Crypto exchange giant OKX introduced the OKX Wallet standalone application, a noncustodial wallet with a built-in decentralized exchange (DEX) as its key feature.
According to the firm, the launch is part of its efforts to improve user access to decentralized finance (DeFi) tools and services. Previously, OKX Wallet was available only as a feature within the primary OKX app.
What’s with the OKX Wallet App?
In a blog post, OKX Chief Marketing Officer Haider Rafique shared that the decision to separate its DeFi wallet from the main OKX app came after years of internal discussions and growing user demand.
OKX explained that the original wallet feature was launched three years ago as an experiment, allowing users to toggle between centralized exchange functions and decentralized access within a single app.
However, the feature experienced growth, processing around $1 billion in daily transactions across more than 130 supported blockchains, with 500,000 new wallets reportedly being created each day, with a total of $44.5 billion in crypto currently self-custodied.
“With this incredibly fast growth, we want to improve the discovery and customer experience even more. We found that people new to crypto are still unfamiliar with OKX Wallet. Partly because it is embedded in our primary app and often hard to discover. To improve this discovery, and the overall familiarity with self-custody wallets, we decided to separate it into a new app.”
Haider Rafique, Chief Marketing Officer, OKX
Key Differences Between the Two Applications
OKX App
The application is geared toward beginners and regular crypto investors, offering features such as:
- Market tracking
- Portfolio building
- Staking rewards
- Trading bots
- Access to select futures markets
OKX Wallet App
It functions as a fully self-custody wallet, enabling users to:
- Hold their own private keys
- Swap tokens in real time
- Access DeFi protocols and DEXs
- Trade NFTs and other digital collectibles
- Discover on-chain rewards and explore newly launchhed tokens
OKX also highlighted that the wallet features a built-in matching engine that aggregates prices across DEXs to deliver the best available rates.
Transition for Existing Users
Users currently using the OKX Wallet within the main app are advised to download the new OKX Wallet app and import their existing wallet using their seed phrase.
While the wallet will remain accessible in the OKX app during a transition period, wallet functionalities within the main app will be gradually phased out.
OKX clarified that user funds will not be affected during the migration, as all wallet holders already self-custody their assets. The company emphasized the importance of securely storing one’s seed phrase to maintain access.
Moreover, the crypto exchange emphasized that the new standalone wallet has never been compromised and is highly rated by security firms Hacken and CertiK.
Where to Download the OKX Wallet?
Users can download the OKX Wallet from web browsers and app stores, depending on location, as the OKX Web3 app is unavailable in some regions on the Apple App Store and Google Play Store.
For browser extensions, OKX Wallet can be downloaded on Chrome, Brave, Edge, and Safari.
Recent OKX News
Last month, OKX launched OKX Pay, a self-custody stablecoin payment app with zero fees and instant transactions, designed to simplify crypto adoption through secure, user-friendly features and integration with platforms like Mastercard.
The exchange giant also officially launched its crypto exchange and web3 wallet in the U.S. in April, offering American users access to major cryptocurrencies, fiat integrations, and a feature-rich walle.
Moreover, OKX and Standard Chartered launched a collateral mirroring program under Dubai’s VARA framework, enabling institutional clients to use crypto and tokenized money market funds as off-exchange collateral for trading.
This article is published on BitPinas: For Easier Crypto Self-Custody and DeFi Access: OKX Launches Web3 Wallet as Standalone App
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