- OKX upgraded its OKX Wallet to become the first Web3 wallet to utilize multi-party computation (MPC) technology in combination with support for 37 blockchains.
- The upgrade includes an asset recovery feature called “Emergency Escape,” which allows users to recover access to their assets without involving OKX, requiring two out of three access credentials.
OKX, the second-largest crypto exchange by trading volume and a leading Web3 technology company, yesterday upgraded its OKX Wallet to become the first Web3 Wallet to use advanced multi-party computation (MPC) technology in conjunction with its industry-leading support for 37 blockchains.
Furthermore, the wallet upgrade includes a first-of-its-kind asset recovery feature known as an independent ‘Emergency Escape.’ The independent Emergency Escape feature is unique in the market because it allows users to regain access to their assets without requiring OKX’s involvement. In an emergency, users will need two of three (a.k.a. 2/3) access credentials: a device, a cloud backup, or an OKX account login.
By dividing a user’s private key into three parts, MPC technology eliminates the need for traditional written-down keys and seed phrases, significantly improving security and eliminating a single point of failure.
The update expands on the existing features of the industry-leading OKX Wallet. This decentralized, multi-chain wallet allows users to hold their crypto, trade NFTs, access DeFi protocols, and explore thousands of DApps.
According to Haider Rafique, OKX’s Chief Marketing Officer,
“This milestone signifies the beginning of a future where crypto wallets are more accessible, interoperable, and ubiquitous while safe and secure. Those accustomed to the fast-paced, decentralized Web3 world often must choose between agility and security regarding 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.”
Nate Zou, OKX Head of Web3 Product, stated,
“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.”
About OKX
OKX is a world-class technology company that is shaping the future of Web3. OKX’s crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users. It is known as one of the fastest and most reliable crypto trading platforms for investors and professional traders everywhere.
OKX’s leading self-custody solutions include the Web3-compliant OKX Wallet, which gives users greater control over their assets while allowing them to access DEXs, NFT marketplaces, DeFi, GameFi, and thousands of dApps.
OKX collaborates with several of the world’s top brands and athletes, including Manchester City F.C. of the English Premier League, McLaren Formula One, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.
OKX is dedicated to transparency and security and regularly publishes its Poof-of-Reserves every month.
Visit the company’s website here to learn more about OKX.
