OKX, a leading Web3 technology company, announced the launch of its new Smart Account feature on the OKX Wallet, which enables users to pay for transactions on multiple blockchains using USDC or USDT. This account abstraction technology simplifies crypto transactions by combining users’ smart contracts and Externally Owned Accounts (EOAs) into a single “smart” account.
The Smart Account provides a more user-friendly experience by reducing the number of steps required to complete a token swap or trade to one click, eliminating the need for users to pay gas fees with each individual chain’s native token, and allowing users to pay for gas on any of the supported chains using stablecoins USDC and USDT.
OKX Chief Innovation Officer Jason Lau said: “Our aim is to provide our users with the most accessible, secure, and powerful Web3 gateway. The Smart Account feature will play a significant role in achieving this goal. Account abstraction technology is a game-changer for the broader adoption of Web3 and enables new use cases and user experiences. We are excited to share more as we continue to build on top of this feature.”
OKX Chief Marketing Officer Haider Rafique added: “We promised our customers and the larger DeFi community that we would prioritize security and interoperability as we build our Web3 wallet and apps. We support 60+ cross-chains, Multi-Party Computation (MPC), and now with Smart Account, we offer a stablecoin account that can interact with transactions on multiple blockchains without the need for a specific blockchain’s native token, with a social recovery feature coming soon. This is a game-changer, and we believe it has the ability to make transactions between chains a lot more seamless.”
OKX Wallet currently supports account abstraction technology on seven blockchains: 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, eliminating the need for traditional written down keys and seed phrases by splitting a user’s private key into three parts, greatly improving security and eliminating a single point of failure.
OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including: OKX Wallet, a world’s most powerful, secure and versatile crypto wallet; DEX, a cross-chain decentralized exchange; NFT Marketplace, a multi-chain, zero-fee NFT marketplace; and Web3 DeFi, a powerful DeFi platform. OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.
Additional account abstraction capabilities, including a social recovery feature, will be rolled out at a later date. To learn more about OKX, download our app or visit okx.com. The information displayed is strictly for educational and informational purposes only. It does not constitute and shall not be considered as an offer, solicitation or recommendation, to deal in any products (including any NFT or otherwise), or as financial or investment advice. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.
