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OKX Wallet is First Multi-Chain Wallet to Offer Staking for Bitcoin and BRC-20 Tokens

OKX Learn
OKX Learn
Published on Jul 19, 2023
Updated on Apr 25, 2024
2 min read

- Following the launch of the BRC20-S protocol, which is open-source and available for all developers to build upon, web users can now earn BRC20-S tokens by staking Bitcoin or BRC-20 tokens

SAN FRANCISCO, July 19, 2023 - OKX, a leading Web3 technology company, has announced that its multi-chain wallet now allows users to stake both Bitcoin (BTC) and BRC-20 tokens. This new capability is made possible by the implementation of OKX's open-source BRC20-S protocol, which enables users to earn BRC20-S tokens via the OKX Web3 DeFi aggregator.

This capability complements the existing range of Web3 Earn products on OKX Wallet, with more features, including a marketplace for selling BRC20-S tokens, coming soon on OKX Web3 DeFi.

The BRC20-S protocol also allows DeFi developers and projects to create staking pools on OKX Wallet. This enables them to distribute BRC20-S tokens to Bitcoin holders or BRC-20 token holders, which can help with their user engagement and community building efforts.

OKX Chief Innovation Officer Jason Lau said: "OKX Wallet is the first multi-chain wallet that enables staking for Bitcoin and BRC-20 tokens. 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. We are constantly listening to feedback and look forward to sharing additional feature launches later this month."

OKX is a longstanding supporter of Bitcoin, having integrated the Lightning Network to its centralized exchange over two years ago to enable faster and cheaper BTC deposits and withdrawals. OKX Wallet is also the first multi-chain wallet to support BRC-20 token and Bitcoin NFT trading with the launch of its Ordinals Market, as well as the viewing and transfer of Bitcoin Ordinals.

DISCLAIMER This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, or hold digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances.

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