OKEx Offers Special TRX Promotion On OKPiggyBank To Celebrate Launch
A while back, OKEx, the digital exchange launched a new service called OKPiggyBank for its global user base. As its names suggest, this service lets users save money while they earn interest. Users can get daily interest on their digital assets.
At first, the service was offered to a few people as they beta tested it. However, they later opened up to more people as seen in this new TRX addition. The service is offered in the Account tab for those that have an account with the exchange.
How It Works
Users are able to transfer their assets without any limit between the exchange and platform. Interest starts to pile up on the second day. Rewards are then credited beginning on the third day. Users are able to use the auto-balance transfer feature, which makes it possible to transfer the balance automatically.
The TRX Promotion
During the promotion, users deposit an amount if they wish to get a share of the 1,000,000 TRX on offer. At this time, you will be able to take a share of the pool if you deposit TRX in OKPiggyBank. The number of shares will depend on how much TRX you have deposited.
The promotion started on January 10 05:00 CET and will end on January 11 11:00 UTC+1. Sub-accounts cannot take part. For one to participate, they must deposit 100 TRX or more. Besides that, they must have passed through KYC2. Prices will be distributed within 5 working days once the promotion is over.
A Closer Look At OKPiggyBank
At its most basic, the service lets you deposit and withdraw asset with ease. The users get a reward when they store idle assets. This service has a focus on improving security and user experience for its users.
Andy Cheung, the head of operations for OKEx, was quite enthusiastic at launch. He affirmed that the company was only aiming to offers users convenience. According to what he said, the launch would allow users to manage assets better despite the current volatility facing the crypto world.
Thus far, OKEx offers BTC, ETH, EOS, XRP, LTC, ETC, USDT, and TRX. However, they may add other coins in the future. The coins come with a minimum amount for those that need to make some interest.
According to their site, the rate of products is calculated as 85% of daily margin trading interest that is received by the company. It is then divided by total amount of supported tokens for all users that signed up for the day.
In essence, OKEx will take a 15% cut while distributing the rest to users evenly. For cases where the margin trading insurance fund is not able to cover the margin call loss, daily distributable interest is clawed back. This ensures that users get interested daily. OKEx covers the outstanding loss that was not recovered via the clawback in advance. This amount will then be set off against the insurance fund during the daily distribution of the interest in future. However, this will take place gradually.