BlockBeats News, May 22, According to official sources, OKX has announced the launch of xBTC on Sui, supported by its custody of BTC reserves at a 1:1 ratio. Currently, xBTC has been integrated with CetusProtocol and Navi Protocol on Sui, aiming to unlock lending, rewards, and deep DeFi liquidity on Sui, further promoting the development of the Sui ecosystem and the application of BTCfi.
Reportedly, xBTC is a wrapped Bitcoin issued by OKX, strictly adhering to a 1:1 reserve mechanism. Users can withdraw BTC from the exchange to the target chain to receive an equivalent amount of xBTC; they can also recharge xBTC to the exchange via the target chain and exchange it back for BTC. The platform ensures asset transparency through on-chain Proof of Reserves (PoR) to further safeguard user asset security.
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