NASSAU, the Bahamas, June 10, 2024 (GLOBE NEWSWIRE) — OKX, a leading crypto exchange and Web3 technology company, has issued updates for June 10, 2024.
OKX Announces Launch of Fixed Simple Earn and VIP Loan
OKX today announced the launch of its ‘Fixed Simple Earn’ and ‘VIP Loan’ products.
Fixed Simple Earn is OKX’s lending product that allows eligible customers to earn interest on their BTC, ETH and USDT at a fixed rate over a fixed term. Customers who subscribe to ‘Fixed Simple Earn’ will receive hourly interest based on the APR they set for their funds to be lent out. The interest will be accrued hourly and all interest will be paid to the customer when the term ends.
Eligible customers can create a Fixed Simple Earn order by:
- Go to ‘Grow’ and select Simple Earn.
- Find a Simple Earn product with a fixed term (for example, 30 days).
- Enter their lending amount and their preferred lending APR, then select continue.
- Optional: Enable auto-renewal to automatically renew and queue to match for a new term when the current term ends.
- Once the customer’s lending order is matched with a borrowing demand, it’ll be locked for a fixed term.
VIP Loan is a lending product targeted at customers ranked ‘VIP Level 5’ and above. It supports loans with fixed interest rates for a fixed term of 30 days. This provides borrowers with a stable and predictable interest rate throughout the loan period.
The VIP Loan system matches borrowing orders to lending orders based on the borrower’s interest rate. Once a borrowing order matches the lending order(s), the weighted average interest rate for the lending order(s) becomes the interest rate for the borrowing order.
The VIP loan product offers stability and transparency, providing a low fixed rate and safeguarding the interest rate throughout the term.
To place a VIP Loan order, eligible customers simply need to:
- Go to the Trade page on the OKX Exchange and choose VIP Loan.
- Choose the crypto they want to borrow.
- Enter their expected maximum interest rate on the order placement page. They can check the current marketing interest rate on the ‘Market Overview’ page.
- After entering an expected maximum interest rate, the estimated amount available for borrowing is displayed.
- Make sure the available balance in their trading account can cover the interest, as this will be deducted from their account immediately upon the borrowing order successfully being initiated.
- Finally, customers can enable the ‘Auto-rollover’ feature and set their maximum expected rollover interest rate.
For more information, please visit the OKX Support Center.
For further information, please contact:
Media@okx.com
About OKX
OKX is a leading global crypto exchange and innovative Web3 company. Trusted by more than 50 million global users, OKX is known for being one of the fastest and most reliable crypto apps in the world.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1 and Olympian Scotty James OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into web3.
The OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.
To learn more about OKX, download our app or visit: okx.com
Source: Crypto Insider