SAN FRANCISCO, USA, June 1, 2023, Chainwire
- With BRC-30, OKX Wallet users will soon be able to stake BRC-20 and Bitcoin tokens to earn passive income on their digital assets
OKXa leading Web3 company, today presented its proposal for a new open source BRC-30 protocol that allows staking of BRC-20 tokens and Bitcoin to earn BRC-30 tokens. The protocol is open source and available to all developers.
OKX Wallet will add support for the BRC-30 standard per protocol, allowing users to earn passive income by staking BRC-20 or Bitcoin tokens on Web3 Earn without actively negotiating. This complements the existing range of curated DeFi earning products already available through the platform.
The introduction of BRC-30 and its staking features is driven by OKX’s goal to provide users with additional opportunities to participate in the Bitcoin ecosystem and earn passive income.
Jason Lau, Chief Innovation Officer of OKX, said“We are delighted to have proposed and launched the BRC-30 standard to enable staking of Bitcoin and BRC-20 tokens. With the OKX wallet soon to incorporate support for BRC-30, users will be able to access staking Bitcoin and earning cross-chain opportunities.As the Bitcoin ecosystem is experiencing an explosion of new developments, we are proud to work with developers and projects from across the community to help grow the wider ecosystem.
OKX has been a longtime supporter of Bitcoin, having integrated the Lightning Network into its centralized exchange over two years ago. OKX Wallet is also the first multi-chain wallet to support BRC-20 trading with the launch of its Ordinal Marketplace, as well as viewing and transferring Bitcoin Ordinals.
A leading global technology company driving the future of Web3, OKX provides a full suite of products to meet the needs of beginners and experts alike, including OKX Wallet, NFT Marketplace, DEX and Web3 Earn.
OKX partners with a number of the world’s leading brands and athletes including: English Premier League Champions Manchester City FC, McLaren Formula 1, Tribeca Festival, Golfer Ian Poulter, Olympian Scotty James and F1 driver Daniel Ricciardo.
As a leader in creating innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign titled, The system needs a rewritewhich advocates a new paradigm driven by self-managed Web3 technology to replace existing centralized systems.
To learn more about OKX, download our app or visit: okx.com
THIS ANNOUNCEMENT IS PROVIDED FOR INFORMATION ONLY. IT IS NOT INTENDED TO PROVIDE INVESTMENT, TAX OR LEGAL ADVICE, AND SHOULD NOT BE CONSIDERED AN OFFER TO BUY, SELL OR HOLD ANY DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE WIDELY AND MAY EVEN BECOME WORTHLESS. OKX IS NOT REGULATED BY THE FCA, SO PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR THE FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER IF YOU UNDERSTAND HOW CRYPTO WORKS AND IF TRADING OR HOLDING DIGITAL ASSETS IS RIGHT FOR YOU IN LIGHT OF YOUR FINANCIAL SITUATION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, MAY INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. OKX IS NOT ASSOCIATED WITH ANY PARTICULAR DEFI PROTOCOL, MAKES NO WARRANTIES, REPRESENTATIONS OR COMMITMENTS REGARDING THE OFFERINGS OF ANY DEFI PROTOCOL, AND IS NOT RESPONSIBLE FOR ANY DIRECT OR INDIRECT LOSS OR OTHER DAMAGE RESULTING FROM YOUR USE OF ANY DEFI PROTOCOL . OKX WALLET IS AN AGGREGATOR; ALL ESTIMATED RETURN RATES DISPLAYED ARE PROVIDED BY THE DEFI PROTOCOL AND ARE NOT GUARANTEED OR INDICATIVE OF FUTURE RETURNS. PLEASE PERFORM YOUR OWN DILIGENCE BEFORE INVESTING IN A DEFI PROTOCOL. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL WITH ANY QUESTIONS ABOUT YOUR PARTICULAR SITUATION.