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

On November 27, global leading Web3 technology company OKX announced the official launch of its cryptocurrency exchange and Web3 wallet in Brazil, providing Brazilian cryptocurrency users with a secure and reliable decentralized finance (DeFi) and cryptocurrency trading avenue. This move by OKX means that the functionality for trading cryptocurrencies using the Brazilian real is now available to users.

The OKX exchange brings a powerful platform for Brazilian users to trade a variety of mainstream cryptocurrencies, while also offering users various top-notch crypto technology innovations, including staking rewards and integration of decentralized finance products. The OKX platform also offers a self-custody Web3 wallet feature, designed to help users use and manage DeFi products, trade NFTs, and utilize dApps through a user-friendly and secure self-custody channel. This is the first wallet that combines MPC technology and account abstraction (AA) features, allowing users with limited crypto knowledge to more easily enter the Web3 world.

OKX President Hong stated, "Brazil is the largest cryptocurrency market in Latin America, and we are excited to officially launch our localized platform and services here. Our exchange provides the functionality that Brazilian traders care most about—trading with the Brazilian real—while we offer deep liquidity and a very secure and transparent platform and tools. Our OKX wallet provides the most convenient entry point to decentralized finance, NFTs, dApps, and more. As the Brazilian market matures, we hope to drive Web3 innovation and the growth of the digital asset economy together with millions of users in the future."

Recently, the OKX Brazil office conducted a user survey report that found security is currently the top concern for crypto users in the Brazilian market. 92% of respondents indicated a need for trading platforms to provide more transparent information about the flow of user assets, while 85% of respondents believe that Proof-of-Reserves (PoR) reports help increase the legitimacy and maturity of the cryptocurrency market.

OKX releases a monthly zk-STARK cryptographic technology verification on-chain proof of reserves report, leading the industry's security standards. The latest report shows that OKX holds mainstream assets worth $12.5 billion, with user funds backed by more than one-to-one (103%) security.

Guilherme Sacamone, General Manager of OKX Brazil office, stated, "Brazil has great potential to become a leader in global decentralized finance, cryptocurrency, and the global Web3 industry. OKX is committed to helping Brazil realize its potential, and we will create world-leading cryptocurrency services and the most suitable product experience for local users. From our recent survey results, we see that security and transparency are top priorities for Brazilian cryptocurrency users. OKX is providing first-class security features, such as our commitment to monthly updates of the PoR fund reserve proof."