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From its ancestry in 2014, OKEx has become one of the ascendant exchanges alfresco of the United States, confined 20 actor barter and consistently listing amid the top crypto exchanges by trading volume.
OKB is the built-in badge of the barter and is issued by the OK Blockchain Foundation, adopted by OKEx as its all-around account token. OKB holders can adore several allowances from discounted fees and voting rights to rewards and giveaways.
Company Leadership
The OKEx aggregation is headed by CEO Jay Hao, with the abutment of CSO Alysa Xu, and Director of Financial Markets Lennix Lai. Hao is a tech adept and acclimatized industry baton with a accomplishments in engineering. Before abutting OKEx, he focused on blockchain-driven applications for alive video alive and adaptable gaming. Before borer into the blockchain space, he garnered added than 20 years of acquaintance in the semiconductor industry.
According to recent data by Skew, the Malta-based barter ranked additional in the BTC futures bazaar by accessible absorption in April, aloof abaft BitMEX as the top BTC futures market.
Product Diversity and Continued Innovation
OKEx supports a advanced ambit of trading tools, including atom trading, allowance trading, futures, abiding swap, and options. The barter has additionally adapted to accommodate abounding added casework to a array of users from the OKEx mining pool, to its wallet, the OKEx Cloud, and its acquire and accommodation appearance that action staking and accumulation casework for users to accomplish the best of their additional bill and earn interest while they hold.
These value-added casework appear beneath the EARN initiative, a aboriginal account that allows users to acquisition crypto-related banking offerings in a distinct place.
The aggregation consistently letters circadian volumes of over $1.5 billion in BTC futures alone. In accession to the abstracts from Skew, CryptoCompare, a agenda asset abstracts analysis institute, begin that OKEx topped the derivatives bazaar rankings in March with $161 billion in account trading volume. OKEx, at the time of publication, ranks aboriginal in the account of exchanges by trading aggregate in BTC futures, alike aloft BitMEX, according to abstracts from Skew.
Success Is Not Always a Straightforward
It hasn’t all been aflush for the arch barter with big ambitions. Critics broadly derided OKEx for its involvement in ablution trading in March 2019. Lai accustomed the accusations with Crypto Briefing at the time, but he acicular out that it was “market-driven behavior.”
“Based on the different fee anatomy acclimated by the exchange, abounding OKEx audience are aggravating to “trade smart” by gaming that fee structure,” said Lai. “I would say there is a lot of apprehensive barter action on OKEx and we’re alive on a lot of measures to anticipate that stuff.”
OKEx became one of the 12 aboriginal accord ally of DATA (Data Accountability & Transparency Alliance) initiated by CoinMarketCap to actualize a “self-regulated organization” aimed at standardizing barter practices and policies, agnate to the World Federation of Stock Exchanges (FINRA) in the United States, and the World Economic Forum.
OKChain, OK Cloud, and OKEx Jumpstart
In Feb 2020, OKEx launched a testnet for its own bartering accessible chain, OKChain, and OKEx DEX, the aboriginal dApp based on it. While a aboriginal badge OKT admiral the chain, this new proprietary blockchain will additionally drift OKB (currently an ERC-20 token) from Ethereum to its built-in alternation back the mainnet is live.
OKEx additionally funds and incubates blockchain-based startups and developing projects through its OKEx Cloud and OKEx Jumpstart programs. OKEx Jumpstart is a badge auction belvedere that helps affection blockchain projects go accessible and get listed in a world-class aqueous bazaar while allowance ammunition the advance of the blockchain ecosystem.
OKEx Cloud, on the added hand, is a agenda asset barter cooperation affairs that allows its ally to use OKEx’s abstruse backbone and cast acceptability to bound body their own arch exchanges after annoying about the basal technology.
In the OK Cloud program, OKEx provides ally with avant-garde appearance such as adjustment analogous systems, defended wallets, and additionally shares clamminess and bazaar abyss with added OKEx Cloud exchanges.
OKB Token Cryptocurrency Summary
Let’s booty a attending at OKEx’s built-in account token, OKB, and appraise its features, supply, and achievement in the cryptocurrency bazaar as the aggregation continues expanding its all-inclusive basin of trading partners.
There was an antecedent absolute accumulation of 1 billion OKB with 300,000,000 on the market. The added unissued 700,000,000 was burned, as per OKEX’s announcement. In bike with the all-embracing achievement of the crypto bazaar and the all-around economy, the badge additionally accomplished a amount bead and is currently trading at $5.12 at the time of publication.
OKB is an ERC-20 badge currently, and a badge bandy is planned for the end of 2020. It is a account token, abundant like Binance Coin (BNB). However, OKB is issued by the OK Blockchain Foundation and adopted by OKEx.
As of May 2019, OKEx has implemented an OKB “Buy-Back & Burn” arrangement for the circulating 300 actor tokens with 30% of trading fee assets from the atom bazaar allocated to buy-back OKB from the accessory market, sending them to a atramentous aperture abode for burning. So far, there accept been seven circuit of Buy-Back & Burn, and a total of 20.671 actor OKB, agnate to $107 million, has been burned.
OKB has developed 52 appliance scenarios internally and externally, accoutrement payments, bazaar data, wallet, lending and abundance management, cybersecurity, travel, lifestyle, and ball applications, which acquiesce holders to acquirement articles or casework with OKB.
Around $100 actor account of OKB is traded on a circadian basis. Above trading pairs accommodate USDT, BTC, and ETH. While the all-inclusive majority of OKB is traded on OKEx, it is additionally accessible on added than 40 added above peer-to-peer, spot, and decentralized exchanges, including BKEx, Coinall, DragonEX, and BitMax, accoutrement 141 countries and regions about the world.
OKEx has its own wallet for autumn OKB. However, OKB can additionally be stored in any ERC20-compatible cryptocurrency wallet until it moves assimilate its own chain, including MyEtherWallet, Trust Wallet, and accouterments wallets from Ledger, Trezor, and Archos.
Why Two Exchanges?
There’s a lot of abashing surrounding the differences amid OKCoin and OKEx. OKEx has operated as a abstracted article from OKCoin back 2024 and has confused its address to Malta. Initially, the two exchanges aggregate some of the aforementioned administration but they are now audible entities run by abstracted stakeholders.
OKCoin is a fiat/crypto barter that supports bequest coffer accounts and banking acquittal tools. This is the customer arch to cryptocurrency so that you can anticipate of OKCoin as added affiliated to a fiat-on access platform.
OKEx is added like Wall Street markets, with futures and atom trades occurring amid carefully agenda assets. It’s a bazaar that supports anybody from day traders to newcomers and abiding hodlers attractive to buy bill and authority them with the apprehension of allotment bottomward the road. There’s a lot added accident complex in these types of trades, as OKEx apparent in backward 2018 back a continued position on Bitcoin futures cost the blow of the community added than $400 million.
Let’s OKExchange Numbers
Besides actuality attainable in your country, one of the analytical factors for users of a cryptocurrency barter is the cost. OKEx uses a volume-based maker/taker fee structure. This agency that as you barter added aural a 30-day period, your akin rises, and you get discounted fees.
Holding added OKB can additionally aftereffect in a abridgement in trading fees. OKEx has over 170 tokens listed so far, with added than 550 accessible crypto trading pairs. The accession of its bartering accessible blockchain and decentralized applications will be a abundant accession to the abounding casework it already offers:
Summary
OKEx is always innovating and building, so apprehend added casework to be added over time as the aggregation grows. While it is not currently accessible in the United States, OKEx is still one of the better cryptocurrency exchanges in the world. It manages a aerial bulk of volume, and the aggregation has advancing amplification affairs to ensure its advantage for the accountable future. As continued as the barter continues to be defended and cellophane for its users, the afterward key appearance will ensure its sustainability:
With all these pieces in place, OKEx has become a appalling attendance in the cryptocurrency space. Committed to actual adjustable with all-around banking behavior and regulation, both the barter and crypto, in general, are set to abide admired for ancestors to come.
Disclosure: OKCoin is a sponsor of Crypto Briefing.
