Quick take:
- OKX has launched a crypto exchange and Web3 wallet in Brazil.
- The OKX Wallet features both Multi-Party Computation (MPC) technology and Account Abstraction (AA) features.
- The wallet allows OKX to offer Brazilian Real fiat-on ramps on the crypto exchange platform.
OKX has officially launched a crypto exchange and Web3 wallet in Brazil. The crypto exchange company will now offer Brazilian Real fiat-on ramps on the platform, providing Brazilian users with a trusted, secure gateway to decentralized finance (DeFi) and crypto trading.
Users will have access to hundreds of cryptocurrencies and features including staking rewards and DeFi integrations.
Through the OKX Wallet, traders will also gain access to self-custody features, enabling them to manage DeFi products, trade NFTs, and use decentralized apps (dApps), among others.
The wallet utilises both Multi-Party Computation (MPC) technology and Account Abstraction (AA) features, enabling an easier onboarding of non-crypto native users.
Commenting on his company’s official entry into Brazil, OKX President Hong Fang said: We’re excited to officially launch our localized platform and services in Brazil, which represents the largest cryptocurrency market in Latin America. Our exchange now offers BRL rails, deep liquidity, tools, security and transparency that Brazilian traders want. Our OKX Wallet provides simplified access to DeFi, NFTs, dApps and more.”
The self-custody wallet launch comes at a time when crypto traders and Web3 community companies are becoming more concerned about the security in the market. As a result, non-custodial crypto wallets have shot at the top of the priority list, especially for companies looking to onboard non-crypto native users.
In a recent study conducted by OKX Brazil, “92% of respondents expressed a need for clear and transparent information about the security of their investments, and 86% agreed that Proof-of-Reserves (PoR) can positively contribute to the legitimacy and maturity of the cryptocurrency market,” the company wrote in a press statement on Monday.
OKX Brazil General Manager Guilherme Sacamone added: “OKX is committed to helping Brazil reach its enormous potential as a leader in the adoption of cryptocurrencies and decentralized finance in the Web3 universe. For this reason, we delivered a comprehensive platform that combines global crypto excellence with user experience specifically tailored to the Brazilian market.”
According to Sacamone, the OKX Wallet meets the requirements of the Brazilian crypto market, with traders expecting “fast and liquid trading, along with a secure self-custody wallet solution, all in one app.”
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