OKX, a blockchain technology company that also operates one of the largest crypto exchanges globally, is launching xBTC, a wrapped version of bitcoin (BTC) on the layer-1 blockchain Aptos.
According to a press release sent to CryptoPotato, the launch will give Aptos users access to wrapped BTC without any minting or redemption fees required.
xBTC is backed 1:1 by bitcoins held in OKX’s custody. Starting May 22, Aptos users will be able to mint xBTC on OKX, deposit, or withdraw to the blockchain. They can use the asset across several Aptos-native decentralized finance (DeFi) applications, including trading and lending.
This development unlocks new utilities for Bitcoin and Aptos DeFi, as BTC remains the most dominant and trusted cryptocurrency.
Aptos Foundation, an organization dedicated to fostering development on the Aptos chain, revealed that the network has a DeFi ecosystem with more than $1 billion in total value locked (TVL). The blockchain has recorded strong momentum behind wrapped BTC assets, as seen in Echo protocol’s aBTC, which boasts over $270 million in TVL. Echo Protocol is a Bitcoin liquid re-staking and yield solutions platform.
The foundation believes xBTC will unlock more liquidity, cross-chain interoperability, and access to DeFi protocols in the Aptos ecosystem.
Ash Pampati, Head of Ecosystem at Aptos Foundation, said: “Aptos was built for real-world open finance applications, and Bitcoin is the linchpin between traditional and decentralized finance markets. Being one of the first blockchains to support xBTC is a testament to the network’s high performance, security, and scalability. This opens up new avenues for liquidity and ecosystem growth while giving developers the confidence and tools to seize them.”
Meanwhile, OKX intends to kickstart a special campaign for xBTC on May 23 to prepare for deeper integrations across the Aptos ecosystem in the coming weeks. The company will partner with Echo Protocol, the decentralized margin trading chain Aries Markets, and the decentralized map ecosystem Hyperion for the campaign.
“Delivering seamless usability and access to on-chain use cases is core to what we’ve been building at OKX. By bringing xBTC to Aptos, we are keen to see Bitcoin holders put their BTC to work in fast, low-cost DeFi applications while enjoying the security and transparency they’ve come to expect from us,” said OKX chief innovation officer Jason Lau.