OceanEx Launches OceanEx Pay

3 min readSep 11, 2020

We are excited to announce that OceanEx launches brand new product OceanEx Pay on September 11th, 2020. OceanEx Pay is a payment system that allows merchants to use OceanEx as custodian service and accepts cryptos. For merchants, they can accept payments of various cryptos in a safe, fast, and freeway from global customers. It is convenient for current OceanEx users to directly use this service by their existing registered OceanEx account without signing up for a new one.

It is reported that cryptocurrency has a market cap of $270B as of July 2020. However, crypto-based payment is one critical yet severely under-deployed component in the cryptocurrency landscape. As a matter of fact, this business field seems to still be the blue ocean, since there are only a few service providers now, and most fiat gateways are notoriously low-efficiency for payments. We spot this potential market and take on this payment challenge to develop OceanEx Pay, to provide the crypto payments service with secure custodian, multi-currency support and anti-money laundry.

Managing receiving wallets and massive payment addresses and securing the collected payments into a safe cold storage are among the most important things for a cryptocurrency payment system. OceanEx Pay takes advantage of the OceanVault custodian which is the cryptocurrency custodian system that empowers OceanEx, safeguarding crypto assets for businesses/exchanges. Meanwhile, the backend cryptocurrency services from OceanEx have enabled OceanEx Pay to use over 50 types of cryptocurrency as payment options. Merchants can conveniently and flexibly use OceanEx to exchange payments from customers to any desired currency type supported by OceanEx. With OceanEx, the merchant will be able to take advantage of our AML services and stay away from transactions associated with harmful crypto addresses. Merchants can access OceanEx Pay via API to receive payments in cryptocurrency conveniently from payment orders. OceanEx Pay offers crowdsourcing based API service that verifies safety of crypto addresses, notifying businesses of potential scam and hack activities of addresses.

OceanEx Pay is able to bring about five advantages for merchants and enable the tokens within the VeChain ecosystem such as OCE, VET, SHA, HAI and etc. First of all, merchants can save time cost by accessing OceanEx Pay via API instantly, the crypto payment function will be integrated within minutes. Secondly, it helps merchants to explore the global market and provides the crypto payment solution for global customers. Thirdly, there is no fee for merchants to accept crypto payment and for customers to pay for their orders by crypto. Only withdrawal fee will be charged according to Withdrawal Fees of OceanEx platform. To provide merchants an easy method to manage their orders details and check up accounts, OceanEx Pay offers a one-time use payment address for each unique order. Above all, OceanEx Pay enables over 50 tokens, which means every token listed on OceanEx can be used as payment options. Merchants also can easily use OceanEx to exchange payments from customers to any aimed currency type supported by us.

In the near future, OceanEx Pay is going to empower and devote more contributions to both OceanEx and VeChain ecosystem. With an increasing number of merchants using OceanEx Pay, this payment system could add more use cases for not only OCE and VET but also every token within the VeChain ecosystem.

For details guide of how to integrate and apply OceanEx Pay, please check here: https://support.oceanex.pro/hc/en-us/articles/360048798132

For OceanEx Pay API document，please check here: