Crypto Exchange OKEx Developing Its Own Blockchain Platform

Blockchain, News | March 26, 2019 By:

OKEx, the Malta-based digital asset exchange, is developing its own blockchain platform, dubbed OKChain.

In a blog post, OKEx said that its operations team has been secretly developing the blockchain platform and that it is now at the final development stage. OKB, OKEx’s global utility coin, will become the native token of the OKChain blockchain. The platform is expected to be launched on a testnet in June.

“Due to a large number of users calling for OKB to be put on the blockchain, after considerations, our team has decided to put it onto the ERC-20 blockchain first by the end of April,” the exchange said. “When the OKChain becomes stable, OKB will be migrated from the ERC-20 network to the OKChain mainnet. By then, OKB will be the native token of the OKChain network, which can be used to settle transaction fees, or used in the Dapps developed on OKChain.”

OKDEx, OKEx’s first decentralized exchange (DEX), will also be launched on OKChain and will open the super nodes election for the blockchain. Users will be able to use OKB to vote for their favorite super node candidate and settle transaction fees on OKDEx. The token will also be used for token pre-sales, and project teams will need to pay super nodes OKB as service fee in the future.

“OKEx is committed to building a robust blockchain ecosystem with OKB users,” the company said. “We are all set to connect excellent innovative blockchain projects with our users and professional investors, in order to facilitate the eco-development for OKEx and to drive the advancement of the blockchain and digital assets industry.”

Earlier this month, OKEx announced that it will be launching a new initial exchange offering (IEO) platform, called OK Jumpstart, that will allow firms to sell tokens to finance early-stage projects. OKB will be the only token accepted on OK Jumpstart.