Crypto exchange OKCoin has announced the launch of the private beta version of OK PiggyBank, a new product designed to allow users to profit on a daily basis in the form of interest. In the announcement on the company’s official website, it was also revealed that new margin trading pairs and rules have been implemented.
Speaking further on OK PiggyBank, which is currently available exclusively via the web, the OKCoin team said, “We’ve designed this new product with the special intention of providing our users a tool to make daily profits even in the current market.”
OK PiggyBank Operating Framework
In addition to providing access to daily gains, the platform is also designed to allow users to make transfers to and from their accounts without worrying about a minimum limit. The margin trading rules meanwhile have also been changed to lower cost of users of the platform. Interest is gained on an hourly basis as against daily as it previously was and interest rates are now fixed hourly instead of per day to allow for increased flexibility.
New interest rates will be updated on the platform hourly as supply and demand of crypto assets changes, but interest rates for borrowers will only be changed after 24 hours. Interest must be paid back after seven days, but the loan period is not limited.
In addition to the new margin trading updates, OK Coin also announced that the update included the launch of margin trading for the following pairs: LTC/USD, ETC/USD, BCH/USD, XRP/USD, TRX/USD and USDT/USD. The maximum leverage currently permitted is 3x.
To access the OK PiggyBank platform, OK Coin users can find it under the ‘Account’ section, from where they can move their assets around, generate income and invest. Interest is however not accrued on the first day’s PiggyBank deposit, with gains starting on the second day and pay out on the third.
Interest is automatically paid into user PiggyBank accounts, with the option available to either keep trading with it or move it to the ‘Spot’ or ‘Wallet’ account for withdrawal. OKPiggy Bank also comes with an automated transfer system which is activated, automatically transfers user funds at midnight from their wallet to their PiggyBank account.