OKX Unveils xBTC Following Bitcoin’s Surge to Record $111K High
Global cryptocurrency exchange OKX has announced the launch of xBTC, a wrapped Bitcoin asset, along with yield-generating products tied to it. This move comes just as Bitcoin surpassed a historic milestone, reaching an all-time high of over $111,000.
xBTC is a tokenised version of Bitcoin that maintains a 1:1 peg with the original cryptocurrency. According to OKX’s official release, users can begin depositing and withdrawing xBTC starting May 22 at 3:00 AM UTC.
Initially, xBTC will be available on three blockchain networks: Solana, Sui, and Aptos, allowing users to interact with Bitcoin assets across multiple ecosystems. The wrapped token is fully backed and managed through OKX, and users can confirm asset holdings using OKX’s on-chain Proof of Reserve system, ensuring transparency.
The introduction of xBTC aims to enhance cross-chain liquidity and address the increasing demand for Bitcoin-backed products. OKX expects this to support the broader adoption of BTC by making it more accessible within decentralised ecosystems.
Bitcoin’s rally to a record $111,544 on May 21 has fueled momentum in derivatives markets as well. Data from CoinGlass shows that BTC futures open interest has jumped over 16%, currently standing at around $80.9 billion.
To deposit xBTC, users must log into their OKX account, access the deposit section, and select BTC as the asset. After choosing one of the supported networks—Solana, Sui, or Aptos—they can copy the deposit address and send xBTC from their external wallet. Once the transaction is confirmed on-chain, the token is automatically converted to BTC at a 1:1 ratio and credited to the user’s account.
Withdrawals follow the same streamlined process, accessible through the withdrawal page.
OKX is also launching a “Learn and Earn” initiative alongside xBTC. This program enables users to participate in educational tasks and earn rewards, including opportunities to stake Bitcoin and earn yields.
In addition, OKX Wallet is preparing to release a new income product built on xBTC, compatible with the Solana, Sui, and Aptos networks.
This launch follows OKX’s recent rollout of OKX Pay, a self-custodial crypto payment platform introduced on April 28. The feature enables fee-free transfers of USDT and USDC stablecoins through the exchange’s mobile app.
