OKX follows Binance in enabling support for Bitcoin Ordinals OKX follows Binance in enabling support for Bitcoin Ordinals
Besides supporting Ordinals, OKX said it would integrate the Bitcoin Lightning Network into its wallet for users.
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Updated: Aug. 4, 2023 at 3:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange OKX said its wallet would soon support Bitcoin (BTC) Ordinals and BRC-20 tokens trading.
According to a May 16 statement, the exchange would enable support for BRC-20 token trading and BTC cross-chain swap this week, while support for Ordinal inscriptions and token casting would be allowed in June.
“The launch of the new Ordinals Marketplace demonstrates OKX’s continued support for the Bitcoin ecosystem and will make the OKX Wallet the only multichain wallet allowing users to trade and mint Ordinals, BRC-20 tokens and NFTs across 60+ blockchains via one solution.”
OKX would not be the first exchange to enable support for Ordinals. Last week, Binance’s NFT marketplace said it would allow support for digital assets.
Bitcoin lightning is coming to OKX wallet
Besides the Ordinals support, OKX said it would integrate the Bitcoin Lightning Network into its wallet — a feature already on the main exchange.
The exchange further revealed a partnership with open-source Bitcoin wallet UniSat to develop a cross-verification process for BRC-20 transactions indexing on the BTC network.
OKX’s chief innovation officer Jason Lau said all these integrations and support for the Bitcoin network show that the exchange sees the potential in Bitcoin technologies and would strive to constantly be at the forefront of bringing them to the masses.
Bitcoin Ordinals over 7M
The number of NFTs on the Bitcoin network crossed 7 million on May 15, according to data from Dune Analytics.
Recently, interest in Bitcoin Ordinals, BRC-20, and other development on the blockchain network pushed the transaction volume on the network to new highs. CryptoSlate reported that gas fees on the network surged to a 2-year high amid the interest in BRC-20 tokens.
However, the hype surrounding these assets appears to have faded as the network gas fees are back to normal, and the market cap of BRC-20 tokens has dropped below $500 million, according to brc-20.io.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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