Okx Launches Xbtc After New Bitcoin All-time High Of $111k!

Leading crypto exchange OKX introduces wrapped Bitcoin product xBTC, along with associated yield products. Bitcoin has recently reached a new high, surpassing $111.000, peaking at $111.544 in the past 24 hours. In an official announcement, OKX revealed that xBTC is a wrapped token that is pegged 1-to-1 to the most valuable cryptocurrency in the market. This means that each xBTC is exactly equal to one Bitcoin, allowing users to easily enjoy the benefits of Bitcoin across different networks.

Easy to use from May 22

Users can start depositing and withdrawing xBTC instantly starting May 22 at 3:00 AM UTC. Initially, this product will be available on three major blockchains: Solana (SOL), Sui (SUI), and Aptos (APT). Furthermore, all transactions are fully managed and backed by EURUSD, allowing for real-time asset transparency via on-chain Proof of Reserve. “It’s like a digital treasure chest that’s always accessible!”

Incentive for cross-chain liquidity

By launching xBTC on its exchange, OKX hopes to boost liquidity across Bitcoin blockchains and tap into the growing demand for Bitcoin-related products among its users. It’s a smart move in a rapidly evolving crypto market.

Bitcoin's Impressive Performance

Bitcoin’s resurgence to new heights has led to a notable increase in BTC Futures Open Interest, which has increased by over 16%. Currently at almost $80,9 billion, it’s a robust sign that markets are moving. The momentum to trade Bitcoin is undeniable, and xBTC is now playing a key role in that.

How to use xBTC

To deposit xBTC, users need to log in to their OKX account and open the deposit page. They select BTC as the asset and choose one of the three supported networks: Solana, Sui, or Aptos. After copying the deposit address, they can deposit xBTC from an external wallet. Once the request is submitted and the on-chain confirmation is received, xBTC will be automatically converted to BTC at a 1:1 ratio and transferred to the target account. The same procedure applies to withdrawals.

Rewards with xBTC

Users can also take advantage of the exchange’s xBTC “Learn and Earn” campaign, which allows them to earn rewards by participating in various activities. This offers traders the chance to unlock Bitcoin staking activities and generate returns through active participation.

Future Products with xBTC

Additionally, OKX Wallet plans to launch an xBTC-based income product that will connect to the Solana, Sui, and Aptos blockchains, promising new opportunities for users interested in maximizing their returns.

Innovation with OKX Pay

In another recent initiative, OKX introduced a self-custody platform with gas-free crypto payments known as OKX Pay. Launched on April 28, the service allows users to send USDT and USDC stablecoins without transaction fees. This is an exciting development that makes the world of cryptocurrency more accessible.

Frequently Asked Questions

How can I deposit xBTC?
Log in to your OKX account, go to the deposit page, choose BTC, select a supported network and follow the instructions to deposit xBTC from an external wallet.

What are the benefits of xBTC?
xBTC offers users the opportunity to leverage the benefits of Bitcoin across different blockchains, and it is pegged to a fixed value, ensuring stability and transparency.

How can I earn rewards with xBTC?
Participating in OKX’s “Learn and Earn” campaign allows users to unlock Bitcoin staking activities and generate returns by completing various tasks.

With the launch of xBTC, the future of cryptocurrency seems brighter than ever. At Block 9, we are excited about the possibilities this direction offers. Ready for the next step in the world of crypto?