OKX adds new account abstraction feature to its web3 wallet

Quick Take

OKX Wallet has added the ability to pay for transaction fees across multiple blockchains with USDC or USDT.

Crypto exchange OKX launched an account abstraction feature — called "Smart Account" — for its homegrown decentralized wallet, OKX Wallet.

Account abstraction, in theory, is the concealment of more-technical details of on-chain interactions in favor of accessibility and user-friendliness. In OKX Wallet's case, it aims to combine users' smart contracts and externally owned accounts into a unified Smart Account.

The account abstraction feature, specifically, lets users pay for transactions on a variety of blockchains using stablecoins USD Coin (USDC) or USDT.

The Seychelles-based crypto exchange claims it will soon launch additional account-abstraction features — such as social recovery, which lets users dedicate "guardians" from their social network to help them recover their Smart Account.

"Our aim is to provide our users with the most accessible, secure, and powerful Web3 gateway," OKX's Chief Innovation Officer, Jason Lau, said.

"The Smart Account feature will play a significant role in achieving this goal. Account abstraction technology is a game-changer for the broader adoption of Web3 and enables new use cases and user experiences," he added.

OKX is currently the third-ranked crypto exchange for Bitcoin futures, according to aggregated open interest.