<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.</div>



<p class="has-drop-cap">OKX, one of the leading global crypto exchanges, implemented the advanced multi-party computation (MPC) technology into its Web3 wallet, the company said in a <a aria-label="press release (opens in a new tab)" href="https://www.prnewswire.com/news-releases/okx-wallet-is-first-in-web3-to-utilize-leading-edge-mpc-technology-together-with-support-of-37-blockchains-301789371.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">press release</a> Tuesday. OKX said MPC would significantly improve the security of OKX Wallet by splitting a user’s private key into three parts, making it harder for perpetrators to access the complete key.</p>



<h3 id="what-is-the-mpc-technology">What is the MPC Technology?</h3>



<p>OKX announced that it upgraded its <a aria-label="OKX Wallet (opens in a new tab)" href="https://www.okx.com/web3" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">OKX Wallet</a>, allegedly making it the first Web3 wallet to incorporate <a aria-label="MPC technology (opens in a new tab)" href="https://www.fireblocks.com/what-is-mpc/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">MPC technology</a>. The crypto exchange said the wallet supports 37 different blockchains.</p>



<p>MPC is a technology that divides a user’s private key into three parts, removing the need for conventional written-down keys and seed phrases. By splitting the key, the technology significantly enhances the wallet’s security and reduces the risk of key theft, as no single entity can access the complete key.</p>



<blockquote class="wp-block-quote">
<p>“Those accustomed to the fast-paced, decentralized Web3 world often must choose between agility and security when it comes to the wallet experience. OKX Wallet, now upgraded with MPC technology, gives users the best of both.” </p>
<cite>&#8211; said OKX Chief Marketing Officer Haider Rafique.</cite></blockquote>



<p>Furthermore, the upgrade also equipped the OKX Wallet with the ‘Emergency Escape’ feature &#8211; the “first-of-its-kind asset recovery feature,” OKX wrote in the press release. This feature helps users regain access to their assets without involving the exchange’s security team. To recover access in urgent situations using this feature, users will be asked to provide 2/3 access credentials, including a device, cloud backup, or OKX account login info.</p>


<div class="cta-referral">

			<img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async">
	
	<div class="cta-referral__text">
		<p>Join our <a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a> and never miss a breaking digital asset story.</p>

	</div>

</div>


<h3 id="okx-reinforces-its-position-as-one-of-the-leading-and-most-innovative-crypto-exchanges">OKX Reinforces its Position as One of the Leading and Most Innovative Crypto Exchanges</h3>



<p>The incorporation of MPC technology and Emergency Escape reinforces the position of OKX Wallet, one of the leading multi-chain, decentralized wallets. OKX Wallet offers a range of features, including secure storage and management of digital assets, trading, non-fungible token (NFT) trading, and access to decentralized finance (DeFi) protocols, among other things.</p>



<p>OKX, one of the leading world’s crypto exchanges with over 20 million users, is known for its extensive selection of tradable cryptocurrencies, advanced trading features, and innovative Web3 technology solutions. Headquartered in Seychelles, it serves users in over 200 countries and regions.</p>



<p>Last month, the <a href="https://tokenist.com/okx-sets-up-hong-kong-entity-applies-for-virtual-asset-license/" rel="dofollow" class="deco-link">exchange established</a> a Hong Kong entity and said it plans to apply for the virtual asset service provider (VASP) license &#8211; part of Hong Kong’s new <a href="https://tokenist.com/hong-kongs-sfc-seeks-comments-on-new-digital-asset-regulations/" rel="dofollow" class="deco-link">licensing regime</a> as the city looks to become the leading crypto hub.</p>


<div class="cta-sub js__cta-sub">

	<div class="cta-sub__start" data-step="1">

					<div class="cta-sub__title"><strong>Finance is changing.</strong></div>
							<div class="cta-sub__subtitle">Learn how, with Five Minute Finance.</div>
							<div class="cta-sub__excerpt">A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.</div>
							<button type="button" class="btn">Try it out (for free)</button>
			</div>

	<div class="cta-sub__form" data-step="2" style="display: none;">
									<script type="text/javascript"
						src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&#038;webforms_id=zw3Wv"></script>
						</div>

	<div class="cta-sub__result" data-step="3" style="display: none;">
		<div class="cta-sub__title">Awesome</div>
		<div class="cta-sub__caption">You&#8217;ve subscribed.</div>
		<div class="cta-sub__greeting">You&#8217;re well on your way to being in the know.</div>
	</div>

</div>



<p><em><strong>Do you think all crypto wallets should incorporate MPC technology to improve security? Let us know in the comments below.</strong></em></p>
<p>The post <a rel="nofollow" href="https://tokenist.com/okx-adds-new-features-to-its-web3-wallet-to-improve-security/">OKX Adds New Features to its Web3 Wallet to Improve Security</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

OKX Adds New Features to its Web3 Wallet to Improve Security

Table of Contents

Tokenist

Other articles published on Apr 4, 2023

PUBLISH CEO participates in roundtable on blockchain and future of journalism

6th NEWS giveaway: Win a skyscraper banner on TokenPost!

Binance’s market share drops on CFTC suit and no-fee trading halt: Report

9th NEWS giveaway: Win a pair of sneakers worth 69,000 KRW as part of PUBLISH's October Festival ...

FCCPC approves 173 digital lending platforms, bars illegal loan apps [FULL LIST]

Ethereum Archive Node service shuts down, saying it ‘succeeded.’

Join our free newsletter for daily crypto updates!