OKX Ventures Incorporates Gitcoin Passport

OKX Ventures, the company’s venture capital subsidiary founded in 2021, has recently made a new development.

Gitcoin Passport has been incorporated into the platform’s OKX Web3 wallet.

A recent blog post on Medium revealed that the platform had implemented this integration for privacy and security features.

In that blog post, the company noted that Vitalik Buterin, co-founder of the leading cryptocurrency network Ethereum, emphasized three fundamental technical transitions.

According to him, privacy, wallet security, and scalability are the respective features that can reveal the full potential of Ethereum.

Keeping this in mind, OKX pays close attention to both privacy and security.

According to the platform, ERC-4337 provides support for wallet security. It is known as a standard dedicated to facilitating smart wallet-based contracts.

The corresponding agreements enable the creation of programmable purses with enhanced usability and security.

Account abstraction is utilized to support these features. With the ongoing update, smart contracts can manage externally owned accounts (EOAs).

This provides an additional flexible method for programming security-related principles. In addition, it streamlines account recovery and enables several recovery-related possibilities.

OKX Web3 Wallet stated that its Web3 Wallet is a self-custody MPC wallet that will soon support account abstraction.

Regarding privacy, it was noted that Gitcoin aims to provide a globally supported identity system.

Members of Gitcoin Passport have access to the most dependable Web3 experiences and enhanced participation opportunities in the Web3 industry.

According to OKX, Gitcoin has become a driving force in fostering decentralization within the Ethereum ecosystem.

It was also stated that more than 300,000 developers use Gitcoin.

Gitcoin played a significant role in the cases of innovation and collaboration.

OKX believes that Gitcoin serves as the leading platform for funding public products.

In addition, the platform pioneered novel mechanisms to support initiatives that contribute to the common good.

Additionally, it is believed that Gitcoin is enhancing the advancement of Gitcoin Passport’s respective impact.

In addition, it asserted that Gitcoin is a significant partner of OKX in supporting developer ecosystems.