OKX Crypto Wallet:- OKX, the leading crypto exchange that last made headlines for securing the MiCA license and then for the suspension its DEX aggregator, has launched an independent application for its custodial crypto Wallet – OKX Wallet.
This announcement was made by its Product Manager Kyle Chen in a X post, urging users to download ‘the standalone OKX Wallet app.’
The crypto Wallet of OKX has been operational since June 2022 but initially, it was integrated within the OKX trading app rather than being a separate standalone application.
Notably, this launch comes a week after OKX temporarily suspended its decentralized exchange (DEX) aggregator services to enhance security measures. There were charges by EU regulators and revelation of attempts made by the North Korean-linked Lazarus Group to exploit the platform for illicit activities.
What are the new features in the OKX Wallet App?
OKX Crypto wallet has already a built-in Web3 dApp browser which enables users to seamlessly access and interact with decentralized finance (DeFi) platforms, NFT marketplaces, and other dApps without leaving the application.
Users can store, view, and trade non-fungible tokens (NFTs) directly within the wallet, providing a comprehensive solution for NFT enthusiasts.
Dropped “too early” by Kyle, the wallet is available at Google Store but is still left to be accessible in certain devices and regions. Interestingly, Kyle apologised to users for revealing the news too early.
“Sorry, I announced it too early. Some regions and devices may not have access yet. Please be patient!”
However, its approval on Apple App Store is completed and the wallet is now live.
Kyle also talked about the new features in the app with the most interesting feature coming as the Token AI narrative summary
Reportedly, the OKX Wallet app has introduced the Token AI Narrative Summary feature to provide users with comprehensive insights into market dynamics. This tool aggregates real-time data, including market sentiment, long and short position information, and the latest discussions from platforms like X (formerly known as Twitter).
By consolidating these elements, the feature offers a holistic view of individual tokens, aiding users in making informed trading decisions.
To access this feature within the OKX Wallet app, users need to:
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Navigate to the DEX section.
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Select any trending token.
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Tap on Insights to view the AI-generated analysis.
Last month, it also integrated with the Sui blockchain, a high-performance Layer 1 network. This partnership enables users to manage assets and interact with decentralized applications (dApps) within the Sui ecosystem directly through the OKX Wallet.
OKX Crypto Wallet also features a cross-chain DEX, allowing users to swap tokens across different blockchain networks including Ethereum, Bitcoin, Solana, and more, enhancing liquidity and trading opportunities.
Market Impact
This move positions OKX Wallet as a direct competitor to other leading Web3 wallets like MetaMask, Trust Wallet, and Coinbase Wallet.
OKX users now have a dedicated environment for managing their crypto assets – with OKX Wallet App – without relying on an exchange-based infrastructure.
With a dedicated wallet app, OKX crypto wallet can integrate more DeFi protocols, dApps, and NFT marketplaces without limitations tied to the main exchange platform.
Notably, Standalone wallets operate independently of exchange-based KYC/AML requirements, giving users more control over their assets while ensuring OKX stays compliant with evolving regulations.
Thus, by separating the wallet from its main exchange app, OKX is reinforcing its commitment to self-custody and decentralized finance (DeFi). It also comes as a first positive news post its DEX suspension scene.
Disclaimer: The content may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
