OKEx adds KSM staking, extending passive income opportunities for users

Seychelles, Jan. 6, 2020 — OKEx (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, is giving users yet another opportunity to earn passive income on their crypto assets with a new project addition. 

OKEx will support staking of Kusama's network token KSM from 8:00 am UTC on Jan. 7, 2021. Users will soon be able to stake KSM with one click via OKEx Earn and collect daily rewards with an estimated annualized rate of return of 14%. 

As a scalable network of specialized blockchains, Kusama aims to provide blockchain developers with unprecedented interoperability and scalability. Built using Substrate and an almost identical codebase to its popular cousin Polkadot, Kusama was founded in 2019 by Gavin Wood, the founder of Polkadot and co-founder and former CTO of Ethereum. The network provides an experimental development environment for teams who want to move fast and innovate on Kusama, or prepare for deployment on Polkadot.

The decision to add support for KSM staking comes shortly after OKEx added staking for Polkadot's network token DOT. Both digital assets have seen a significant rise in popularity lately, with DOT registering gains of over 85% in the last 30 days and KSM rising by more  than 18%, according to the latest data from CoinGecko. 

OKEx CEO Jay Hao commented on the development, saying:

"Both Kusama and Polkadot are really clear examples of trailblazing projects looking to tackle pressing issues in the space by focusing on interoperability, scalability, and allowing developers to accelerate the go-to-market and growth of their projects. OKEx is thrilled to be able to extend our support for their development and provide our users with further opportunities for earning passive income on their favorite assets,"

Thanks to the acceleration of DeFi in 2020, the concept of making crypto assets work for holders by generating interest — rather than merely being held — has taken center stage. Staking in particular has grown in popularity. With OKEx Earn, users can now stake multiple assets to earn generous rewards in more risk-averse ways than trading. 

Hao added: 

“As the industry has grown and matured, we have seen the emergence of a different type of participant with needs beyond high-risk derivatives trading or simple HODLing. OKEx has recognized these changing needs and has become the platform of choice for users not only to obtain the tokens they're most interested in but also earn additional income in a safe environment that lets them stake and unstake at any time.”

For more information on KSM staking details and rules, please click here.  

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About OKEx

A world-leading cryptocurrency spot and derivatives exchange, OKEx offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.

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