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Cryptocurrency exchange OKEx has announced that its multichain wallet will now allow users to lock and stake their bitcoin (BTC) and BRC-20 tokens. This function is described as a token reward system for bitcoin and BRC-20 token holders.
OKEx Unveils Staking System on Multichain Wallet
On Tuesday, OKEx unveiled a new functionality on its multichain digital asset wallet that enables users to stake bitcoin (BTC) and BRC-20 tokens. according to the company media releaseThis token reward system is made possible by OKX’s integration of the open-source BRC20-S protocol.
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This Etiquette BRC-20 is an extended version of the standard that integrates functionalities for stacking operations such as deposit, mold and remove. It allows users to earn BRC20-S tokens through the OKX Web3 DeFi aggregator.
In addition, the BRC20-S protocol enables decentralized finance (DeFi) developers and projects to create staking pools on the OKX Wallet.
With these staking pools, bitcoin holders and BRC-20 token holders can earn BRC20-S tokens. In addition, it will According to OKEx’s press statement, it will help DeFi projects increase user engagement and community-building efforts.
Jason Lau, OKEx’s Chief Innovation Officer, claims that the wallet is the first multichain digital asset storage to support bitcoin and BRC-20 token staking.
“We have heard from OKEx Wallet users that they want more opportunities to participate in the ecosystem, and we are thrilled to provide them with that,” said the CIO.
This staking capability comes in addition to the existing host of Web3 Earn products on the OKEx Wallet. In the announcement, the company also mentioned the launch of complementary features such as a marketplace to sell BRC20-S tokens in the future.
OKEx Wallet Announces Integration With Kava Blockchain
in a separate Announcement, OKEx Wallet revealed its partnership with Kava, an EVM-compatible blockchain built with the SDK (Software Development Kit) of Cosmos. This integration will reportedly enrich users’ options for digital asset transfers and transactions on the wallet.
This represents another positive step by OKEx Wallet in its pursuit of maximum customer satisfaction, as Multichain Wallet unveiled one just a few days ago. Partnering with PulsechainAnother blockchain platform.
Despite these positive steps and collaborations, OKB, the utility token of the OKEx ecosystem, has seen negligible performance in the market. According to coingeco dataThe coin has gained only 0.3% in value over the past 24 hours, following a 0.7% decline over the past week.
At the time of this writing, OKB is trading at $43.14, with a daily trading volume of over $2.02 million. The token has a market cap of approximately $2.59 billion, making it the 29th largest cryptocurrency in the industry.
OKBUSD trading at $43.2 | Source: OKBUSD chart from TradingView
Featured image from OKX, Chart from TradingView
