OKCoin announces the launch of Superwallet

OKCoin, the China-based digital currency trading platform, has announced the launch of a new wallet product, in an effort to encourage the cryptocurrency ecosystem to rethink its attempts to reach mainstream users.

Called as the first 'Superwallet', the OKLink desktop wallet, claims to bring together the best of both fiat mobile wallets and traditional bitcoin wallets. It will facilitate users to spend BTC, CNY or US dollars at bitcoin-accepting merchants, to convert fiat currency to bitcoin only at the point of sale to transfer the payment and settling the transaction.

Liu told CoinDesk, "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."

No additional cost will be charged for the conversion for the users who will pay a bid/ask spread on the purchase as they would when initiating a purchase with bitcoin. The company will continue to cover mining fees, while fees for those who use its traditional exchange will not be affected.