On Wednesday (June 12), OKEx, the world's second-largest digital asset exchange by monthly trading volume (according to CryptoCompare's most recent Exchange Review report), made a rather surprising announcement: one of its competitors, Bitfinex, would soon be listing OKEx's native token (OKB).
OKEx's global utility token, OKB, was launched in April 2018. According to announcement in April 2019, initially, OKEx did not launch OKB on any blockchain "because of the secret development of our own public chain - OKChain." However, due to demand from its community, OKEx decided to "launch the circulating 300 million OKB" on the Ethereum network.
According to the press release shared with CryptoGlobe, the construction of OKChain is at the "final testing stage," and the OKChain mainnet is expected to launch later this year. Once this has happened, ERC20-based OKB tokens will be swapped for native OKB tokens on OKChain.
The OKB token will be used for "fees settlement and all DApps developed on OKChain." Currently, the OKB token "allows OKEx users to perform various tasks such as setting up an OKEx partner exchange, settling trading fees, and subscribing for new tokens on the token sale platform OK Jumpstart."
Andy Cheung, Head of Operations of OKEx, said:
“We aim to foster a new economy with blockchain technology. To achieve de-intermedium and financial inclusion, we do not work as an isolated island. We believe the key to prompt the market growth requires teamwork, which is the reason for us joining forces with other leading industry players to spark new chemistry."
He continued on to say:
"OKB being listed on Bitfinex is just the beginning, it marks the recognition of our native token and platform from our peers, and we will continue to explore further opportunities in all-kinds of collaboration with other industry players. We never rest on cultivating a fair and transparent trading market and welcome partners with similar mindset to work together.”
Featured Image Courtesy of Bitfinex