Cryptocurrency exchange OKX Australia has expanded its services to include a new payment facility that will allow users to make peer-to-peer transactions using a number of stablecoins hosted on its platform.
The payments wallet, OKX Pay, is built into the OKX app and transfers using US dollar-pegged stablecoins Global Dollar (USDG), Tether (USDT) and USD Coin (USDC) and Australian dollar-pegged stablecoins Macropod (AUDM) and Forte (AUDF) will take place instantly without requiring bank account numbers or BSB codes.
Transactions using Global Dollar will attract rewards of 4 per cent for regular customers, increasing to 10 per cent for higher-tier VIP members, capped at $10,000.
The exchange stated “because OKX Pay lives inside the existing OKX app, there is no new platform to download, no separate onboarding and no switching between apps to move between trading and payments”.
“For customers already holding digital assets with OKX, their existing positions may already qualify for VIP status, along with the VIP reward and cashback structures.”
OKX Australia chief executive Kate Cooper added: “Money should move as quickly as the internet. Stablecoins have the potential to modernise how Australians spend and transfer value, but until now the experience has been fragmented.
“With OKX Pay, customers can hold Australian dollar and US dollar stablecoins, earn rewards on eligible balances and send money instantly, all from a single app. We’re making the benefits of stablecoins practical, accessible and rewarding for everyday Australians.”
The organisation has also flagged the rollout of its OKX Card, which is currently available outside of Australia, to its local customers in the near future.
This service will provide users with a virtual debit card, accessible via mobile phone payment system, that can access a cryptocurrency wallet to allow everyday spending without switching platforms.
The new services will be issued by fintech firm Bano, with OKX Australia acting as distributor and authorised representative of Bano in relation to those products.