Global crypto exchange and Web3 technology leader OKX has unveiled a groundbreaking addition to its platform: OKX Pay, a self-custody crypto payment app designed to make everyday crypto transactions as simple and secure as sending a message.

Initially launching in select markets with a broader rollout planned over the coming months, OKX Pay is embedded within the main OKX app and aims to address some of the longstanding hurdles that have hindered mass adoption of crypto payments — from complex wallet management to the inefficiencies of current stablecoin transactions.

Rethinking Self-Custody for the Mainstream

Traditional self-custody wallets often present challenges, such as the risk of losing access due to forgotten private keys or seed phrases. OKX Pay addresses this by introducing a dual-key system: one half of the private key is stored in the user's passkey wallet, and the other half is managed by OKX. This approach aims to enhance security while reducing the complexities associated with self-custody.​

"You can easily recover your wallet if you lose your password (using ZK email recovery)," OKX explains. "You don't have to save your private key on a piece of paper or hardware wallet, it's secure in your passkey. Your funds are always safe, no one can move them without your permission."

Simplifying Crypto Payments

OKX Pay enables users to send stablecoins to individuals or groups with just a few clicks. All transactions are fee-free and settle almost instantly, providing a seamless experience akin to traditional payment methods.​

"You can easily message money to anyone around the world with a few clicks," the company states. "All transactions have zero fees. Settlement is almost instant and there are no limits to how much you can send and receive (subject to necessary compliance and risk controls)."​

Passive Earnings with Silent Rewards

The silent rewards feature allows users to earn yield on their deposits through low-risk on-chain protocols, with the app handling staking and yield optimization automatically. This passive earning model aims to provide users with more value from their crypto holdings without the need for active management.​

"You earn rewards on your deposits from low risk onchain protocols. Our app does the discovery and staking for you without any action from you. Your deposits are not locked and you can withdraw at any time," OKX notes. "It removes the ongoing management that comes with most staking solutions."​

Built-In Security, Compliance & Infrastructure

OKX Pay incorporates robust compliance tools, including KYC, AML, and multisig protections. The system is powered by X Layer, OKX’s zero-fee, ZK-based Layer 2 blockchain built with Polygon’s Chain Development Kit (CDK), ensuring low-cost, high-speed transactions.​

"Our vision is to also integrate PSPs like Mastercard, Stripe and others as a next step, making it easy to use our app at a merchant PoS. We plan to announce such partnerships in the near future," OKX revealed.​

Laying the Foundation for a Decentralized Financial Future

OKX envisions a future where financial institutions adopt self-custody models, offering services like payments and remittances through decentralized applications (dApps) built on OKX's infrastructure. The company aims to provide the core infrastructure needed for this transformation.​

"OKX Pay and X Layer provide the core infrastructure we believe all financial companies will eventually need to offer their own version of self-custody services, including for payments and remittances," Star Yu, Founder & CEO of OKX said. "We’re ready to meet that demand with OKX Pay, while providing speed, efficiency, compliance and security."​

"In the future, all financial companies will offer some level of compliant self-custody, including payments and remittances. With OKX Pay and X Layer, we're building the infrastructure foundation for that future, a future that will see a billion more people adopt crypto and Web3."​

*OKX Pay is not yet available in all jurisdictions. Availability will expand as regulatory approvals and integrations progress.​