OKX has introduced a new feature to its Wallet service: Smart Accounts. This new feature empowers users to conduct transactions across multiple blockchains using either USDC or USDT as payment methods.
OKX Wallet’s Smart Account feature is powered by Account Abstraction technology. The technology combines users’ smart contracts and Externally Owned Accounts (EOAs) into one smart account to ensure users carry out their crypto transactions without worrying about the complex technical details of their on-chain interactions.
The introduction of this new feature solidifies OKX Wallet’s position as a pioneering service as it becomes the first web3 wallet to provide robust multi-chain account abstraction support.
OKX Chief Innovation Officer Jason Lau stated:
“Our aim is to provide our users with the most accessible, secure, and powerful Web3 gateway… We are excited to share more as we continue to build on top of this feature.”
According to Lau, the Smart Account feature will be crucial in attaining their objective. He stressed that using account abstraction technology is a game-changing factor in driving the widespread adoption of Web3 because it allows for innovative use cases and enhanced user experiences.
The OKX Wallet’s Smart Account feature offers several additional benefits. Users can pay for gas fees on supported chains using stablecoins USDC and USDT, and they can also conduct gasless transactions if third-party dApps sponsor their on-chain interactions.
Additionally, Smart Account simplifies token swaps and staking, by combining multiple stages of the process into a single step. This allows users can to easily exchange tokens and earn interest by staking crypto.
OKX also has revealed its plans to introduce additional account-abstraction-powered features, including social recovery functionality. This feature will allow users to designate trusted guardians from their social network, enabling them to assist in recovering their Smart Account in case of key loss.
Haider Rafique, OKX’s Chief Marketing Officer, affirmed the company’s commitment to prioritizing security and interoperability while building their Web3 wallet and apps.
Rafique stated:
“We promised our customers and the larger DeFi community that we would prioritize security and interoperability as we build our Web3 wallet and apps.“
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