OKEx Launches New OKPiggyBank Service for Users to Earn Interest on Spare Crypto Assets
The crypto exchange OKEx has decided to launch a new service that will certainly please most of its users around the world. The service is called OKPiggyBank, a name which comes from the OKEx brand plus “piggy bank”.
As you may have imagined, the service is all about getting an interest on assets that you are not using right now. The new service will allow the users to get a daily interest on their spare digital assets stored on the platform.
The service will first be available for only a handful of people which will beta test it, but it will be available for more people soon. You can find the service on the Account tab of the interface of the trading platform.
You will be able to transfer your assets easily without a minimum limit between the two platforms and the interest will start to piçle up on the second day. Rewards will be credited on the third day. You will also be able to use an auto balance transfer function that will enable you to transfer your balance automatically.
Basically, this is a service that allows the deposit and withdrawal of assets and that will reward users for storing them there. The service is focused on offering a good user experience and security for the users.
The Head of Operations at OKEx, Andy Cheung, was enthusiastic during the launch and has affirmed that the company is constantly striving to provide greater value for the users and a wider range of convenience. According to him, the launch of this new product will let the users manage their assets better despite whatever market volatility they find.
The list of assets that will be supported on the project at launch will include Bitcoin (BTC), Ethereum (ETH), EOS, Ripple’s XRP, Tether (USDT), Litecoin (LTC) and Ethereum Classic (ETC). According to the original announcement, new coins will be added over time.
The interest rate of the products will be calculated as follows: the daily interest rate will be equal to 85% of daily margin trading interest received by the company divided by the total amount of supported tokens of all users on that day.
Basically, you, the user, will take 85% of the cut while OKEx will take its 15% to cover the operations costs of the service. Users will then have their products evenly distributed among them.