OKX · Singapore · U.S. · Fortune Technology
OKX introduces a service that turns 50 currencies into digital dollars, betting emerging market investors want stablecoins
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Crypto exchange OKX launched a standalone app on Tuesday that lets users convert more than 50 local currencies into U.S. dollar-backed stablecoins, as the company tries to expand its offerings beyond being an exchange.
Key facts
- In addition to security safeguards, Shield promises to reimburse up to $100,000 for regular users, and up to $500,000 for its highest class of VIP users, in the event of a third-party takeover
- OKX Money, which went live at the company’s OKX Now Product event in Singapore, is aimed at emerging markets in Latin America, Africa, South Asia, and the Middle East
- On Sunday, the OKX-ICE joint venture–co-chaired by former New York Gov
- OKX Money will allow customers to hold three dollar-backed stablecoins: Paxos’s USDG, Circle’s USDC, and Tether’s USDT
Summary
OKX Money, which went live at the company’s OKX Now Product event in Singapore, is aimed at emerging markets in Latin America, Africa, South Asia, and the Middle East. “The key gap for people and institutions is settlement,” Haider Rafique, OKX’s global managing partner, tells Fortune. “I grew up in Pakistan,” he says. OKX Money will allow customers to hold three dollar-backed stablecoins: Paxos’s USDG, Circle’s USDC, and Tether’s USDT.