OKCoin, a major Chinese bitcoin exchange, has introduced a new OKLink ‘Superwallet’, which the company claims will transform the industry.

OKCoin highlights that the Superwallet, which launched in a beta version, is not a product but a system built on top of the bitcoin protocol. In a blog announcement, OKCoin expressed the hope that Coinbase and Circle will launch their own Superwallets as well, which will allow users to carry out transactions between different bitcoin wallets directly.

At its heart, Superwallet is an open system, so any company can build one. The idea behind the Superwallet is to reduce to a minimum the number of transactions and to avoid using SWIFT, Mastercard, or Visa networks to process payments. Users need not to be aware of bitcoin as the system converts bitcoin into local currencies.

OKCoin contrasts the decentralized and open Superwallet to the closed monopoly-like Visa and Mastercard systems and claims that the former is superior and more efficient. The developers believe that the OKLink Superwallet will enter the mainstream and will be widely used for shopping, paying wages, and sending money abroad.

OKCoin has a reputation as a company that specializes in sophisticated financial tools. Indeed, not only does it exchange bitcoins into renminbi and dollars and vice versa, but it also allows margin and futures trading in addition to peer-to-peer lending, a payment platform, and a multisig wallet. Star Xu, CEO at OKCoin, believes that increasing the adoption of bitcoin is a great mission. According to him, bitcoin gives people the chance to return to a “system based on the laws of nature”, abandoned in 1972 when the gold standard was dropped.