Cryptocurrency exchange OKEx has announced a new feature for converting small balances into OKB.
According to an announcement made on April 7, OKEx is offering users the ability to convert all crypto assets with balances worth less than 0.001 BTC (~$7.30) into the exchange’s native token OKB. The feature works similar to Binance’s “dust” system, which sweeps small balances of crypto into the native token Binance Coin (BNB).
PRODUCT: We understand you might sometimes get #crypto 'spare changes' here or there & not sure what to do with them.
— OKEx (@OKEx) April 7, 2020
The release states that the total amount of small balances for conversion must be less than 0.01 BTC, with no limit on conversion times. Transactions that have previously been suspended or coins delisted from the exchange are not eligible to participate in the conversion program.
OKEx also addressed the impact of fluctuating prices in BTC on the tool’s utility. According to the announcement, the exchange price suggested by the system is an estimate, with the final amount of converted OKB being based upon the market price at the moment when a user clicks the “confirm” button. Conversions will be limited to periods when price fluctuation is within 5 percent.
Featured Image Credit: Photo via Pexels.com