OKX to launch OKBChain in Q1-2023
Come the first quarter of 2023 and OKX will go ahead with the launch of OKBChain. The aim is to foster the growth and development of the crypto sphere while driving the adoption of cryptocurrency. It would further help the ecosystem expand in terms of decentralization. Segregation with OKXChain has been marked by OKX by highlighting that both protocols serve different purposes.
OKBChain is destined to provide business solutions to businesses and organizations, while OKXChain will retain the role of enabling the community to develop and deploy decentralized applications on the network. Star Xu, Founder & Chief Executive Officer of OKX, has also clarified that while OKXChain has been built by the community as a proof-of-stake blockchain, OKBChain has been developed by OKX, and it would be operated by the firm only.
The announcement about the launch of OKBChain has sparked its native utility coin to see a rise in value. OKB has crossed the mark of $50 by touching the value of $52.31 with an increase of 23.13%, according to CoinMarketCap. This is reportedly the highest value OKB has achieved till now.
Its peak turned out to be temporary, nothing new in the volatile crypto market, with the value later sliding down to $50. There is a chance that the launch could surpass the value of the recent ATH value to touch a new height on the trading board.
OKX continues to support the crypto sphere. The exchange platform provides trading services and complements them with the best trading bot in the industry. Launched in 2017, OKX has come forward to help crypto ventures several times. For instance, it recently rolled out a supportive fund worth $100 million to provide assistance to projects that were affected by the collapse of FTX. Sam Bankman-Fried could try his hands to prove he is not guilty, but the damage has been done with global investors losing millions of dollars collectively.
What makes the standing of OKX strong in the market is its list of partners, including McLaren Racing. The British racing team and OKX signed a multi-year agreement in the middle of 2022, making the venture an official partner of the team.
Also, OKX has a strong hold over its assets per the Proof-of-Reserves report. It states that clean assets held by the company are worth $7.5 billion in USDT, ETH, and BTC.
Star Xu is a crypto veteran who is credited with being one of the pioneers in China for the crypto field. The launch date of Q1-2023 for OKBChain is currently tentative. Chances are less that it would be moved to a later date.
The announcement has showcased that things are likely to work out for the best. This is evident from OKB touching the ATH value. An actual impact would only be recorded in the first quarter of 2023 when the protocol is rolled out for businesses and organizations.