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

June 1, 2023 – San Francisco, California

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 Web 3.0 company, today introduced its proposal for a new open-source BRC-30 protocol that enables 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 Web 3.0 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.

Jason Lau, chief innovation officer at OKX, 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 Web 3.0, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including the OKX Wallet, NFT marketplace, DEX and Web 3.0 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 One, 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 Web 3.0 self-managed technology to replace existing centralized systems.

To learn more about OKX, download our app or visit the website.

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. Please consult your legal/tax/investment professional for questions about your specific circumstances.

Contact

OKX

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