OKX Wallet Introduces Asset Recovery Feature April 4, 2023 April 4, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsApril 4, 2023 by Kelly Cromley

OKX Wallet Introduces Asset Recovery Feature

OKX, the second-largest cryptocurrency exchange by trading volume and a prominent Web3 technology company, has updated its OKX Wallet today. This enhancement has made OKX Wallet the first Web3 wallet to utilize advanced multi-party computation (MPC) technology alongside its industry-leading support for 37 blockchains.

In addition, the enhanced wallet integrates a unique asset retrieval feature known as ‘Emergency Escape’ The autonomous Emergency Escape feature stands out in the market because it allows users to regain control of their assets without OKX’s assistance. In the event of an emergency, users must possess two of three access credentials to regain access: a device, a cloud backup, or an OKX account login.

Using MPC technology eliminates the need for traditional written keys and seed phrases. Instead, it divides the user’s private key into three segments, which increases security and eliminates the single point of failure risk. The enhancement augments the principal OKX Wallet’s present capabilities. This wallet is decentralized and supports multiple chains, allowing users to manage their own cryptocurrency, engage in NFT trading, employ DeFi protocols, and uncover a wide variety of DApps.

The Chief Marketing Officer of OKX, Haider Rafique, stated that this achievement represents the beginning of an era in which cryptocurrency wallets will be more widely available, compatible, and pervasive, as well as more secure and protected. People who are accustomed to the rapid and decentralized Web3 environment are frequently forced to choose between quickness and security when using a wallet. The OKX Wallet has been enhanced with MPC technology, providing consumers with both benefits. OKX seeks to accelerate the development of Web3 and promote its extensive adoption by providing user- and property-safe consumer experiences.

According to Nate Zou, Head of Web3 Product at OKX, the central concept behind Web3 is self-custody. This concept gives individuals control over their financial destinies. However, eliminating intermediaries entails assuming greater responsibility for protecting one’s on-chain assets, such as cryptocurrency and digital art. Our primary goal is to make Web3 accessible to all users, allowing them to reap the benefits of cryptocurrencies. By incorporating MPC technology into the OKX Wallet, we have made it simpler for users to protect their assets and participate in the future Web3 economy.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.