OKX entered the Brazilian crypto scene with the official launch of its exchange and Web3 wallet. Leading crypto firm OKX announced today the launch of a new crypto exchange and Web3 wallet specifically for Brazilian customers.
With these new offerings, the company aims to streamline access to decentralized finance (DeFi) and crypto trading services while enabling fiat-on ramps for local customers.
Crypto Exchange and Web3 Wallet Now Live in Brazil
As one of the top crypto exchanges in the world, OKX offers Brazilian users a platform to buy and sell multiple cryptocurrencies. The new exchange also provides customers with enhanced accessibility to DeFi and staking programs to earn incentives.
In launching the crypto exchange, OKX also introduced an OKX Web3 Wallet, a self-custody wallet to store and manage digital assets.
Additionally, this new wallet acts as a seamless gateway for users to interact with dApps and engage in a wide range of activities, including purchasing NFTs on marketplaces, depositing funds into DeFi protocols, and participating in governance proposals.
The team has employed Multi-Party Computation (MPC) technology and Account Abstraction (AA) features to bring ease of access to end users.
President of OKX, Hong Fang, expressed excitement about the official launch. According to her, this move marked OKX’s milestone in Brazil, recognized as Latin America’s crypto dominance. It’s also OKX’s commitment to deep liquidity, enhanced security, and user-friendly access.
Through these offerings, the firm looks to onboard millions of Brazilian users to Web3 and innovation, fostering millions of users to Web3 and the crypto economy.
“Our exchange now offers BRL rails, deep liquidity, tools, security and transparency that Brazilian traders want. Our OKX Wallet provides simplified access to DeFi, NFTs, dApps and more. We look forward to driving innovation and growth of the Web3 and crypto economy with millions of users as the market matures in Brazil.”
Big Moves Down South
General Manager of OKX Brazil, Guilherme Sacamone, shared similar enthusiasm. OKX has tapped into the immense potential of Brazil and dedicated itself to making it a pioneer in the adoption of cryptocurrencies and DeFi within the Web3 realm.
In response to Brazilian traders’ demand for fast and liquid trading, OKX has crafted a comprehensive platform that seamlessly integrates a secure self-custody wallet solution within a single app. This platform harnesses global cryptocurrency expertise while tailoring the user experience specifically for the Brazilian market.
Moreover, acknowledging the paramount concerns of Brazilian crypto users for security and transparency, OKX has fortified its trading solutions with the most advanced security measures, including its robust Proof of Reserves program.
OKX surveyed crypto users in Brazil and found that 92% are really concerned about the security of their investments. Most people (86%) also think that Proof-of-Reserves (PoR) helps make the crypto market more legit and mature.
OKX currently offers monthly reports using special technology called zk-STARKs to prove they have the money they say they do. Their latest report shows they have 12.5 billion in assets, which is more than enough to cover what users have.
Will OKX Take Over Binance’s Dominance?
OKX’s expansion came after Binance’s landmark settlement with the U.S. regulators last week. As part of the plea deal, Binance’s co-founder CZ stepped down as CEO and the firm agreed to pay a $4.3 billion fine.
Following the recent settlement developments, Binance experienced an outflow of over $1 billion. This has led to speculation that the challenges faced by Binance could potentially diminish its dominance as the largest crypto exchange by trading volumes.
In other words, the turmoil within Binance’s operations has created an opportunity for other major players in the crypto space, such as Coinbase, Kraken, Bybit, and OKX, to seize a larger share of the global market. However, Binance’s new CEO Richard Teng asserted that the firm’s fundamentals of business remain intact despite recent dramatic events.