- Wallet upgrade also includes first-of-its-kind standalone 'Emergency Escape’ 2/3 asset recovery feature
Victoria, Seychelles, 4 April 2023 – OKX, the second largest crypto exchange by trade volume and leading Web3 technology company, today upgraded its OKX Wallet, becoming the first Web3 wallet to use leading-edge Multi-Party Computation (MPC) technology with its support. Industry Best 37 Blockchains.
Additionally, the wallet upgrade includes a first-of-its-kind asset recovery feature called an independent 'Emergency Escape’. The independent emergency escape feature is unique in the market as it allows users to regain access to their assets without the involvement of OKX. To restore access in an emergency situation, users will need two-thirds (aka 2/3) access credentials: a device, cloud backup, or OKX account login.
MPC technology eliminates the need for traditional written keys and seed phrases by splitting a user’s private key into three parts, greatly improving security and eliminating a single point of failure. The update adds existing features of the leading OKX Wallet, a decentralized, multi-chain wallet that allows users to access their own crypto, trade NFTs, DeFi protocols and explore thousands of DApps.
OKX Chief Marketing Officer Haider Rafiq said: „This milestone marks the beginning of a future where crypto wallets will be more accessible, operable and secure and safe anywhere. People accustomed to the fast-paced, decentralized Web3 world will have to choose between agility and security when it comes to the wallet experience. OKX Wallet, now enhanced with MPC technology, offers users the best of both worlds.OKX hopes to accelerate Web3’s growth and drive mainstream adoption by providing user-friendly experiences that keep users and their assets safe.
Nate Zou, OKX President of Web3 Product, said: „Web3’s philosophy is centered around self-care, empowering individuals to take control of their financial future. However, removing middlemen from the equation also means taking more responsibility for protecting one’s on-chain assets, including digital artwork and crypto. Access to Web3 Our main goal is to democratize, enabling everyone to harness the potential of crypto.By using MPC technology in OKX Wallet, we have made it easy for users to protect their assets and participate in the future Web3 economy.
Learn more about OKX Wallet here.
