A letter from OKX CEO Star:
Today, we officially launched the first version of OKX Pay for over a billion global users. As the industry's first payment application that truly integrates non-custodial and compliant features, OKX Pay will be embedded within the OKX App and is currently open to select markets, with a full rollout expected in the coming months.
OKX Pay is an important step towards our vision of "integrating crypto into life." Next, let’s take a look at how OKX Pay realizes this vision. Imagine: easily achieving non-custodial payments while earning passive income; enjoying a user experience in Web3 payment applications that is as smooth as in Web2 applications.
First, we need to review the development history of custodial and payment solutions. Self-custody wallets have existed since the beginning of the industry, and the phrase "Not your keys, Not your money" is a great concept. However, due to overly complex user experiences, using self-custody wallets smoothly remains a challenge. For example, once a private key is lost, the associated crypto assets are completely gone.
It is estimated that out of the total supply of 21 million bitcoins, about 3 to 4 million have been permanently lost, accounting for approximately 14%–19% of the total; at the current price of about $90,000 per coin, their value is estimated to be around $195 billion to $260 billion.
Common reasons for asset loss:
Losing or forgetting recovery phrases or private keys
Hardware wallet failure without backup
Accidentally sending assets to the wrong chain (e.g., sending BTC to an ETH address)
Device or hard drive damage (e.g., the story of the landfill and 8,000 bitcoins)
Smart contract vulnerabilities or mistakenly sending tokens to a burn address
The crypto payment sector also faces challenges. In the early days, people attempted to use Bitcoin for payments. Do you remember the story of Laszlo Hanyecz buying pizza for 10,000 bitcoins? At today’s price, that amounts to about $900 million.
Although we now have mature stablecoin ecosystems like USDT and USDC, there are still barriers to using stablecoins for easy transfers to friends or payments at PoS terminals, just like using a bank card or traditional payment applications. Additionally, the lack of real-name authentication (KYC) in crypto wallets makes it difficult for crypto payments to integrate into the mainstream financial system.
Some institutions in the industry currently use centralized wallets to address this issue. However, we believe that this approach is still insufficient to drive the widespread adoption of crypto payments.
Through OKX Pay, we aim to allow users to conveniently use their crypto assets while remaining non-custodial. Our solution is unique, and here’s a detailed introduction to our approach:
- We use a private key sharding management method, splitting the private key into two parts: one half is stored in the user's Passkey, while the other half is stored by OKX. This brings the following benefits:
If you forget your password, you can easily recover your wallet through the ZK email recovery feature
There’s no need to write down the private key on paper or store it in a hardware wallet; the Passkey wallet is secure enough
The security of funds is guaranteed; no one can access them without your authorization
- We are committed to making crypto payments as simple as sending a message. OKX Pay will focus on stablecoin payments, initially supporting USDT and USDC, with plans to gradually integrate more stablecoins in the future. Advantages include:
Just a few steps to easily transfer funds to anyone globally
Ability to transfer to individuals or make bulk transfers
All transactions incur zero fees
Near real-time settlement, with no limits on transfer amounts (subject to compliance and risk control).
- We are about to launch a new feature called passive income, where your deposits will automatically earn returns, with key advantages including:
Deposits can earn returns through low-risk on-chain protocols
No manual operation required; the system automatically finds quality protocols and completes staking operations
Deposits can be withdrawn at any time, with no lock-up
Eliminates the need for ongoing management operations required by most staking solutions
The core of OKX Pay is to achieve a non-custodial experience without requiring users to manage their private keys—this has always been a significant barrier preventing many from participating in the crypto space. At the same time, OKX Pay is equipped with an industry-leading compliance and risk control system.
On the compliance front, OKX Pay ensures the safety of users and assets through mechanisms such as real-name authentication (KYC), anti-money laundering (AML), and multi-signature (Multisig). Additionally, without user authorization, OKX cannot access any funds.
If users forget their passwords, there’s no need to worry; OKX Pay can recover access through AA and ZK Email features, making it as convenient as resetting a bank account password.
In terms of transaction experience, OKX Pay relies on the X Layer public chain, with zero transaction costs. X Layer is OKX's ZK-based Layer 2 network built using Polygon's CDK technology. From the day of launch, users can also earn automatic returns on their held funds through the "Smart Earn" feature.
Building the Future
OKX Pay is far more than just a payment product; I firmly believe in its extraordinary potential and significance.
OKX Pay and X Layer together build the core infrastructure, and we believe that all financial institutions will need to offer non-custodial service versions in the future, covering payment and remittance functions. Financial institutions will be able to develop and deploy dApps, allowing their customers to use OKX Pay. As more people become accustomed to using crypto assets for transactions, the demand for such services will inevitably surge. We are fully prepared; OKX Pay provides a fast, efficient, compliant, and secure experience to meet this demand.
In the future, all financial institutions will offer non-custodial services, including payments and remittances, under a compliance framework. OKX Pay and X Layer are building the infrastructure for this future, and it is expected that hundreds of millions of people will embark on their crypto and Web3 journeys.
The crypto industry is accelerating towards the mainstream, and OKX Pay will be a significant driving force in this transformation.
OKX Pay is not yet available in all jurisdictions.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
