Cryptocurrency exchange OKX has announced that its multichain wallet now allows users to lock and stake their Bitcoin (BTC) and BRC-20 tokens. This feature 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 that allows users to stake Bitcoin (BTC) and BRC-20 tokens. According to the company press releaseis this token reward system possible thanks to the integration of OKX’s open-source BRC20-S protocol.
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This protocol is an extended version of the BRC-20 standard that integrates functions for staking operations, such as deposit, strike and withdrawal. 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 OKX Wallet.
These staking pools allow Bitcoin holders and BRC-20 token holders to receive BRC20-S tokens. In addition, this will help DeFi projects increase user engagement and community building efforts, according to OKX’s press statement.
OKX Chief Innovation Officer Jason Lau claims that the wallet is the first multichain digital asset store to support 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 excited to provide that for them,” said the CIO.
This staking opportunity 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 release of additional features, such as a marketplace for selling BRC20-S tokens.
OKX Wallet Announces Integration with Kava Blockchain
In a separate announcement, OKX Wallet revealed its partnership with Kava, an EVM-compatible blockchain built with Cosmos’ SDK (Software Development Kit). This integration will reportedly enrich users’ options for digital asset transfer and on-wallet transactions.
This represents another positive step from OKX Wallet in pursuit of maximum customer satisfaction as just a few days ago the multichain wallet launched a partnership with PulseChainanother blockchain platform.
Despite these positive moves and collaborations, OKB, the utility token of the OKX ecosystem, has shown negligible market performance. According to CoinGecko Datathe value of the token has only increased by 0.3% in the last 24 hours, with a dip of 0.7% in the past week.
At the time of 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 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 of OKX, chart from TradingView