Cryptocurrency Exchange

OKX launches its crypto exchange & Web3 wallet in Brazil

OKX, a leading technology company, has introduced the most advanced cryptocurrency exchange and Web3 wallet platform to Brazil, a huge step towards increasing Web3 and crypto dominance in South America. The move represents landmark progress in the development phase, marking the beginning of Brazil’s journey with DeFi and digital currency trading.

Designed specifically for Brazilian users, the OKX exchange provides access to countless crypto pairs so that traders can engage in exchange. It is more than just a trading platform where one can find advanced integrated crypto features like staking rewards and DeFi integrations, making it the whole crypto experience.

The OKX wallet is another essential part of OKX’s introduction in Brazil. The wallet is simple to use and secure, and it may be used to access DeFi products, conduct NFT dealings, or trading in dApps. It is the first e-wallet that supports MPC (Multi-Party Computation) and AA (Account Abstraction). These advancements play an essential role in making the platform less complex for non-technical users, increasing its attractiveness to a larger population of users.

The launch of OKX in Brazil is seen by Hong Fang, the president of OKX, as a strategic decision based on an understanding that Brazil is the biggest cryptocurrency market in Latin America. Fang stressed that it will provide Brazilian dealers with instruments for guaranteed liquid depth, safety, and transparency. OKX emphasizes local support by incorporating BRL fiat-on ramp functionality, which shows its commitment to creating a conducive environment for Web3 and crypto development in Brazil.

The most recent OKX Brazil research confirmed that security in cryptocurrency is significant for Brazilians. This meant 92% indicated on open-ended questionnaires that they wanted to be provided with a clearer picture of how secure their investments were. Additionally, 86% are convinced that proof-of-reserves (PoR) would contribute to a mature and legitimate crypto market.

However, in order to address such concerns, OKX has shown superiority when it comes to securing a place in the industry. Monthly, the firm issues PoRs, which are validated with the zk-STARKs crypto technique. The recent report proves overwhelming asset coverage from primary assets at 12.5 billion, while 103% is used to cover user balances.

The General Manager of OKX Brasil, Guilherme Sacamone, highlighted that the company is aiming to build leadership in Brazil as a crypto country within the Web 3 universe. OKX’s platform combines global crypto excellence in one app, providing local customers with fast, liquid trading and the security of the self-custody wallet solution, all of which are available within a single application targeted at the Brazil market. Recently, Sacamone emphasized the results of their recent survey by stating that OKX will continue focusing on the provision of trading solutions with strict emphasis on security and transparency, as portrayed through the strong proof of reserves program.

Lili Chuang

Lili Chuang is a finance professional with an experience of over a decade in news writing. Recently, she has joined the CoinNewSpan team as a sub-editor. She is a firm believer of blockchain technology and cryptocurrencies. She curates contents regarding the latest insights into the crypto-market. In her free time, she loves to explore new places and connect with influential people of crypto space.

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