Crypto exchange OKX launched a standalone app on Tuesday that lets users convert more than 50 local currencies into U.S. dollar-backed stablecoins, as the company tries to expand its offerings beyond just being an exchange.<\/p>\n
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OKX Money, which went live at the company\u2019s OKX Now Product event in Singapore, is aimed at emerging markets in Latin America, Africa, South Asia, and the Middle East. OKX argues that currency swings, limited banking access, and foreign-exchange fees in those regions make it difficult to \u201cprotect savings and spend globally.\u201d<\/p>\n
\u201cThe key gap for people and institutions is settlement,\u201d Haider Rafique, OKX\u2019s global managing partner, tells Fortune. <\/em>He specifically cites two friction points: a small business shouldn\u2019t wait days for a bank to settle a payment and a traveler shouldn\u2019t have a credit limit frozen by pending hotel deposits.<\/p>\n\u201cI grew up in Pakistan,\u201d he says. \u201cI still have all the receipts of my mom and dad sending me money through Western Union,\u201d along with the memory of the fees paid from their \u201chard-earned savings.\u201d<\/p>\n
OKX Money will allow customers to hold three dollar-backed stablecoins: Paxos\u2019s USDG, Circle\u2019s USDC, and Tether\u2019s USDT. According to OKX, the platform offers up to 10% annual yield on eligible USDG balances, virtual and physical cards with no foreign-exchange markup, and referral rewards.<\/p>\n
Compared to legacy technologies, \u201ccrypto has one moat: We are technologically more advanced than traditional finance, whether it\u2019s money or markets,\u201d Rafique says.<\/p>\n
OKX Money is the latest launch in a series of new products by the cryptocurrency exchange, sparked in part by a March funding round with Intercontinental Exchange. The owner of the New York Stock Exchange invested in OKX in a deal that valued the cryptocurrency exchange at $25 billion. (The total investment was undisclosed, but Bloomberg reported the figure to be roughly $20 million).\u00a0<\/p>\n
On Sunday, the OKX-ICE joint venture\u2013co-chaired by former New York Gov. Andrew Cuomo\u2014filed with the Securities and Exchange Commission to launch a separate platform for round-the-clock trading of more than 60 tokenized U.S. stocks.\u00a0<\/p>\n
In recent weeks, OKX also introduced an account-protection program, named OKX Shield. In addition to security safeguards, Shield promises to reimburse up to $100,000 for regular users, and up to $500,000 for its highest class of VIP users, in the event of a third-party takeover. The launch comes as crypto platforms have lost an estimated $2.7 billion to hacks this year, according to security firm CertiK, including nearly $388 million stolen from rival exchange Bitget last month through a vulnerability in a third-party security product.\u00a0<\/p>\n
Roughly 97% of global stablecoin market value is tied to the U.S. dollar, a dominance drawing attention in Washington\u2014where officials hope dollar-backed tokens will fuel demand for U.S. assets\u2014and beyond, where several economies are exploring their own alternatives.<\/p>\n
\u201cEvery nation should be thinking about this technology,\u201d Rafique says. \u201cBut the question is: What is the world willing to put their money towards?\u201d He says he would welcome an Asian rival to the dollar stablecoin: \u201cIf there\u2019s an Asia-based, fiat-pegged stablecoin that has stability, people will absolutely trust it.\u201d In particular, he cites a Singapore-dollar-based stablecoin as something he\u2019d be interested in.<\/p>\n
Rafique sees the crypto industry at an \u201cinflection point.\u201d Even as Bitcoin has rebounded, he says, liquidity in the altcoin market \u201cis just not there.\u201d Consumers in markets like Venezuela and Turkey once \u201cYOLO-ed\u201d into crypto to hedge inflation and chase fast-rising assets<\/p>\n
Yet now, with access to U.S. markets, energy markets, and pre-IPO price exposure, Rafique says emerging market investors are asking a different question: \u201cDo I really need to bet on the next ape coin?\u201d<\/p>\n<\/div>\n
#OKXs #app #turns #currencies #digital #dollars #betting #investors #stablecoins<\/p>\n","protected":false},"excerpt":{"rendered":"
Crypto exchange OKX launched a… <\/p>\n","protected":false},"author":1,"featured_media":6093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[423,2394,6078,2674,4183,92,9196,3017,6072,1290],"class_list":["post-6092","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","tag-app","tag-betting","tag-currencies","tag-digital","tag-dollars","tag-investors","tag-okxs","tag-singapore","tag-stablecoins","tag-turns"],"yoast_head":"\n
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