The Malta-based exchange positions its offering as a self-service system that allows users to control their assets until the moment of payment.
On Wednesday, OKX released a cryptocurrency payment card that will be accepted throughout Europe.
The OKX card works with 150 million merchants using Mastercard and is integrated with Apple Pay and Google Pay. According to the press release, users will be able to spend stablecoins stored in their own wallets, while funds will be automatically converted into local currency at the point of sale.
The OKX card is uniquely integrated with our Smart Wallet architecture," said Erald Gus, CEO of OKX Europe. "It provides a direct link between our own assets and the real economy without transaction fees and with a user—friendly interface.
The card operates on the basis of EU payment licenses and in accordance with MiCA regulations. OKX claims that their approach differs from competitors, which require users to deposit funds into custodial wallets before making a payment.
Despite the fact that the OKX card is integrated with the OKX smart wallet, which is a solution for self-storage of funds, at the moment, when making a payment, the cryptocurrency must pass through the OKX infrastructure for conversion to fiat currency and processing through the Mastercard network. In practice, this creates a short retention period for funds during the transaction.
During the launch period, VIP users will receive up to 20% cashback in cryptocurrency for their respective purchases, while other customers can claim 15% cashback. The terms of the action are not specified.