The OKX Wallet is making a move to expand its capabilities by integrating DeSyn, a decentralized finance (DeFi) protocol powered by Ethereum (ETH). This protocol enables users to generate synthetic assets and engage in decentralized asset management.
The OKX Wallet is a cryptocurrency wallet from the stables of OKX exchange. It provides access to over 80 blockchains and incorporates MPC technology for secure wallet recovery.
DeSyn operates on the Ethereum blockchain, allowing users to create various synthetic assets and trade within actual market dynamics. Users can manage their pool-based portfolios with different on-chain assets, such as tokens, NFTs, and derivatives, with the use of smart contracts. It also offers asset management services for fundraising, investment, management, and withdrawal, reducing costs associated with these activities.
In August, OKX Wallet introduced the Smart Account feature, powered by account abstraction technology and the ERC-437 Ethereum standard. This feature provides heightened security, convenience, and interoperability for users. It simplifies complicated actions like token swapping on decentralized exchanges (DEX), improving the user experience. Additionally, it enables users to pay gas fees on any supported chains using stablecoins USDC and USDT, without needing the native token of the chain.
OKX also extended its services by launching its crypto exchange and Web3 wallet platform in Brazil in November. The platform facilitates fiat on-ramp capabilities with Brazilian Real and incorporates the OKX Wallet, allowing users to manage defi products, trade NFTs, and use decentralized apps (dApps) safely.
In response to the new regulations concerning cryptocurrency advertising in the U.K. introduced by the UK Financial Conduct Authority (FCA) to promote fairness, cleanliness, and transparency in crypto promotions, OKX has taken significant steps. The exchange has listed only 40 tokens in the region, displayed a risk advisory banner on its webpage, and created a dedicated OKX_UK channel on the social media platform X (formerly Twitter) for disseminating content. Additionally, it has removed over 30 trading pairs that no longer meet its listing criteria to ensure a secure trading environment.
OKX remains committed to providing crypto services to U.K. users and actively strives to enhance its products and services for an improved user experience, unlike some exchanges that have withdrawn their services from the U.K. due to the new regulations.