OKEx offers a special TRX promotion on OKPiggyBank to celebrate the launch
A little while ago, OKEx, the digital exchange has launched a new service called OKPiggyBank for its global user base. As the name suggests, this service allows users to save money while they earn interest. Users can get daily interest on their digital resources.
At first, the service was offered to a few people during the beta test. However, they later opened up to more people as seen in this new TRX addition. The service is offered on the Account tab for those who have an account with the exchange.
How does it work
Users are able to transfer their resources without any limit between the exchange and the platform. Interest begins to accumulate on the second day. The prizes are then credited from the third day. Users are able to use the automatic balance transfer function, which allows the balance to be transferred automatically.
The TRX promotion
During the promotion, users deposit an amount if they wish to obtain a share of the TRX 1,000,000 offered. At this point, you will be able to take a share of the pool if you deposit TRX in OKPiggyBank. The number of shares will depend on the amount of TRX you have deposited.
The promotion started on 10 January at 05.00 CET and will end on 11 January at 11:00 UTC + 1. Secondary accounts can not participate. To participate, they must deposit 100 TRX or more. In addition to this, they must have gone through KYC2. Prices will be distributed within 5 working days from the end of the promotion.
A close look at OKPiggyBank
In its simplest form, the service allows you to easily deposit and withdraw goods. Users receive a reward when they store inactive assets. This service focuses on improving security and user experience for its users.
Andy Cheung, head of operations for OKEx, was quite enthusiastic at the time of the launch. He claimed that the company aimed only at offering users convenience. According to what he said, the launch would allow users to better manage resources despite the current volatility of the encrypted world.
Till now, OKEx offers BTC, ETH, EOS, XRP, LTC, ETC, USDT and TRX. However, they could add other coins in the future. The coins have a minimum amount for those who need to be interested.
According to their website, the rate of products is calculated as 85% of the daily margin of commercial interest that is received by the company. It is then divided by the total amount of tokens supported for all users who have registered for the day.
Basically, OKEx will suffer a 15% reduction while it will distribute the rest to users evenly. For cases where insurance coverage with trading margin is not able to cover the loss of marginal calls, the daily distributable interests are recovered. This ensures that users are interested on a daily basis. OKEx covers in advance the pending loss that was not recovered through the clawback. This amount will then be deducted from the insurance fund during the daily distribution of interest in the future. However, this will happen gradually.