OKX Launches Money App for Emerging Market Investors
OKX launched the OKX Money app to help investors in emerging markets convert local currencies into U.S. dollar-backed stablecoins.
Cryptocurrency exchange OKX launched OKX Money, a standalone application targeting investors in Africa, South Asia, the Middle East, and Latin America. The platform enables users to convert more than 50 local currencies into U.S. dollar-backed stablecoins, including USDC, USDT, and USDG, to mitigate currency volatility and high foreign-exchange fees.
The app provides virtual and physical cards without foreign-exchange markups and offers up to 10% annual yield on eligible USDG balances. This rollout follows a funding round with Intercontinental Exchange and coincides with the introduction of the OKX Shield account-protection program.
Additionally, OKX and Intercontinental Exchange filed a joint venture with the Securities and Exchange Commission to establish a 24/7 trading platform for over 60 tokenized U.S. stocks. Global Managing Partner Haider Rafique stated that the technology provides a moat because it is more advanced than traditional finance, though he noted that the primary gap for institutions remains settlement.
