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Cryptocurrency

OKEx Introduces Its Own Decentralized Exchange and Blockchain Platform

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OKEx, the leading global digital asset exchange, has declared that it will soon be introducing its own blockchain platform along with a decentralized exchange. While the former will be referred to as OKExChain, the latter would be called OKDEx.

Get Ready For The New Launches

Included in the prestigious list of the biggest cryptocurrency platforms present in today’s crypto market, OKEx has made the announcement through its official blog post. It appears that the company is following in the footsteps of Binance which had already announced to introduce its own decentralized exchange earlier. For those who are new to the crypto world, Binance is considered as the biggest digital currency exchange platform in the world, since 2018, when it comes to trading volume.

As per OKEx’ official declaration, the company will first put the OKB tokens into ERC-20 then once the OKChain mainnet is ready, the tokens will be migrated to the mainnet. On the other hand, the company has also decided to push the release of 700 million OKB tokens to 2022 which were earlier slated for release in 2020.

Looking at the company’s recent developments, OKEx has four major product launches for the crypto community in the form of its OKChain, the OKJumpstart, OKB token, and the OKDEx. This is quite similar to Binance which is also releasing its own Binance chain, Binance launchpad, BNB token, and Binance DEX.

In its official statement, OKEx was quoted saying,

“Our Operations Team was secretly developing a blockchain of our own – the OKChain. Currently, the OKChain is at the final development stage and we expect to launch it on a testnet in June 2019.”

At present, the firm’s native blockchain’s in the developmental phase. Once the development concludes and things are stable and thoroughly tested, only then OKEx will be migrating its OKB tokens from the blockchain of ERC-20 to its OKChain mainnet. The ERC-20 assets are those assets that have its base on the platform of Ethereum or ETH. Off late, a few of the digital assets including Tron (TRX) have moved to their own network from the ETH platform. Binance Coin too is supposed to make this shift from Ethereum network to its own blockchain called Binance Chain shortly.

What’s more is, users will be allowed voting right for their preferred super node contenders and settle the transaction cost on OKDEx. Meanwhile, it must be noted that the firm has allowed the use of OKB coins for the pre-sales of tokens as well.

The OKJumpstart, OKEx’ another pet project, would be working as the native token with OKB. The goal behind this is to provide crypto start-ups and projects with a platform that helps them release their own crypto assets as well as raise funds for their projects. Through its Launchpad, Binance is doing the same by extending support to ICOs, for instance, Tron’s BTT.

Interestingly, OKEx has successfully secured its place among the list of top 10 digital currency exchanges for cryptocurrency trading in the present year, as per CoinSwitch.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
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