Cryptocurrency exchange OKX, 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 holders of Bitcoin and BRC-20 tokens.
OKX Unveils Staking System In Multichain Wallet
On Tuesday, OKX unveiled a new feature in its multichain digital asset wallet, which allows users to stake Bitcoin (BTC) and BRC-20 tokens. According to the company’s media release, this token reward system is possible due to the integration with OKX’s open-source BRC20-S protocol.
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it protocol an extended version of the BRC-20 standard that integrates functionality for staking operations, such as deposits, minting, and withdrawals. It allows users to acquire BRC20-S tokens through the OKX Web3 DeFi aggregator.
In addition, the BRC20-S protocol allows decentralized finance (DeFi) developers and projects to create a staking pool in the OKX Wallet.
With these staking pools, Bitcoin holders and BRC-20 token holders will receive BRC20-S tokens. Moreover, it will be done help DeFi projects drive user engagement and community building efforts, according to OKX’s press statement.
Jason Lau, the Chief Innovation Officer of OKX, claims that the wallet is the first multichain digital asset storage that supports Bitcoin and BRC-20 token staking.
“We’ve heard from OKX Wallet users that they want more opportunities to participate in the ecosystem, and we’re happy to deliver that for them,” said the CIO.
This staking capability comes as an addition to an existing host of Web3 Earn products in the OKX wallet. In the announcement, the company also discussed the future introduction of complementary features, such as a market for trading BRC20-S tokens.
OKX Wallet Announces Integration with Kava Blockchain
In a separate announcement, OKX Wallet disclosed its partnership with Kava, an EVM-compatible blockchain built with Cosmos’ SDK (Software Development Kit). This integration will reportedly improve users’ options for digital asset transfer and wallet transactions.
This represents another positive step for OKX Wallet in the pursuit of maximum customer satisfaction as just a few days ago, the multichain wallet revealed a partnership with PulseChain, another blockchain platform.
Despite these positive moves and collaborations, OKB, the utility token of the OKX ecosystem, has seen a low market performance. According to CoinGecko data, the value of the token increased by only 0.3% in the last 24 hours, with a 0.7% dip in the previous week.
As of this writing, OKB is trailing hands at $43.14, with a daily trading volume of over $2.02 million. The token has a market cap of roughly $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