKX Wallet enables convenient protection of the assets that belong to the clients.
