OKEx is the Malta-based cryptocurrency exchange platform that is all set to launch decentralized exchange along with its blockchain. The exchange confirmed the news on its official blog post published on Friday, 22nd March.
As per the blog post, OKEx’s operations team is in the process of building its blockchain, which will be known as OKChain (and will act as a base for OKEx’s decentralized exchange). The project is believed to be almost at its last and final stage of development. The test network is reported to be expected to launch in June 2019.
In addition to this, the post underlined that OKB, which is the native utility token of OKEx, will be put on the Ethereum ERC-20 standard blockchain in late April 2019 because of the high demand. Following this, all tokens will be transferred to OKChain once they become stable. The post remarked:
“OKB will be the native token of the OKChain network, which can be used to settle transaction fees, or used in the Dapps [decentralized apps] developed on OKChain.” It is reported that OKB will be utilized for the pre-sale of these tokens.
OKEx introduced support for facilitating Thai baht cryptocurrency trading on its client-to-client platform using Tether (USDT), Litecoin (LTC), Ethereum (ETH), and Bitcoin (BTC).
About OKEx
With almost $615 million volume in daily trades on the day at press time, OKEx has managed to retain itself as the world’s eighth largest cryptocurrency exchange. The founder of exchange services provider OKCoin and OKEx, Star Xu, has reportedly acquired a controlling share in LEAP Holdings (Caymans Island-incorporated construction engineering firm) in January 2019.
Caymans Island is one of the companies listed on the Stock Exchange of Hong Kong. In December 2018, the exchange launched Perpetual Swap, a new crypto derivative product. Perpetual Swap allows its users to monitor the future value of Bitcoin/USD per OKEx’s index.
After the launch of DEX by the world’s largest crypto exchange, Binance, on its blockchain, a decentralized exchange, has become an entirely new must-have accessory for almost all exchanges nowadays. Binance’s DEX lets its users develop wallets and interact with the trading platform’s interface.
On the other hand, Huobi announced its plan to establish a standalone decentralized exchange last June. The Singapore-based cryptocurrency exchange has also funded developer support to develop an open-source blockchain protocol for its trading platform.