Earlier today, the cryptocurrency exchange of OKEx launched a new value added service for its users. This new service is known as OKPiggyBank and as the name suggests, it allows users to earn daily interest using their spare digital assets. Although initially available to a tester group, the new service can be found in the ‘Account’ tab on the user interface of the trading platform. It will soon be available to all users of the platform.
Users can transfer assets between their OKEx account and the OKPiggyBank anytime in real time and without a minimum limit. Interest will start accruing on the second day. Rewards will be credited on the third days. There is also an ‘Auto Balance Transfer’ function that once activated, will enable the automatic transfer of the balance in the wallet to the OKPiggyBank.
Characteristics of the OKPiggyBank
The new service will allow depositing and withdrawal freedom. There will also be a daily reward of tokens and no minimum deposit requirements. The service guarantees high security of users’ assets.
OKEx’s Head of Operations, Andy Cheung was enthusiastic about the launch of the new service:
We always strive to provide greater value to our users and offer them access to a much wider range of convenience and rewards.
With the launch of this new service, users can better manage their assets and also enjoy stable returns regardless of market volatility.
Digital Assets Supported by OKPiggyBank
At the moment, the new service only supports the digital assets available on OKEx’s spot margin trading. This includes the following:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Litecoin (LTC)
- Ethereum Classic (ETC)
Additional coins and tokens will be added with time.
Interest Rate on OKPiggyBank
According to OKEx, the interest rate of OKPiggyBank will be calculated as follows:
Daily interest rate of OK PiggyBank = 85% of daily margin trading interest received by OKEx / total amount of all supported tokens of all users on that day
Part of the daily margin trading interest received by OKEx will be used as the interest for OK PiggyBank. OKEx will take 15% of the interest received to cover the operations cost. However, this part of income is injected to the margin trading insurance fund instead for now, which is used for compensating any margin call loss. The remaining 85% of the daily margin trading interest received by OKEx will be distributed to users based on their proportion of OK PiggyBank balance.
What are your thoughts on the new OKPiggyBank service by OKEx? Please let us know in the comment section below.