OKEx's Blockchain OKChain in Final Testing Phase, Exchange Says

Michael LaVere
  • OKEx CEO Jay Hao announced the development of OKChain and OKDEX in a Telegram chat AMA
  • The press release confirmed that OKDEX will be the first DApp launched on the proprietary blockchain. 

Popular cryptocurrency exchange OKEx has announced the production of OKChain and its decentralized exchange OKDEX. 

In an Ask Me Anything (AMA) session, OKEx CEO Jay Hao told the trading platform's English Telegram group that OKChain, its proprietary blockchain, is in the works, in addition to a decentralized platform OKDEX, which will serve as the first application on it. The announcement was later confirmed in a press release shared with CryptoGlobe.

According to the release, OKChain is a self-built blockchain infrastructure that is in the final stages of testing. The exchange intends to use the blockchain to help the “unbanked by providing them basic financial services.”

The release also provided an update on the decentralized exchange OKDEX, which the platform says will be the first  decentralized application (DApp) launched on OKChain. 

The letter outlined the use of OKEx’s native token, OKB, 

OKB, the native token circulating in the OKEx ecosystem, will be equipped with more use cases in different fields, including cybersecurity, finance, lifestyle services and more.

In addition to announcing OKChain and OKDEX, CEO Jay Hao said the exchange is committed to making listing and delisting guidelines clear and transparent. According to Hao, OKEx is focused on providing clients with “truly quality projects,” and that the platform is actively working to reduce market speculation and manipulation.

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