OKEx, a leading Hong Kong-registered and Malta-operated digital asset exchange, has announced that it has reached an important milestone. Notably, it has now been more than a year since OKEx introduced its globally accessible utility token, called OKB.
Launched on March 22, 2018, OKEx’s management has worked on various initiatives related to the OKB token, presumably to increase its utility. As detailed in an official Medium blog post from OKEx, there are several important facts that investors must know about the exchange’s OKB token.
OKChain To Launch In June 2019
At present, the OKB token, which is currently trading at around $1.38 according to CryptoCompare data, has not been integrated on a blockchain network. As explained by OKEx’s management in a press release shared with CryptoGlobe, OKB will be incorporated on OKChain by June 2019. Notably, OKChain is a blockchain platform being developed by OKEx’s in-house software architects and it is reportedly in its final stages of development.
However, the OKB token will first be launched on the Ethereum network in late April of this year and will be ERC-20 compliant. Presumably, this is being done in order to ensure that the OKB cryptocurrency works as intended when finally integrated on OKChain.
Andy Cheung On Key Milestone For OKEx
Commenting on the key milestone, Andy Cheung, the head of operations at OKEx, remarked:
We would take a sincere gratitude to thank all the 1 million OKB holders who contributed to the … $15.6 billion [in] OKB trading volume in the past year. This marks an important milestone that OKB starts to blossom after setting up a concrete foundation.
Cheung, an information technology and e-commerce graduate from South Africa’s Bond University, added:
It is simple in OKEx, we strive to be a trendsetter and commit to building a robust blockchain ecosystem with traders. With such [a positive] result, we feel stronger [and more confident in] driving the advancement of the blockchain and digital assets industry.
OKB To Be Used For Token Pre-Sales
As noted in OKEx’s blog, the exchange operator is looking to further expand its line of products and services in the blockchain ecosystem by launching a decentralized exchange (DEX) on the OKChain platform. Moreover, the company’s official blog revealed that the OKB token will be used for facilitating “token pre-sales.”
Currently, there are around 300 million OKB tokens that have been issued, while the maximum supply of the deflationary digital asset stands at 1 billion. Explaining the token issuance process OKEx’s management confirmed that there are presently “700 million OKB [that have been] locked up.”
OKEx JumpStart, Based On Initial Exchange Offering Model
Notably, 300 million OKB will be gradually distributed to OKEx exchange users through the company’s loyalty program. The remaining 400 million OKB will reportedly remain reserved for the OK Blockchain Foundation and the firm’s operations team members.
In a move that’s similar to Binance and it’s newly launched “Binance Launchpad,” OKEx has also adopted the initial exchange offering (IEO) model when it comes to helping blockchain startups launch new tokens into the digital asset market. OKEx’s version of the seemingly popular IEO model is called “OKEx Jumpstart.”