One of the largest CNY bitcoin exchange companies, OKCoin, announced its plans to revolutionize the cryptocurrency industry with its new feature ‘Superwallet’ feature. This desktop wallet, which is currently in beta, will allow users to choose from CNY, USD, or BTC to spend at bitcoin-accepting merchants and make the conversion only at the point-of-sale.
According to its owners, this move by the bitcoin exchange can combine the features of both traditional fiat wallets and online bitcoin wallets. The conversion to fiat value will come at no additional cost to the user during payment and the settling of the transaction.
OKCoin Bitcoin Exchange Promises Game-Changer
Head of OKCoin’s international division Jack Liu claims that this would mark one of the bitcoin exchange company’s first attempts to encourage the use of bitcoin as a main mode of payment. He added that the ‘Superwallet’ can make it more convenient for users to transact with bitcoin without having to interface directly with the digital currency.
In doing so, the company can broaden its reach and encourage the rest of its industry peers to rethink its mainstream approach. Liu added that he is confident that more bitcoin companies can adopt this approach in fine-tuning their existing offerings.
“The Superwallet is not branded as a bitcoin currency product. It will highlight the powerful open protocol which will allow users to spend their chosen currency using the bitcoin protocol in the same way the native tokens of the protocol can be spent,” he explained. He also reminded that the feature is still in beta and that the wallet is only as strong as the bitcoin ecosystem it is used in.
“It removes the need to believe in deflationary money supply, decentralization, certain political leanings or the need to stay abreast of industry trends or currency movements,” Liu added.