Crypto exchange OKX has announced the launch of wrapped Bitcoin xBTC, which will be pegged to Bitcoin at a 1:1 ratio. This comes on the heels of a new price record for Bitcoin.
Launch of xBTC
OKX will launch xBTC on May 22 at 3:00 AM UTC. xBTC will be available on three major blockchains: Solana, Sui, and Aptos. The new token will be fully backed by EURUSD.
How to Use xBTC
To deposit xBTC, users need to log in to their OKX account, go to the deposit page, and select BTC. They will then need to choose one of the supported networks, copy the deposit address, and deposit xBTC from an external wallet. xBTC will automatically be converted to BTC at a 1:1 ratio.
Bitcoin's Current Achievements
On May 21, Bitcoin reached a new high, surpassing $111,000 and peaking at $111,544. Since the new record was set, Bitcoin futures open interest surged by over 16% and currently sits at nearly $80.9 billion.
The launch of xBTC is a response by OKX to the growing interest in Bitcoin-related products and aims to boost market liquidity.
