tokenist.com
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 press release 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.
What is the MPC Technology?
OKX announced that it upgraded its OKX Wallet, allegedly making it the first Web3 wallet to incorporate MPC technology. The crypto exchange said the wallet supports 37 different blockchains.
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.
“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.”
– said OKX Chief Marketing Officer Haider Rafique.
Furthermore, the upgrade also equipped the OKX Wallet with the ‘Emergency Escape’ feature – 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.
OKX Reinforces its Position as One of the Leading and Most Innovative Crypto Exchanges
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.
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.
Last month, the exchange established a Hong Kong entity and said it plans to apply for the virtual asset service provider (VASP) license – part of Hong Kong’s new licensing regime as the city looks to become the leading crypto hub.
Do you think all crypto wallets should incorporate MPC technology to improve security? Let us know in the comments below.