OKX Wallet introduces ‘Smart Account’ feature, allowing USDT and USDC gas fee payments on multiple chains.

OKX Wallet introduces 'Smart Account' feature, allowing USDT and USDC gas fee payments on multiple chains.

OKX Launches Smart Account Feature on OKX Wallet, Simplifying Multi-Chain Transactions

Singapore, Singapore – August 2nd, 2023 – Chainwire

OKX, a leading Web3 technology company, has announced the launch of an innovative new feature on its OKX Wallet called Smart Account. This feature utilizes account abstraction technology, enabling users to pay for transactions on multiple blockchains using USDC or USDT stablecoins.

The Smart Account feature is one of the first of its kind in the Web3 space, offering multi-chain account abstraction support. With Smart Account, users can interact with multiple contracts in a single transaction, simplifying the process for both advanced users and beginners.

The Power of Account Abstraction

Account abstraction technology simplifies crypto transactions by concealing the technical details of on-chain interactions behind a user-friendly interface. It combines smart contracts and Externally Owned Accounts (EOAs) into a single “smart” account, providing a more unified Web3 experience.

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The key benefit of the Smart Account feature is its ability to simplify complex blockchain transactions. One of the common pain points for users is deciphering technical terms like ‘gas fees’ and ‘Gwei’ and navigating the intricate transaction process. The Smart Account feature addresses this issue by reducing the number of steps required to complete a token swap or trade to just one click.

The Role of Smart Account in Web3 Adoption

OKX Chief Innovation Officer Jason Lau highlighted the significance of the Smart Account feature in achieving their goal of providing accessible, secure, and powerful Web3 gateways. He emphasized that account abstraction technology is a game-changer, enabling new use cases and user experiences in Web3.

Moreover, OKX Chief Marketing Officer Haider Rafique emphasized their commitment to security and interoperability in building their Web3 wallet and apps. The Smart Account feature allows for seamless transactions between chains without the need for a specific blockchain’s native token. Rafique believes this capability is a game-changer that streamlines cross-chain transactions, making them more efficient and user-friendly.

Additional Benefits of the Smart Account Feature

The Smart Account feature on OKX Wallet offers several benefits:

Gas Fee-related:

• Users have the option to pay for gas on any supported chain using stablecoins, USDC and USDT.
• Gasless transactions are possible if third-party dApps choose to sponsor users’ on-chain interactions.
• The need for users to pay gas fees with each individual chain’s native token is eliminated.

Simplified Token Swaps and Staking:

• Smart Account combines multiple stages of the token swap and staking process into a single step, allowing users to exchange tokens and earn interest with just one click.

OKX Wallet’s Extensive Support

OKX Wallet supports account abstraction technology on seven blockchains, including Ethereum, Polygon, Arbitrum, Optimism, BNB Chain, Avalanche, and OKT Chain. It is also the first Web3 wallet to utilize multi-party computation (MPC) technology across 37 blockchains, enhancing security and eliminating a single point of failure by splitting a user’s private key into three parts.

More About OKX

OKX is a global technology company driving the future of Web3. Its comprehensive suite of products includes:

• OKX Wallet: The world’s most powerful, secure, and versatile crypto wallet, providing access to over 50 blockchains with MPC technology for easy recovery of wallet access.
• DEX: A cross-chain decentralized exchange that aggregates nearly 200 other DEXs, offering 200,000+ coins on more than 10 blockchains.
• NFT Marketplace: A multi-chain, zero-fee NFT marketplace featuring NFT listings from seven top-tier marketplaces.
• Web3 DeFi: A powerful DeFi platform supporting earning and staking on 80 protocols across 15 chains.

OKX has partnered with renowned brands and athletes, including Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As an innovative technology leader, OKX believes in challenging the status quo. They recently launched a global brand campaign, “The System Needs a Rewrite,” advocating for a new paradigm led by Web3 self-managed technology.

To learn more about OKX and its products, visit okx.com.

Disclaimer: The information provided in this article is for educational and informational purposes only and should not be considered as financial or investment advice. OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service available at www.okx.com.

Contact: OKX [email protected]