OKCoin, the largest Chinese yuan (CNY) bitcoin exchange by volume, has announced the launch of an ambitious new wallet product it hopes will encourage the wider industry to rethink its attempts to reach mainstream consumers.
Dubbed the ‘Superwallet‘, the desktop wallet, currently in beta, promises to combine the best of both fiat mobile wallets and traditional bitcoin wallets. In effect, the Superwallet will allow users to spend both CNY and US dollars at bitcoin-accepting merchants, converting fiat currency to bitcoin only at the point of sale as a means of transmitting the payment and settling the transaction.
The conversion will come at no additional cost to the user, who will pay a bid/ask spread on the purchase as they would when initiating a purchase with BTC. OKCoin will continue to cover mining fees, while fees for those who use its traditional exchange to access bitcoin as a speculative asset will remain unchanged.
Jack Liu, head of OKCoin’s international division, suggested that the launch of the Superwallet would mark one of the first attempts to encourage the use the bitcoin protocol as a payments rail without requiring users to interface with its currency