As of October 2023, OKX has introduced a groundbreaking payment solution in Europe: the OKX Non-Custodial Crypto Card. With this card connected to the MasterCard Network, users can pay at any retailer that accepts MasterCard with USD and other types of stablecoins held in their self-custodial OKX Wallet in real time at the point-of-sale, without having to convert them into euros first.
How the OKX Non-Custodial Crypto Card functions
This crypto card is different from any standard custodial one, which regularly allows an exchange to keep control over the user’s funds; instead, the OKX non-custodial crypto card is directly linked to your own OKX Web3 wallet/app. An easy use case example would be: when you make a purchase, MasterCard automatically converts stablecoins (i.e., USDC) into euros (EU) using their network (rails) with a transparent 0.4% market spread and no additional fees. Users will also be able to tap their card to pay for products/services using Apple Pay and/or Google Pay, and they will be offering an introductory crypto rewards program for cardholders.
Importantly, OKX is launching this as not only an inexpensive payment method but also a compliant gateway for accessing on-chain finance [e.g., via decentralized finance (DeFi) and Real-World Assets (RWA) protocols] as permissible by law.
A Strategic Launch
With this launch, the OKX non-custodial crypto card sets another stone towards building everyday utility and regulatory alignment in the region. Different from other competitors that basically focus on gold or traditional assets (TradFi) integration, the OKX platform is betting strongly on regulated stablecoins as the foundation for modern payments.
On the other hand, this play adopts the clarity provided by Europe’s Markets in Crypto-Assets Regulation (MiCAR) framework, positioning stablecoin-related assets as a faster and even cheaper settlement layer. Combining self-custody with mainstream spendability is no longer an abstract concept. For instance, the crypto exchange is seeking to solve the real-world use cases problem that has long troubled crypto, but is now moving beyond just trading to incorporate digital assets into daily economic life, with clear results in efficiency and transparency, core values of blockchain technology.
