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[PRESS RELEASE – Victoria, Seychelles, April 4th, 2023]
Wallet upgrade also includes first-of-its-kind independent ‘Emergency Escape’ 2/3 asset recovery feature
OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, today upgraded its OKX Wallet to become the first Web3 wallet to utilize leading-edge multi-party computation (MPC) technology in combination with its support of an industry-best 37 blockchains.
In addition, the wallet upgrade also includes a first-of-its-kind asset recovery feature, called independent ‘Emergency Escape.’ The independent Emergency Escape feature is unique in the market because it allows users to recover access to their assets without the involvement of OKX. To recover access in an emergency situation, users will need two of three (a.k.a. 2/3) access credentials: a device, a cloud backup, or an OKX account login.
MPC technology eliminates the need for traditional written-down keys and seed phrases by splitting a user’s private key into three parts, greatly improving security and eliminating a single point of failure. The upgrade adds to the existing features of the leading OKX Wallet, which is a decentralized, multi-chain wallet that allows users to take custody of their own crypto, trade NFTs, access DeFi protocols, and explore thousands of DApps.
OKX Chief Marketing Officer Haider Rafique said: “This milestone signifies the beginning of a future where crypto wallets are more accessible, interoperable, and ubiquitous while being safe and secure. Those accustomed to the fast-paced, decentralized Web3 world often must choose between agility and security when it comes to the wallet experience. OKX Wallet, now upgraded with MPC technology, gives users the best of both. OKX hopes to accelerate the growth of Web3 and spur mainstream adoption by delivering user-friendly experiences that keep users and their assets safe.”
OKX Head of Web3 Product Nate Zou said: “The philosophy of Web3 centers around self-custody, which empowers individuals to take control of their financial future. However, removing intermediaries from the equation also means assuming greater responsibility for securing one’s on-chain property, including digital artwork and crypto. Our overarching goal is to democratize access to Web3, enabling everyone to leverage the potential of crypto. By utilizing MPC technology in the OKX Wallet, we have made it even simpler for users to protect their assets and participate in the Web3 economy of the future.”
Discover more about OKX Wallet here.
About OKX
OKX is a world-leading technology company building the future of Web3. Known as one of the fastest and most reliable crypto trading platforms for investors and professional traders everywhere, OKX’s crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users.
OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.
OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
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