OKX Wallet adds staking-like system for bitcoin and BRC-20 tokens

Exchanges • July 19, 2023, 6:00AM EDT
UPDATED: July 19, 2023, 4:31AM EDT
The Block

Quick Take

  • OKX unveiled a token reward system for bitcoin and BRC-20 tokens.
  • The exchange described it as a form of staking.

Cryptocurrency exchange OKX announced its wallet will provide a staking-like function for tokens on Bitcoin and native bitcoin.

Anyone who locks up their bitcoin or BRC-20 tokens using this process will receive BRC20-S tokens as rewards. The BRC20-S standard is OKX's extension to the current standard for building tokens on Bitcoin.

"We have heard from OKX Wallet users that they want more opportunities to participate in the ecosystem," the company's Chief Innovation Officer Jason Lau said in a statement.

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DeFi developers and projects will be able to use the BRC20-S protocol "to create staking pools" and then "distribute BRC20-S tokens" to holders of bitcoin and BRC-20 tokens, OKX added.

The company also announced it will soon unveil a marketplace for selling BRC20-S tokens.


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RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

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