The native token of the popular cryptocurrency exchange OKEx has reached a new high for 2019 this week, surpassing the $3 mark after jumping 9% in only a day.
Behind the cryptocurrency’s movement appear to be an announcement the exchange recently published, which gives the OKB token a new use case and the exchange’s users a new motive to hold the cryptocurrency on their wallets.
The announcement notes that OKB holders are now going to get a discounted trading fee schedule on OKEx, according to the number of tokens they hold. Those who hold over 2,000 OKB tokens, for example, will only have to pay little over half the trading fees on their orders.
The fee schedule the exchange announced will only be effective on August 7, which suggests the cryptocurrency’s price may be rising as users start accumulating. The fee discounts, however, only apply to OKEx’s Tier 1 users – those whose 30 day trading volume is of less than 1,000 BTC ($10.5 million).
The token’s price rise comes shortly after Shinobi Capital, a blockchain investment firm that’s invested in several early-stage start-ups, predicted the price of the cryptocurrency could grow by over 1,500% until 2020.
Per Shinobi Capital’s report, the OKB token could grow to as much as $30 by 2020, as exchange tokens are the “powerhouse of the development of the digital asset market and even blockchain technology,” its founding partner Jason Hill stated.
OKB itself has various applications. It can be used to gain access to designated merchant privileges, to have discounted fees on OKEx, and to receive feels collected on a “Happy Friday Program” that sees OKEx share 50% of the fees it collects every Friday with token holders. In the future, OKB holders will have access to the company’s decentrliazed cryptocurrency exchange OKDex.
The exchange token’s price rise comes as most cryptocurrencies see green. Bitcoin, the flagship crypto, is currently up by 5.3% in the last 24-hour period, as it’s trading above $10,500.