Circle & OKX Partner To Revolutionize Web3 with Feeless USDC Transactions

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Circle, the stablecoin issuer, and OKX, the global crypto exchange, are forging a powerful partnership set to reshape the Web3 landscape. In a joint announcement, they revealed USDC features integrated into the OKX Wallet and OKX DEX aggregator.

The “USDC Zero Network Fee Campaign” introduces a time-limited opportunity for Smart Account users of OKX Wallet to conduct USDC transactions without incurring network fees. Running from Sep 7 to Oct 5, this initiative simplifies transactions across multiple blockchains using USDC, thanks to the Smart Account’s account abstraction technology, launched on Aug 2, 2023.

Integrating the­ exchange DEX aggregator with Circle­’s Cross-Chain Transfer Protocol (CCTP) offers users a more­ streamlined expe­rience when e­ngaging in USDC pair trading. This development goe­s beyond convenience­; it serves as a crucial milestone­ in improving cross-chain USDC utility across various ecosystems, including Ethere­um, Avalanche, Arbitrum, and the OP Mainnet.

Jason Lau, OKX’s Chief Innovation Officer, emphasized the commitment to improving user experience in the Web3 space. He highlighted that OKX Wallet’s Smart Account, coupled with the ability to exchange USDC seamlessly across different networks, offers users unprecedented convenience and cost savings by eliminating network fees.

Dante Disparte, Chief Strategy Officer and Head of Global Policy at Circle expressed excitement about making DeFi more accessible through CCTP and innovative gas abstraction features. This move aligns with Circle’s goal of pioneering transformative change in finance and driving broader adoption of blockchain technology.

OKX’s Indian Market Expansion

In addition to this partnership, OKX is making waves by entering the Indian market. The exchange plans to recruit local talent to enhance its wallet services and engage with India’s burgeoning Web3 community.

Haider Rafique, the exchange’s Chief Marketing Officer, acknowledged the enormous potential in India, where OKX Wallet currently serves just 5% of the Web3 user base. He emphasized the exchange’s community-centric approach to gain insights and foster meaningful relationships within the Indian crypto landscape.

The e­xchange’s expansion efforts align with its position as the­ sixth-largest global crypto exchange. It ope­rates from various regional hubs in Singapore, Dubai, Hong Kong, and the­ Bahamas. Rafique clarified that instead of e­stablishing a physical office in India, the company aims to collaborate with local tale­nt to navigate and contribute to the local We­b3 ecosystem.

This holistic approach, coupled with recent partnerships and initiatives, positions the exchange as a formidable player in the ever-evolving crypto and blockchain space.

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