OKX Proposes Industry-First BRC-30 Token Standard to Enable Bitcoin and BRC-20 Token Staking

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[PRESS RELEASE – SAN FRANCISCO, UNITED STATES, June 1st, 2023]

  • With BRC-30, OKX Wal­let users will soon be able to stake BRC-20 tokens and Bit­coin to earn pas­sive income on their dig­i­tal assets

OKX, a lead­ing Web3 com­pa­ny, today intro­duced its pro­pos­al for a new, open-source BRC-30 pro­to­col that enables the stak­ing of BRC-20 tokens and Bit­coin in order to earn BRC-30 tokens. The pro­to­col is open-source and avail­able for all devel­op­ers to build upon.

OKX Wal­let will add sup­port for the BRC-30 stan­dard accord­ing to the pro­to­col, enabling users to earn pas­sive income by stak­ing BRC-20 tokens or Bit­coin on Web3 Earn with­out active­ly trad­ing. This com­ple­ments the exist­ing range of curat­ed DeFi earn­ing prod­ucts already avail­able through the platform.

The intro­duc­tion of BRC-30 and its stak­ing func­tion­al­i­ties is dri­ven by OKX’s goal to pro­vide users with addi­tion­al oppor­tu­ni­ties to par­tic­i­pate in the Bit­coin ecosys­tem and earn pas­sive income.

OKX Chief Inno­va­tion Offi­cer Jason Lau said: “We’re thrilled to have pro­posed and pio­neered the BRC-30 stan­dard to enable Bit­coin and BRC-20 token stak­ing. With the OKX Wal­let soon to incor­po­rate BRC-30 sup­port, users will be able to access Bit­coin stak­ing and earn oppor­tu­ni­ties across mul­ti­ple-chains. With the Bit­coin ecosys­tem see­ing an explo­sion of new devel­op­ment, we’re proud to work with devel­op­ers and projects across the com­mu­ni­ty to con­tribute to the growth of the wider ecosystem.”

OKX is a long­stand­ing sup­port­er of Bit­coin, hav­ing inte­grat­ed the Light­ning Net­work to 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 Ordi­nals Mar­ket­place, as well as the view­ing and trans­fer of Bit­coin Ordinals.

About OKX

A lead­ing glob­al tech­nol­o­gy com­pa­ny dri­ving the future of Web3, OKX pro­vides a com­pre­hen­sive suite of prod­ucts to meet the needs of begin­ners and experts alike, includ­ing the OKX Wal­let, NFT Mar­ket­place, DEX and Web3 Earn.

OKX part­ners with a num­ber of the world’s top brands and ath­letes, includ­ing Eng­lish Pre­mier League cham­pi­ons Man­ches­ter City F.C., McLaren For­mu­la 1, The Tribeca Fes­ti­val, golfer Ian Poul­ter, Olympian Scot­ty James, and F1 dri­ver Daniel Ricciardo.

As a leader in build­ing inno­v­a­tive tech­nol­o­gy prod­ucts, OKX believes in chal­leng­ing the sta­tus quo. The com­pa­ny recent­ly launched a glob­al brand cam­paign enti­tled, The Sys­tem Needs a Rewrite, which advo­cates for a new par­a­digm led by Web3 self-man­aged tech­nol­o­gy to replace exist­ing cen­tral­ized systems.

To learn more about OKX, down­load our app or vis­it: okx.com

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. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, CAN 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 UNDERTAKINGS RELATING TO ANY DEFI PROTOCOL’S OFFERINGS, AND IS NOT RESPONSIBLE OR LIABLE FOR ANY DIRECT OR INDIRECT LOSS OR OTHER DAMAGE ARISING FROM YOUR USE OF ANY DEFI PROTOCOL. OKX WALLET IS AN AGGREGATOR; ALL DISPLAYED ESTIMATED RETURN RATES ARE PROVIDED BY THE DEFI PROTOCOL, AND ARE NOT GUARANTEED NOR INDICATIVE OF FUTURE RETURNS. PLEASE CONDUCT YOUR OWN DUE DILIGENCE BEFORE INVESTING IN ANY DEFI PROTOCOL. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.

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