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Hong Kong-based OKEx has announced that its OK PiggyBank functionality, which allows users to lend their crypto holdings to margin traders, is officially live.


“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.

The PiggyBank currently supports Bitcoin (BTC), Tether (USDT), Ethereum (ETH), EOS (EOS), Litecoin (LTC), Ethereum Classic (ETC) and XRP (XRP), all of which are available for margin trading.

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.

More: OK PiggyBank Official Launch
Exchanges: With Freedom Comes a Bit of Chaos, Says Binance CEO

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.

Voyager

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