OKX officially launches virtual asset exchange and Web3 wallet in Brazil.

Source: OKX

On November 27th, OKX, a leading Web3 technology company, announced the official launch of its virtual currency exchange and Web3 wallet in Brazil, providing a secure and reliable decentralized financial (DeFi) and virtual currency trading channel for Brazilian virtual currency users. This move by OKX means that the function of trading virtual currencies with the Brazilian legal currency, the real, is now available to users.

OKX Exchange brings a powerful platform for Brazilian users to trade multiple mainstream cryptocurrencies, while providing various top-notch cryptographic technology innovative features, including staking rewards and integration of decentralized financial products. OKX platform also provides a self-hosted Web3 wallet function, aimed at helping users use and manage decentralized financial products, trade NFTs, and use dApps through a user-friendly and secure self-hosted channel. This is the first wallet that combines MPC technology and account abstraction (AA) function, making it easier for users with little cryptographic knowledge to enter the Web3 world.

OKX President Hong stated: "Brazil is the largest virtual currency market in Latin America, and we are pleased to officially launch our localized platform and services here. Our exchange offers Brazilian traders the ability to trade with the Brazilian legal currency, and we have deep liquidity, making us a very safe and transparent platform and tool. Our OKX wallet provides the most convenient access to decentralized finance, NFTs, dApps, and more. As the Brazilian market matures, we hope to work with millions of users to promote the growth of Web3 innovation and the digital asset economy."

Recently, OKX's Brazil office found that security is the most concerning issue for cryptocurrency users in the Brazilian market, according to a user survey report released by the company. 92% of respondents said they need trading platforms to provide more transparent information on user asset flows, while 85% believe that Proof-of-Reserves (PoR) reports can help increase the legitimacy and maturity of the cryptocurrency market.

And OKX releases a chain-based reserve proof report for zk-STARK encryption technology verification every month, leading the industry security standards. The latest report also shows that OKX holds mainstream assets worth $12.5 billion and user funds are protected by more than a one-to-one ratio (103%).

OKX Brazil Office General Manager Guilherme Sacamone said: "Brazil has great potential to become a leader in decentralized finance, virtual currency, and even the global Web3 industry. OKX is committed to helping Brazil realize its potential, and we will create a globally leading virtual currency service and the most suitable product experience for local users. From our recent survey results, we see that security and transparency are the top priorities for Brazilian virtual currency users. OKX is providing first-class security features, such as our monthly updated PoR fund reserve proof."

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