BULLISH 📈 : OKX launches compliant pay and card products in Europe

OKX has launched OKX Pay and the OKX Card across Europe, introducing a DeFi-based payments and card system compliant with EU standards.

The products are issued through OKX’s regulated European entity, focusing on everyday payments rather than trading.
Users can deposit euros, convert them into fiat-backed stablecoins, and use these balances for daily spending.
The launch aligns with the EU's Markets in Crypto Assets (MiCA) regime, which provides a unified regulatory framework for stablecoin issuers and crypto service providers.

How OKX Pay Works

OKX Pay allows users to spend euro-backed stablecoins on routine expenses like food, transport, and bills.
Balances can be used for DeFi protocols and real-world asset applications where local rules permit.
Stablecoins are central, ensuring near-instant settlement and reducing cross-border limitations.
On-chain settlements lower payment costs by replacing traditional fees.

The virtual, euro-denominated debit card is linked to OKX Pay, allowing stablecoin spending wherever Mastercard is accepted.
Conversion from stablecoin to euros occurs at purchase time, avoiding transaction and foreign exchange fees.
A 0.4% market spread applies at conversion.
Supports tap-to-pay via Apple Pay and Google Pay, usable online or in-store globally at Mastercard locations.
Funds remain in user self-custody wallets until checkout, minimizing counterparty risk.

Limited-time crypto rewards are available, offering up to 20% back for VIP users and up to 15% for regular users on eligible purchases.
The card is issued through a licensed European payments partner, adhering to AML and KYC requirements.
Further expansion across European markets and additional features are planned.

Despite this launch, OKX has laid off between 30% to 50% of its employees as part of institutional restructuring.