Major crypto exchange OKX will be launching wrapped Bitcoin asset, xBTC

By launching this product on its exchange, OKX hopes to boost cross-chain liquidity for BTC (BTC) and keep up with the rising demand for Bitcoin-related products

Major crypto exchange OKX will be launching wrapped Bitcoin (BTC) asset, xBTC, as well as related yield products. BTC recently broke through a new all-time high, surpassing $111,000.

According to the official announcement, xBTC is a wrapped token that is pegged on a 1 to 1 ratio with the largest cryptocurrency by market cap.

Users can start simultaneously depositing and withdrawing xBTC on May 22 at 3:00 AM UTC. The product will be initially available on three major chains, including Solana (SOL), Sui (SUI), and Aptos (APT). xBTC is fully managed and supported by OKX, and users can verify the transparency of their assets in real time through the on-chain Proof of Reserve.

By launching this product on its exchange, OKX hopes to boost cross-chain liquidity for BTC and keep up with the rising demand for Bitcoin-related products among their user base.

On May 21, Bitcoin recently hit a new all-time high, soaring past the $111,000 threshold and reaching a peak of $111,544 in the past 24 hours. Ever since BTC reached its new high, BTC Futures Open Interest jumped by more than 16%. BTC Futures Open Interest is currently sitting at nearly $80.9 billion, according to data from CoinGlass.

In order to deposit xBTC, users need to login to their OKX account and enter the deposit page. Then they would need to select the asset BTC and choose one of the three supported networks, either Solana, Sui, or Aptos. Next, the user has to copy the deposit address and deposit xBTC from an external wallet.

After submitting the request and gaining the on-chain confirmation, xBTC will be automatically converted into BTC at a 1:1 ratio and transferred to the intended account. The same process applies to xBTC withdrawals that can be accessed through the withdrawal page.

Users can also earn rewards through the exchange’s xBTC “Learn and Earn” campaign. Traders can unlock Bitcoin staking activities and generate yields by taking part in a series of tasks provided by the campaign.

Additionally, OKX Wallet plans to launch an xBTC-based income product, which is connected to the Solana, Sui, and Aptos chains.

As previously reported, OKX recently unveiled its own self-custodial platform that enables gasless crypto payments dubbed OKX Pay. The platform was launched on April 28 and can be accessed through the crypto exchange’s app. It allows users to send Tether (USDT) and USD Coin (USDC) stablecoins without incurring fees.