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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

OKX Wallet Introduces Staking Function For Bitcoin And BRC-20 Tokens

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
OKX

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Cryptocurrency exchange OKX, has announced that its multichain wallet will now allow users to lock up 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 On Multichain Wallet

On Tuesday, OKX unveiled a new functionality on its multichain digital asset wallet, which enables 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 of OKX’s open-source BRC20-S protocol. 

Related Reading: Pre-Mined Ethereum Worth $116M Moves After 8 Years: Is A Major Price Dip Imminent?

This protocol is an extended version of the BRC-20 standard that integrates functionalities for staking operations, like depositing, minting, and withdrawing. It allows users to earn BRC20-S tokens through the OKX Web3 DeFi aggregator.

Furthermore, the BRC20-S protocol enables decentralized finance (DeFi) developers and projects to create staking pools on OKX Wallet.

With these staking pools, Bitcoin holders and BRC-20 token holders can receive BRC20-S tokens. Additionally, this will help DeFi projects drive up user engagement and community-building efforts, according to OKX’s press statement.

Jason Lau, OKX’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 OKX Wallet users that they want more opportunities to participate in the ecosystem, and we are thrilled to deliver that for them,” the CIO said.

This staking capability comes as an addition to an existing host of Web3 Earn products on the OKX wallet. In the announcement, the company also mentioned the future introduction of complementary features, like a marketplace for selling 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 enrich the users’ options for digital asset transfer and transactions on the wallet.

This represents another positive move by OKX Wallet in pursuit of maximum customer satisfaction as only a few days ago, the multichain wallet unveiled a partnership with PulseChain, another blockchain platform.

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Despite these positive moves and collaborations, OKB, the utility token of the OKX ecosystem, has seen a negligible market performance. According to CoinGecko data, the token’s value has only increased by 0.3% in the last 24 hours, with a 0.7% dip in the past week.

As of this writing, OKB is chasing 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.

OKX

OKBUSD trading at $43.2 | Source: OKBUSD chart from TradingView
Featured image from OKX, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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