Crypto Exchange OKEx Launches Digital Asset Exchange Open Partnership Program

Announcements, News | June 20, 2018 By:

Cryptocurrency exchange OKEx has launched a partnership program that will enable participants to leverage the firm’s technology to establish their own digital asset exchanges.

OKex is one of the largest exchanges in the world, claiming to handle over $1 billion worth of daily trades. It is the international counterpart to defunct Okcoin, which ceased operations last year because of a Chinese government ban on crypto-to-fiat trading. OKEx provides fiat-to-cryptocurrency, cryptocurrency-to-cryptocurrency, and derivatives trading services to global customers.

The new program, called Digital Asset Exchange Open Partnership Program, is part of the company’s global digital asset ecosystem expansion plan. “OK Partners” will be given access to the company’s advanced order matching system, counter system, cold and hot wallet technology, clearing system, multilingual customer support, as well as global know-your-customer (KYC) and anti-laundering measures. OKEx will also provide research and development (R&D) and system maintenance supports to all OK Partners.

“Aspiring teams who aim to establish their own digital asset exchanges, only need to provide their domain names, logos, operation force, and to focus on the management and operations of the exchange,” the company said. “OKEx’s global technical team, on the other hand, will provide R&D and system maintenance supports to the teams, who will share the high liquidity and advanced trading experience offered by the world-leading digital asset exchange.”

The program will also support each OK Partner in issuing its own platform token. 51% of the total tokens issued will be assigned as the “Mining Portion” and 49% as “Issuance Portion”, in which 25% will be owned by the OK Partner itself and 24% is to distribute to holders of OKB, OKEx’s own utility token. The Mining Portion is awarded to traders on a daily basis via a “transaction mining” mechanism.

The 1st phase of the program offers 100 places for participating teams. Applicants are required to deposit 500,000 OKB in their accounts, excluding the amount locked for Designated Merchant, New Listing Vote, and Prime Investors. The 1st phase is expected to start operating next month.

“A decentralized digital asset exchange is still an unfeasible idea with the current technology,” the company said. “That said, we will never stop innovating. And this Digital Asset Exchange Open Partnership Program, which is based on the concept of decentralization, is our best proof. We believe the program will make a difference to the blockchain industry and inspire more exciting ideas to come.”