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While crypto has become a booming industry over the past few years, and more companies are adopting cryptocurrency as a form of payment, it’s safe to say that the world has not quite achieved widespread adoption of cryptocurrency yet. The main form of payments for many industries around the world is still through fiat currencies. Okse, however, is changing this with the Okse Wallet and the Okse Card.
The Okse Card is a decentralized, funded Visa card designed to allow everyone, including unbanked individuals, to spend crypto instantly in over 170 countries, at over 60 million Visa merchants globally.
Excited to find out how Okse is leveraging the power of DeFi to serve those who are unbanked and push for mass adoption of crypto? Read on, as we cover everything you need to know!
Okse Wallet is a DeFi payments platform designed to revolutionize the financial market. It aims to replace all third parties in a financial transaction with smart contracts — so that users can avoid unnecessary fees as well as credit/debit card fraud.
It’s common to assume that everyone has access to conventional banking services. However, the truth is far from that. In reality, 1.7 billion people in the world ― fully 15% — don’t have access to conventional banking services, as shown in the 2021 World Bank report. This means that almost one-sixth of the world population has no protection for their money from unforeseen circumstances. Okse noticed this and decided to take on the challenge to bridge this gap and improve financial inclusion.
Through decentralization, users can be assured that their hard-earned crypto will be safe from hacks, fraud and identity theft. This is because the Okse Wallet can only be accessed with your own unique, private key and seed phrase. With this in mind, Okse developed the Okse Card.
The Okse Card is a virtual Visa debit card with which users can make payments to over 60 million merchants worldwide. The card is protected with smart contracts, and the only way to access it is via the decentralized Okse Wallet, where users first have to go through the KYC process. Once the KYC is approved, users can then deposit their pre-selected, governance-selected cryptocurrencies.
In order to ensure that your funds remain safe, they’ll be transferred along with your confirmation to the master wallet from the integrated Signer Wallet, which will release funds to the debit card (provided immediately when a purchase is made with your Okse Card). Note that the pre-selected payment currency will be automatically, instantly converted into USDC or BUSD to keep the value of the cryptocurrency as close to the U.S. dollar as possible.
Want to keep track of your transactions and approvals? No worries, because they’re all documented on the blockchain and can be viewed directly in your Okse Wallet account.
The Okse Card has a daily debit card payment limit that you can increase simply by staking more OKSE tokens.
Without staking any tokens at all, your card will have a limit of $250 a day. Staking 5,000 OKSE tokens will increase this limit to $500, and staking 25,000 OKSE tokens will increase it to $2,500. If you spend more than $2,500 a day, you might want to consider staking 50,000 or 100,000 OKSE tokens to establish a limit of $5,000 or $10,000, respectively.
Decentralization comes at a small cost. In order to cover the fees of the physical debit card, virtual card and account costs, cardholders will be required to pay a $6.99 monthly fee (in any cryptocurrency) listed as a payment option in the debit card smart contract. A special discount of 10% will be given to those who choose to pay in OKSE tokens.
The first payment will be made upon the creation and activation of the user’s virtual debit card. Thereafter, the monthly subscription fee will be automatically deducted every 30 days.
In the event that a payment is unable to go through, the virtual card will be deactivated and you won’t be able to use your debit card for purchases. This is certainly not a cause for concern, as your funds will still remain in the Okse Wallet. You’ll be able to continue depositing and withdrawing these funds. You can reactivate your card for two months by paying the subscription fee, but for security purposes, you’ll be required to create a new card after the two months are up.
Other fees also include a transaction fee that needs to be paid every time you deposit, withdraw or make a payment with the debit card. Of course, you’ll be given the freedom to choose a cheaper blockchain to enjoy cheaper fees. However, speed and security standards may differ. A cross-border fee of 1.5%–2.5% of the transaction amount will also apply.
Okse will soon be releasing a special Spend-to-Earn program which allows all cardholders to earn cashback on every purchase. This will certainly incentivize many to start spending with the OKSE card, and help in the push for mass adoption of crypto.
OKSE are the platform tokens of the Okse Wallet ecosystem. You can earn OKSE tokens through spending crypto, and you can purchase them through Bybit.
As the platform’s rewards and governance token, the OKSE token can be used in the following areas:
Governance: Members use their OKSE tokens to participate in protocol governance, and to vote on proposals.
Staking: Users can stake their OKSE tokens to unlock tiers of daily debit card payment limits and Spend-to-Earn rewards.
Payments: Use OKSE tokens to pay for your monthly subscription fee and save 10%;
Rewards: Earn 5% of the monthly subscription from the pool by staking OKSE LP tokens.
Now that we’ve covered most of the basics, let’s explore the tokenomics of the OKSE token. The OKSE token has a maximum supply of one billion.
50% of the tokens are allocated to the Spend-to-Earn segment, 10% are set aside for private sale and 15% are allocated to the ecosystem fund. Of that 15%, 20% are unlocked at the token generation event and the rest are unlocked progressively over a period of 36 months. A further 20% of the total token supply is distributed to the team, while 5% is allocated to the advisors for the project.
Keen on hopping on the bandwagon to support mass adoption of crypto with Okse? You can start investing today by checking out Bybit Launchpad, where 5.9 million OKSE tokens can be earned — either through committing BitDAO (BIT) tokens, or participating in the USDT lottery after signing up on Bybit.
With more people joining the crypto space and holding cryptocurrency, it’s evident that an increasing number of industries will eventually adopt the use of crypto as a payment method. In the meantime, Okse serves as a great intermediary for those who are eager to spend with crypto. Furthermore, it offers the perfect opportunity for those who are unbanked to set up an account easily, and to spend at over 60 million merchants. Okse’s clear value proposition will certainly drive the value of OKSE tokens up as well.
Okse is backed by reputable investors, such as Cypher Capital and CRT Labs, in addition to private investors. It’s already gained a large following in Latin America and the Gulf region, and there’s no doubt that its popularity will be growing in other countries as well.
With all that Okse has to offer, including its upcoming Spend-to-Earn program, OKSE tokens look to be a great investment in the long run.
Overall, it’s evident that OKSE tokens will be a great addition to any crypto portfolio. The Okse team remains dedicated to bridging the gap in financial inclusivity and pushing for mass crypto adoption with decentralization.
We’re confident that Okse will continue innovating more features to benefit everyone who believes in the power of decentralization.