OKEx Now Lets Users Earn Daily Interest by Lending Their Crypto
OK PiggyBank is out of beta and now officially available to all users! Simply transfer your spare tokens into the PiggyBank and you’ll get daily rewards.
— OKEx (@OKEx) December 26, 2018
“The logic is simple. When you put your spare coins into OK PiggyBank, we will lend the fund as margin loans to our margin traders. And then, part of the margin interest collected from traders will be allocated as the interest for your OK PiggyBank,” OKEx previously explained.
OKEx plans on taking 15% of the daily margin interest as profit and distributing the remaining 85% to users based on coins held in the PiggyBank. All OKEx profits will be injected into the exchange’s insurance fund to cover societal losses.
According to the most recent announcement, OK PiggyBank left beta at 09:00 on December 26 (UTC+1) following a testing period of over a month. With the official launch, OK PiggyBank is now available to all users on OKEx.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.