April 4, 2023 – Victoria, Seychelles
Wallet upgrade also includes first-of-its-kind independent ‘Emergency Escape’ two of three asset recovery feature.
OKX, the second-largest crypto exchange by trading volume and a leading Web 3.0 technology company, today upgraded its OKX Wallet to become the first Web 3.0 wallet to utilize leading-edge MPC (multi-party computation) 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 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.
Haider Rafique, chief marketing officer of OKX, 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 Web 3.0 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 Web 3.0 and spur mainstream adoption by delivering user-friendly experiences that keep users and their assets safe.”
Nate Zou, head of Web 3.0 product at OKX, said,
“The philosophy of Web 3.0 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 Web 3.0, enabling everyone to leverage the potential of crypto. By utilizing MPC technology in the OKX Wallet, we have made it even simpler for users…
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