OKX Launches Crypto Exchange and Web3 Wallet in Brazil

November 27, 2023 - OKX has announced that it has launched its crypto exchange and Web3 wallet platform in Brazil today. Alongside the platform, OKX has also integrated Brazilian Real fiat-on ramp capabilities for its users.

OKX Exchange offers Brazilian users a platform to trade hundreds of cryptocurrencies and provides users with advanced crypto features including staking rewards and DeFi integrations.

Another significant offering is the OKX Wallet, a Web3 wallet that facilitates easy and secure self-custody. Users can manage DeFi products, trade NFTs, and utilize decentralised apps (dApps), among other functions. The wallet is notable for being the first to integrate both Multi-Party Computation (MPC) technology and Account Abstraction (AA) features, enhancing accessibility for users with varying levels of technical expertise.

Hong Fang, President of OKX, expressed enthusiasm about the expansion in to Brazil: "We're excited to officially launch our localized platform and services in Brazil, which represents the largest cryptocurrency market in Latin America. Our exchange now offers BRL rails, deep liquidity, tools, security and transparency that Brazilian traders want. Our OKX Wallet provides simplified access to DeFi, NFTs, dApps and more. We look forward to driving innovation and growth of the Web3 and crypto economy with millions of users as the market matures in Brazil."

A recent survey by OKX Brazil highlighted security as a primary concern among both crypto and non-crypto users in the country. The study revealed that 92% of participants prioritise clear, transparent information about investment security, and 86% believe Proof-of-Reserves (PoR) can significantly enhance the legitimacy and maturity of the cryptocurrency market.

OKX claims to lead the industry in security with monthly, on-chain Proof-of-Reserves reports verified via zk-STARKs cryptography, with the latest report showing 12.5 billion in primary assets backing user assets by 103%.

Guilherme Sacamone, OKX Brazil General Manager,commented on the commitment of OKX to the Brazilian market: "OKX is committed to helping Brazil reach its enormous potential as a leader in the adoption of cryptocurrencies and decentralized finance in the Web3 universe. For this reason, we delivered a comprehensive platform that combines global crypto excellence with user experience specifically tailored to the Brazilian market. We know that Brazilians expect fast and liquid trading, along with a secure self-custody wallet solution, all in one app. Given the results of our recent survey, we also recognize that security and transparency are top priorities for crypto users in the country. Therefore, OKX provides its trading solutions with the best security features, such as our robust Proof of Reserves program."