OKX Launches Standalone Crypto Wallet App to Expand its Web3 Ecosystem

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.

OKX, the crypto exchange that was last in news for securing the MiCA license and then for the suspension of its DEX aggregator has launched an independent application for its custodial crypto wallet.

Announcing it on X, its Product Manager Kyle Chen urged users to download ‘the standalone OKX Wallet app.’

The crypto wallet of the exchange was launched in June 2022 but initially, it was integrated within the OKX trading app rather than being a separate standalone application.

This launch comes a week after the exchange temporarily suspended its decentralized exchange (DEX) aggregator services to enhance security measures amid charges by EU regulators that the North Korean-linked Lazarus Group was attempting to exploit the platform for illicit activities.

What are the new features in the OKX Crypto Wallet App?

The crypto wallet already has a built-in Web3 dApp browser which allows 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 on March 24, the wallet is available at Google Store but still left to be accessible in certain devices and regions. Interestingly, kyle apologised to users on X post 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, now its approval on Apple App Store is completed and the wallet is now live on Mac App Store.

kyle also mentioned the new features in the app with the most interesting feature coming as the Token AI narrative summary.

The new Token AI Narrative Summary feature aims to provide users with comprehensive insights into market dynamics. The 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:

Navigate to the DEX section.

Select any trending token.

Tap on Insights to view the AI-generated analysis.

For example, when the writer used it for the recently Binance listed token of MUBARAK by its new mechanism of “Vote to list”, the tool generated this image:

Apart from showing the ongoing Community Discussions related to the token, it also reflects the prevailing market sentiment – showing Bullish (Green) with 84.61%

Last month, the crypto wallet also integrated with the Sui blockchain, a high-performance Layer 1 network. This partnership allows users to manage assets and interact with decentralized applications (dApps) within the Sui ecosystem directly through the crypto wallet.

The crypto wallet also features a cross-chain DEX, enabling users to swap tokens across different blockchain networks including Ethereum, Bitcoin, Solana, and more, enhancing liquidity and trading opportunities.

Market Impact

This move positions the crypto wallet as a direct competitor to other leading Web3 wallets like MetaMask, Trust Wallet, and Coinbase Wallet.

Now the users of the exchange have a dedicated environment for managing their crypto assets without relying on an exchange-based infrastructure.

With a dedicated wallet app, the crypto wallet can potentially integrate more DeFi protocols, dApps, and NFT marketplaces without any limitations which were tied to the main exchange platform.

Notably, Standalone wallets operate independently of exchange-based KYC/AML requirements, giving users more control over their assets. This also means simple ensurance for the exchange in staying compliant with evolving regulations.

Thus, by separating the wallet from its main exchange app, the exchange is reinforcing its commitment to self-custody and decentralized finance (DeFi) as it comes as a first positive news post its DEX suspension scene.