OKX, the second-largest crypto exchange by trading volume, has upgraded its OKX Wallet to feature advanced multi-party computation (MPC) technology, making it the first-ever Web3 wallet with MPC integration.
According to the press release, the wallet upgrade includes a novel asset recovery feature named “Independent Emergency Escape.” This feature enables users to regain control of their assets without the assistance of OKX. In an emergency, users can retrieve access using two out of three access credentials: a device, a cloud backup, or an OKX account login.
The feature is powered by MPC technology, and it improves wallet security by splitting a user’s private key into three parts, preventing the risk of a single point of failure associated with traditional written keys and seed phrases.
OKX Wallet is a widely used decentralized wallet that supports multiple chains and enables users to control their cryptocurrency, trade NFTs, access DeFi protocols, and discover countless dApps. This new feature adds to its capabilities and provides users with the best of both worlds: flexibility and security.
Haider Rafique, the CMO of OKX, stated:
“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.”
Rafique claimed that this milestone foresees a future where crypto wallets are not only more easily accessible and prevalent but also more secure, with greater interoperability.
Nate Zou, the Head of Web3 Product at OKX, explained that the primary objective of Web3 is to democratize access to crypto, allowing everyone to harness its potential. According to Zou, eliminating intermediaries necessitates taking on greater responsibility for protecting one’s on-chain assets, such as cryptocurrency and digital artwork.
Zou stated
“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.”
On April 3, 2023, DeFi Planet reported that OKX partnered with Copper.co to offer institutional clients off-exchange settlements through Copper’s ClearLoop technology. The partnership aims to increase the use of cryptocurrency in the institutional sector by allowing institutional clients to retain their assets in Copper’s infrastructure while authorizing trading on OKX Exchange.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
