OKX to forego keys, seed phrases with new tech

Photo credit: OKX

Hacking in the world of crypto is on the rise. In 2022, hackers  swiped a record US$3.8 billion in assets, a significant increase from the US$500 million in total that was stolen in 2020.

OKX, a global crypto exchange major, has upgraded its Web3 wallet to use multiparty computation (MPC) tech to fend off cyber attacks. The company said it is the first exchange in the world to introduce such feature.

The MPC system splits a user’s private key into three parts, enhancing security by removing the need for traditional keys and seed phrases.

OKX also rolled out “emergency escape,” a feature that lets users recover their assets without the platform’s help. They would only need two of three access credentials: a device, a cloud backup, or an OKX account login.

OKX Wallet is a multiplatform crypto wallet that supports 37 blockchains. It allows users to access various Web3 experiences, such as non-fungible tokens, decentralized finance, GameFi, and more.

“OKX hopes to accelerate the growth of Web3 and spur mainstream adoption by delivering user-friendly experiences that keep users and their assets safe,” said Haider Rafique, the company’s chief marketing officer.

See also: Crypto exchange OKX looks to turn a new leaf