Crypto Exchange OKEx is Building its Own Blockchain and Decentralized Platform

OKEx the Malta-based crypto exchange is developing its own blockchain exchange, as per the blog post that was published on March 22. The new blockchain platform is named as OKChain.

Prior to publishing the post, OKEx was working on developing its own blockchain OKChain, and now the OKChain platform has reached to its final stage of development. The company has decided to launch out a TestNet by June 2019. OKChain will also be serving as the foundation for decentralized exchanges of OKEx.

“A large amount of users wants OKB to be put over the blockchain platform, and after reflecting over it, the team of OKEx has decided to put it over the ERC-20 blockchain platform by the end of April,” announcement mentions.

The post also said that the native utility token of OKEx is OKB and it will be put on the blockchain platform ERC-20 and will also be able to move to the OKChain Mainnet once the OKChain gets stable.

Previously, OKEx had included TRON (TRX) to its C2C (Customer-to- customer) trading market.

In the month of February, OKEx had launched its support to Thai baht-crypto trading over its client-to client platform by means of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Tether (USDT) which has marketed with the Thai baht exchange on the peer-to-peer platform.

Apart from developing the OKChain, the company is also pointing out at launching the decentralized exchange of OKEx mostly known as OKDEx.

The world’s eighth largest cryptocurrency exchange is OKEx as of now, which corrects the daily trade volumes; during the press time on the day around 615 million dollars was noticed in trade.

In the month of December, OKEx had introduced a new crypto-based product named as Perpetual Swap. The Perpetual Swap enables users to imagine about the future value of the Bitcoin of USD and OKEx’s index says that the Perpetual Swap of OKEx does not have expiry which means that the status can be held for an indefinite time.

While in January, reports mention that the founder of exchange services provider of OKChain and OKEx, Star Xu had purchased a controlling share of LEAP Holdings which is a Caymans island based firm that had integrated a construction engineering company which is even listed over the Stock Exchange of Hong Kong.

Once when the OKChain becomes stable, the OKB token will be migrated to the OKChain MainNet from the ERC-20 network.