OKEx Piggy Bank now live, offering users interest on their crypto

26 Dec, 2018
by David Robb
Exchange
OKEx Piggy Bank now live, offering users interest on their crypto

Leading crypto exchange OKEx has announced the full launch of OKEx Piggy Bank. This will offer traders interest on their spare crypto tokens.

After over a month of beta testing, OKEx Piggy Bank is now being officially launched and will be available for all the exchange's customers. In an earlier announcement, OKEx claimed that the new feature was being introduced to provide "our users a tool to make daily profits even in the current market"

Users will be able to transfer funds from their regular OKEx account into the OKEx Piggy Bank. The supported cryptos are BTC, ETH, EOS, XRP, USDT, LTC, and ETC. Tokens in the Piggy Bank will then be available for margin traders to loan, and the exchange will make interest on the crypto it is lending out, most of which will be redistributed to its users.

According to OKEx, interest on tokens in the Piggy Bank "will start accruing on the second day of sending funds into OK PiggyBank (after 5pm). And you will be able to receive your return on the third day (after 5pm). The return will then be sent to OK PiggyBank automatically and begin accruing interest."

OKEx will be taking a 15 percent cut of any gains made on customers' loaned crypto, with the remaining 85 percent going directly to users, distributed according to their holdings.

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