Introduction of xBTC
On May 22, 2025, OKX unveiled a new wrapped Bitcoin asset named xBTC, marking a significant expansion in the multi-chain decentralized finance (DeFi) landscape. This launch comes alongside the introduction of deposit and withdrawal facilities for the prominent public chains Solana, Sui, and Aptos, enhancing the platform’s interoperability.
DeFi Opportunities with xBTC
With xBTC, cryptocurrency holders can now engage in various DeFi activities, including lending and liquidity mining, contributing to the broader circulation of Bitcoin across different blockchain networks. Furthermore, OKX has announced plans to roll out income-generating products linked to xBTC, facilitating access to leading DeFi platforms within the Solana, Sui, and Aptos ecosystems. This initiative aims to provide users with comprehensive access to various ecosystem incentives, consolidating opportunities into a streamlined experience.
Security and Transparency Measures
The xBTC asset operates under a stringent 1:1 reserve policy, ensuring that each unit of xBTC corresponds directly to an actual Bitcoin held by OKX. Users can easily swap their Bitcoin for xBTC by withdrawing it from the exchange and transferring it to the desired blockchain. Conversely, they can recharge the xBTC back to OKX and convert it back to Bitcoin, ensuring seamless transactions.
To bolster user confidence and asset protection, OKX leverages on-chain Proof of Reserves (PoR) technology, which offers real-time verification of asset transparency. This mechanism is designed to fortify the security of user funds, thus reinforcing OKX’s commitment to maintaining a robust and secure trading environment.
