OKX Wallet integrates DeSyn defi protocol

The OKX Wallet is integrating DeSyn, a decentralized finance (defi) protocol powered by Ethereum (ETH), to enable users to generate synthetic assets and engage in decentralized asset management.

The OKX Wallet is a cryptocurrency wallet from the stables of OKX exchange. It grants access to over 80 blockchains and incorporates MPC technology for convenient wallet recovery, the company says. 

Operating on the Ethereum blockchain, DeSyn empowers users to effortlessly create diverse synthetic assets and trade seamlessly within genuine market dynamics. Users can efficiently manage personalized pool-based portfolios incorporating a range of on-chain assets, including tokens, NFTs, and derivatives, through smart contracts.

Additionally, it offers asset management services encompassing fundraising, investment, management, and withdrawal, effectively lowering the costs associated with creation, management, and participation.

This integration enhances the OKX Wallet’s capabilities, expanding opportunities for users to participate in defi activities. 

In August, OKX Wallet introduced a feature known as the Smart Account, powered by account abstraction technology. This feature utilizes the ERC-437 Ethereum standard, focusing on delivering heightened security, convenience, and interoperability for users. 

Beyond security, the Smart Account simplifies intricate actions like token swapping on decentralized exchanges (DEX), enhancing the overall user experience. Users can conveniently pay gas fees on any supported chains using stablecoins USDC and USDT, eliminating the need for each chain’s native token.

In November, OKX also expanded its services by launching its crypto exchange and Web3 wallet platform in Brazil. This move aims to offer Brazilian users a secure entry point into decentralized finance (DeFi) and cryptocurrency trading. 

The platform facilitates fiat on-ramp capabilities with Brazilian Real and incorporates the OKX Wallet, providing a secure self-custody portal for managing defi products, trading NFTs, and utilizing decentralized apps (dApps). 

OKX enhances security for optimal trading

In response to the stringent new regulations governing cryptocurrency advertising in the U.K., OKX has taken significant measures in October. The UK Financial Conduct Authority (FCA) recently introduced these regulations to promote fairness, cleanliness, and transparency in crypto promotions. 

Consequently, OKX has streamlined its listed tokens across the region, reducing them from over a hundred to just 40. To align with the UK’s regulatory mandates, the exchange has prominently displayed a risk advisory banner on its webpage and established a dedicated OKX_UK channel on the social media platform X (formerly Twitter) for content dissemination. 

In October, the exchange declared the removal of over 30 trading pairs that no longer meet its listing criteria. This action is part of OKX’s ongoing initiative to uphold a resilient user trading environment. Notable projects affected include AVAX-ETH, BAT-BTC, and HEGIC-USDT. 

These adjustments underline OKX’s commitment to ensuring a high-quality trading environment and compliance with the new financial promotions rules in the UK.

While some exchanges have opted to withdraw services from the U.K. due to these regulations, OKX remains steadfast in providing crypto services to U.K. users and actively seeks to enhance its products and services for an improved overall experience.


Follow Us on Google News

Comments

No comments yet. Why don’t you start the discussion?

Leave a Reply

Your email address will not be published. Required fields are marked *