OKX to launch new US mobile app in the fall, replacing OKCoin

OKX, a major global crypto exchange, is preparing to roll out a brand-new mobile application for U.S. users this fall, according to OKX Chief Marketing Officer Haider Rafique.

This launch marks the rebranding of its U.S.-based sister exchange, formerly known as OKCoin, as it aligns with OKX’s international identity.

New App, Not a Rebranding

The new app will not simply be a rebranded version of OKCoin’s existing mobile platform, Rafique confirmed. Instead, it represents an entirely new product, designed to replace OKCoin’s app when it is phased out in the U.S.

Users have already begun migrating their assets in preparation for the transition, with notifications sent to alert them of the upcoming changes.

Focus on Banking Partnerships and User Experience

As part of its relaunch, OKX is working on onboarding several U.S. banking partners, including one used by competitor Kraken. This is crucial after OKCoin paused U.S. dollar deposits earlier in 2023 following the collapse of Signature Bank, its primary banking partner for USD transactions.

The new app will aim to provide users with Automated Clearing House (ACH) transfers, a more cost-effective alternative to wire transfers. The team is keen to avoid a wire-only launch, as Rafique emphasised that ACH transfers offer greater convenience for users.

Available in 41 States

Once launched, the new OKX app will be available in 41 U.S. states, leveraging OKCoin’s existing licenses to ensure compliance. This transition also deepens the integration between the U.S.-based platform and its international counterpart.

The launch of the new OKX app in the U.S. signals a significant step in the exchange’s consolidation strategy. It is expected to bring improvements in banking services and user experience, although challenges remain, particularly regarding regulatory and banking partnerships.