In a crowded market of crypto payment cards, OKX has made its mark by launching a non-custodial card in Europe, shunning the trend of traditional asset trading seen among its competitors. The Malta-based exchange’s move comes as Binance, Kraken, and Crypto.com already offer similar products, but OKX is differentiating itself by focusing on self-custody and seamless user experiences.
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The OKX Card, which supports USDC and USDG spending, is issued via regulated issuer Monavate on Mastercard’s network and is available to verified EU users. Users can spend stablecoins stored in their own wallets, with funds automatically converted to local currency at the point of sale. The card works with 150 million Mastercard merchants and integrates with Apple Pay and Google Pay, providing a direct bridge between self-custodied assets and the real economy.
While the OKX Card is integrated with OKX’s Smart Wallet, which is a self-custody solution, there is a brief custodial moment during transactions when cryptocurrency passes through OKX’s infrastructure to be converted into fiat and processed through Mastercard’s network. Despite this, OKX is positioning itself as a player that brings digital assets closer to traditional finance without compromising on security standards.
Unlike its competitors who have rushed into gold and traditional asset trading as precious metals prices surge, OKX is prioritizing building institutional-grade crypto infrastructure with strong liquidity, risk controls, and regulatory compliance. The exchange’s CEO, Erald Ghoos, emphasized that their focus is on providing security, trust, and full compliance, which are essential for mass adoption in the crypto space.
OKX’s launch of the non-custodial card in Europe reflects a broader trend in the crypto industry towards enhancing financial experiences and utility for users. As more exchanges enter the crypto payment card space, competition is intensifying, leading to innovations in self-custody solutions and user-friendly experiences.
Overall, OKX’s strategic move to offer a non-custodial card in Europe underscores the evolving landscape of crypto payments and the importance of balancing security, utility, and regulatory compliance in the rapidly growing digital asset ecosystem.
Ticker symbols: OKX
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References:
– American Banker. (n.d.). Banks’ myopic focus on stablecoin interest obscures a greater threat. [https://www.americanbanker.com/opinion/stablecoin-interest-is-not-the-biggest-threat-facing-bank-deposits]
– Cointelegraph. (n.d.). OKX launches EU stablecoin payment card via regulated issuer Monavate. [https://cointelegraph.com/news/okx-eu-crypto-card-regulated-issuer-monavate?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound]
– Finance Magnates. (n.d.). OKX Launches Non-Custodial Card in Europe, Shuns Gold and TradFi Asset Trend. [https://www.financemagnates.com/cryptocurrency/exchange/okx-launches-non-custodial-card-in-europe-shuns-gold-and-tradfi-asset-trend/]
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