Crypto exchange OKX has introduced OKX Pay, a new feature within its app designed to make cryptocurrency payments and self-custody more accessible.
The rollout will begin with selected markets before expanding globally over the coming months.
The product aims to address long-standing challenges in crypto use, including the complexities of managing private keys and the historical risk of losing digital assets due to forgotten credentials.
Users will be able to store half of their private key in their passkey wallet while OKX holds the other half, enabling easier account recovery without compromising security.
OKX said that funds cannot be moved without a customer’s explicit permission.
The service will initially support stablecoins such as USDT and USDC, allowing users to send money as easily as sending a message.
Transactions are free of charge, with near-instant settlement, although transfers are subject to compliance and risk controls.
OKX plans to add support for more stablecoins over time.
A feature called “silent rewards” will allow users to earn yield on their deposits automatically, with the app identifying and staking funds into low-risk on-chain protocols without requiring manual intervention.
Deposits will remain unlocked and can be withdrawn at any time.
OKX Pay incorporates compliance features such as know-your-customer (KYC) verification, anti-money laundering (AML) controls, and multisignature security protections.
It is built on OKX’s X Layer, a zero-knowledge-based Layer 2 blockchain developed using Polygon’s CDK technology, helping to keep transaction costs at zero.
Looking ahead, OKX plans to integrate traditional payment service providers like Mastercard and Stripe to expand the usability of OKX Pay at merchant point-of-sale systems.
The company also envisions OKX Pay and X Layer forming a foundation for financial institutions to offer compliant self-custody services in the future.
OKX CEO Star Xu said the new service is part of a broader effort to support the mainstream adoption of crypto and Web 3.0 technologies, aiming to make digital assets a more seamless part of everyday financial activities.
Availability of OKX Pay is currently restricted by jurisdiction.
